Date: March 23, 2009
Vol. XII, No. 6

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TABLE OF CONTENTS

COMMENTARY: USING UP THEIR STASH 

I have witnessed firsthand one of the industry's major challenges: Inspiring enthusiasts to use their existing stash of supplies so they will need to buy more. The Michaels, Jo-Ann, and A.C. Moore sales figures reported in this issue indicate there's plenty of crafting and sewing going on – probably more than before the recession – but it hasn't translated to better sales. Why?

My wife Barbara is an example. In recent years she discovered jewelry-making and now we sell her jewelry at art fairs in Illinois. She has been a huge consumer of beads, tools, books, and magazines -- a great customer for our industry.

However, she now has soooo many supplies that she made Christmas and birthday presents for more than a dozen friends and relatives – without spending a dime in our stores.

Enthusiasts are still doing their thing. They're just not buying much. Clearly, we have to get the Barbara Hartnetts of the world to use their stash, whether it's beads, yarn, paper, or paint. Recently Janet Perry offered some suggestions for retailers -- click on "Benny Da Buyer," then scroll down the right-hand column to "How To Capitalize on 'Stash Crafting.'"

Scene & Heard. What effect does a recession have on fashion, color, and design trends? Trend expert Ellie Joos describes the latest fashions and how retailers can show their customers how to update their wardrobe.

Kizer & Bender. Time-tested basics of store layout that can produce better sales.

Kate's Collage. A scrapbook retailer reflects on the decline of newspapers, and offers a powerful lesson for retailers, so that they have a better fate than the Rocky Mountain News.

"Vinny Da Vendor". What indie crafters want and need from the industry.

(Note: If it's not the column you expected, click on the Reload or Refresh button of your browser.)

The stock market finally began to regain some of its losses last week. Is that a sign that the recession has bottomed out? Surely the recession will last for a while – probably through most of the year – but is the worst over? To vote, click on Industry Polls in the right-hand column or click HERE.

Sales and profits may not be soaring, but most CLN voters believe our industry is performing better than most retail industries in this recession. A whopping 70% of CLN retailers believe their stores are performing much or somewhat better than their non-craft/scrapbook retail neighbors. A fourth believe their stores are performing about the same as their neighbors, and only 5% think their store is somewhat worse off than their neighbors. No retailers thought they were performing much worse.

Vendors' reaction was similar, but not quite as positive. More than half, 57%, believe their business is much or somewhat better than friends who sell in other industries. Almost one in four – 24% – think their business is about the same, while 19% believe their business is somewhat or much worse.

Michaels net income for the year ended Jan. 31 was $4 million, compared to a net loss of $32 million the previous year. Fourth-quarter net income improved to $74 million compared to $53 million a year ago. The company was acquired in 2006 for about $6 billion by Bain Capital and Blackstone Group. The prior-year quarter's results included a $22 million goodwill write-down, while interest costs dropped 24% and income taxes slumped 69%.

Net sales for the quarter decreased 2.5% to $1.268 billion, and same-store sales declined 5.6%. The 5.6% decline was due to a 5.0% decrease in average ticket and a 0.6% decrease in transactions. For the year, net sales fell 1.2% to $3.817 billion, and same-store sales dropped 4.6%, due to a 2.5% decrease in average ticket and a 2.1% decrease in transactions. Canadian currency translation adversely affected same-store sales for the quarter by approximately 170 basis points and approximately 20 basis points for the year.

Before resigning (see below), CEO Brian Cornell said, "Consumers responded to the value message, particularly during the month of December where we saw improving traffic trends. Sales of higher ticket, more discretionary categories such as seasonal and home décor declined while sales in our core arts and craft businesses were more resilient."

The gross margin rate, inclusive of occupancy costs, was 36.3% for the quarter and the year, down 370 basis points in the quarter and 200 basis points for the year. The lower margin rate was driven primarily by a 260 basis-point decline in merchandise margin for the quarter and 110 basis points for the year. The decrease in the merchandise margin rate was principally due to increased promotional activity to sell through holiday merchandise.

Selling, general, and administrative expense in the quarter rose $2 million to $295 million and, as a percent of sales, increased 80 basis points to 23.3% due primarily to increased ad expense and store personnel costs. Year-to-date, SG&A increased $9 million to $1.060 billion. As a percent of sales, it rose 60 basis points to 27.8% of sales from 27.2%, due to deleveraging ad and payroll costs, partially offset by lower bonus expense.

Operating income fell from $200 million (15.4% of sales) to $161 million (12.6% of sales) in the quarter. For the year it was $304 million (8.0%) versus $354 million (9.2%) the previous year. Interest expense was lower by $22 million for the quarter and $76 million for the year, due to a lower average interest rate on the company's floating rate debt.

Adjusted EBITDA for the quarter was $207 million (16.3% of sales), versus $266 million (20.4% of sales). For the year it was $489 million (12.8%), versus $587 million (15.2%) a year ago. The company's debt fell $255 million from the end of the third quarter, but was still $3.928 billion. During the quarter Michaels made a $5.9 million amortization payment on its Senior Secured Term Loan. By year's end the company had $33 million in cash and $550+ million available under its revolving credit facility which, as of Mar.9, was approximately $594 million.

By year's end, average inventory/Michaels store, inclusive of distribution centers, was $849,000, up 2.3%, due in part to the timing of inventory resets scheduled for early this year.

Capital spending for the year fell $15 million to $85 million, most of it due to real estate activities. In light of the current economic environment, the company currently plans even less in capital expenditures, $50 million, this year.

During the year, Michaels opened 51 stores, relocated 11, remodeled 20, and closed five Michaels stores; the company relocated one and closed five Aaron Brothers stores. The current store count is 1,015 Michaels stores and 161 Aaron Brothers stores.

Moody’s Investors Service issued a new list of U.S. companies it thinks may have a high risk of default on their debt. Moody's was taken to the woodshed by Congress last year for not flagging more companies in trouble, so it's being more demanding now. The new list, up from 157 companies to 283, includes Michaels, Dole Food, Barney's, Brookstone, Burlington Coat Factory, Eddie Bauer, Krispy Kreme, Loehmann's, Blockbuster, General Motors, Eastman Kodak, Arby’s, Chrysler, Ford, US Airways, and Rite Aid.

Meanwhile, KKR Financial Holdings, a debt fund managed by private equity firm Kohlberg Kravis Roberts & Co, reported a $1.2 billion quarterly loss on Monday. On a conference call with analysts, execs said Michaels, for which KKR Financial Holdings holds debt, is on their "watch list" – companies that may be performing well, but could have a problem refinancing their debt, Reuters reported. Others on the list include real estate company Realogy, casino firms Las Vegas Sands and Harrah's Entertainment, bankrupt oil and chemical company Lyondell Chemical Co, chip firm Freescale Semiconductor, and Neiman Marcus.

John Menzer returns to the craft industry. The former President of the old Ben Franklin was named as CEO of Michaels, replacing Brian Cornell, who resigned to become CEO of Wal-Mart's Sam's Club division. After resigning from Ben Franklin in the early/mid 90's, Menzer held various positions at Wal-Mart, including CFO, President/CEO of Wal-Mart International, and most recently Vice Chair/Administrative Officer of Wal-Mart Stores. The leadership changes are expected to take place in early April, but no later than April 15.

"I am excited to be joining Michaels, an outstanding company that has great potential to expand its position as the market leader in the arts and crafts industry," said Menzer.

In a joint statement Michael Chae of The Blackstone Group and Matt Levin of Bain Capital said, "John is a world-class retail executive who has been instrumental in driving significant growth in the businesses he has been responsible for, and is an outstanding leader with a proven track record."

Ben Franklin filed for bankruptcy in July, 1996 and was later sold out of bankruptcy court to Promotions Unlimited.

For the fourth quarter ended Jan. 31, net income was $20.4 million ($0.79/diluted share), compared to $27.5 million ($1.10) a year ago. The current quarter includes a $1.3 million ($0.05) after-tax gain related to the repurchase of some senior subordinated notes. Excluding this gain, net income for the quarter was $19.1 million ($0.74).

Net income for the full fiscal year was $21.9 million ($0.86), compared with 15.4 million ($0.62) the previous year. The just-ended year's income includes a $2.6 million ($0.10) after-tax gain related to repurchasing some senior subordinated notes. Excluding this gain, net income was $19.3 million ($0.76).

Net sales for the quarter decreased 2.4% to $571.9 million and same-store sales declined 2.9%. Large-format store sales for the quarter decreased 1.1% to $296.1 million and same-store sales fell 4.1%. Small-format store sales decreased 4.0% to $263.5 million and same-store sales decreased 1.4%. Internet sales through Joann.com increased from $11.9 million to $12.3 million. The website had a 23% increase in visitors in the fourth quarter.

Net sales for the year were $1.901 billion versus $1.879 billion the prior year. Same-store sales increased 0.5%. Large-format store sales rose 0.9% to $983.6 million but same-store sales decreased 1.0%. Small-format sales decreased 1.1% to $881.8 million but same-store sales rose 2.1%. Joann.com sales were $35.7 million for the fiscal year.

In a conference call with analysts, Chair/President/CEO Webb said the fourth quarter was "very challenging," but the company ended the year with 9% less inventory while maintaining strong in-stock positions. Sales of the core sewing business, fleece, quilting, and flannel fabrics were strong in the fourth quarter, as were yarn, kid’s crafts, and food crafting. Seasonal sales were soft; small-format stores performed better because they carried less seasonal merchandise.

Webb said margin expansion is a key initiative for this year, due to more direct importing from Asia, product cost deflation, lower freight expenses, offering less fashion and seasonal merchandise, and new store systems. Webb also reported that Wal-Mart has removed fabric from 856 stores to date, and will remodel 700 domestic stores this year. (Comment: That's usually when Wal-Mart removes fabric.)

Gross margins for the quarter declined to 43.5% from 45.0% due to markdowns taken to sell through seasonal merchandise. Selling, general and administrative expenses for the quarter decreased to $199.7 million from $202.1 million, but SG&A expenses as a percentage of net sales increased to 34.9% from 34.5%.

Operating profit for the fourth quarter was $32.5 million versus $46.8 million a year ago. The cash balance for the year was up $55.2 million and long-term debt was down $34 million to $66.0 million.

For the year Jo-Ann opened 11 large-format and 10 small-format stores, closed two large-format and 29 small-format stores, and remodeled 29 stores. The year-end store count was 210 large-format stores and 554 small-format stores. For this year Jo-Ann expects to open approximately 20 new stores, close approximately 30, and remodel approximately 30 stores.

For the year the company expects a same-store sales decline of 2%-4%; improved gross margins; higher SG&A expenses as a percentage of net sales; capital expenditures, net of landlord allowances, of $30-$32 million, down about 50% from the previous year; and earnings/diluted share of $0.70-$0.85.

After the report Soleil raised its investment rating on Jo-Ann shares to Buy from Hold.

1. According to a filing with the Securities and Exchange Commission, new Michaels CEO John Menzer will receive a base annual salary of $1 million and be eligible to earn an annual incentive bonus at a target of 100% of his annual base salary, and a maximum bonus potential of 200% of base salary, based on performance criteria established by the Board. He also receives a restricted stock grant of 1,000,000 shares of company stock which vests at various times. He also receives an option to purchase 2,000,000 shares of company stock with exercise prices equal to or greater than fair market value on the date of grant.

2. Jo-Ann's SEC filing reported the board made a new agreement with Chair/President/CEO Darrell Webb that will keep him at Jo-Ann through Aug. 1, 2011. His base salary remains $875,000, and his "annual incentive opportunity at target remains 100% of his base salary." The agreement also provides Webb with a fiscal 2010 long-term incentive opportunity "valued at the same level as his fiscal 2009 long-term incentive opportunity – $1.6 million – consisting of 50% restricted shares, 25% stock options, and 25% performance shares."

3. Wal-Mart announced that Brian Cornell, the new CEO of the Sam's Club division and former CEO of Michaels, will receive a base salary of $800,000, plus a $1 million signing bonus.

Sales for the fourth quarter ended Jan. 3 were $165.0 million, down 6.9%, and same-store sales dropped 8.7%. Sales for the fiscal year fell 4.5% to $534.7 million, and same-store sales declined 8.7%. Adjusting for three additional sales days this past year, total and same-store sales for the quarter 2008 would have decreased, respectively, 8.6% and 10.3%. Total sales and same store sales for fiscal 2008 would have decreased, respectively, 5.0% and 9.2%.

The net loss for the quarter was $13.0 million ($0.64/share), versus net income of $4.7 million ($0.23) a year ago. The quarter's results include charges related to closed store expenses of $0.27, a non-cash fixed asset impairment of $0.21, adjusting an interest rate swap to fair market value of $0.12 and a tax valuation allowance of $0.02.

The net loss for the year was $26.6 million ($1.31), versus net income of $3.8 million ($0.19). The results include total charges of $0.96.

The company said in its 10K report to the Securities and Exchange Commission that it had eliminated 1,068 positions at its stores – the company closed a number of stores this past year. Still, the number of employees at its corporate offices rose to 168 as of Jan. 3, from 149 a year ago, Philly.com reported. The current store count is 132.

Wilton's Dimensions division will be integrated into other divisions and the Reading, PA facility will be closed by the end of 2009. Warehouse and business support functions – information technology, accounting, human resources, and customer service – will move to Wilton's Woodridge, IL facility. Manufacturing will be outsourced, and the product development and design work will move to Wilton's Paper & Specialty Crafts/EK Success operation in Clifton, NY. Dimensions' Perler Bead manufacturing operation will continue in Cloverdale, CA.

Wilton and its divisions are owned by GTCR Golder Rauner, a private equity firm. Wilton CEO Richard Conti said, "The current economic environment and competitive forces require us to increase efficiency and effectiveness in order to maintain the health of the overall company." Approximately 180 employees will be affected.

The Employee Free Choice Act was introduced recently by House Education and Labor Committee Chair George Miller (D, CA) and Sen. Tom Harkin (D, IA), a member of the Senate Health, Education, Labor and Pensions Committee.

Known as the "card-check" legislation, it would eliminate the requirement that union representation be decided in secret ballot elections supervised by the National Labor Relations Board. Among the critics are major chain stores who say the bill would make it easier for workers to form a union which would increase costs. The legislation is strongly opposed by the National Retail Federation.

Citigroup analyst Deborah Weinswig said she expects Wal-Mart to be a primary target if the law, supported by President Obama, is passed. She lowered her rating of the stock from Buy to Hold, Retailing Today reported.

Hobby Lobby has already begun educating supervisors and managers about the legislation, CFO magazine reported. CFO Jon Cargill told the magazine, "We had an organized effort in our distribution center about six years ago. The vote for the union was soundly defeated in a secret election. Communicating to employees was vital then."

After the legislation was introduced, Wal-Mart said it will award $2 billion in extra compensation to about 1 million U.S. hourly employees. The money will be in the form of bonuses, profit sharing, discounts, and 401(k) and stock-plan contributions. The payments follow class-action lawsuits from employees and Wal-Mart’s opposition to efforts to unionize its stores, Bloomberg News reported.

1. Once again there are new entries posted to the Consumer Product Safety Commission's web page about CPSIA. Visit www.cpsc.gov/about/cpsia/cpsia.html.

2. To read the latest CHA efforts, visit www.craftandhobby.org/cgi-bin/newsletters.cgi?f=FullArticle&art=286&issue=42&user=&pass=.

3. To read the latest efforts by the Toy Industry Assn., visit www.toyassociation.org/AM/Template.cfm?Section=CPSIA.

4. There's a new website, Amend The CSPIA that is sponsoring a "fly-in" to lobby Congress on Apr. 1. Visit http://amendthecpsia.com.

The Jan./Feb. issue of Quilter's Home, published by CK Media, had the cover blurb, "Shocking Quilts: We Show You the Controversial Patchwork!" It was apparently too controversial for Jo-Ann, which refused to sell the issue. The resulting controversy was reported by the Washington Post, Chicago Tribune, the Denver Post, and other media.

The article and photos of quilts depicted nudity, sexism, racism, homophobia, and one with Jesus holding a gun. The issue was wrapped in plastic. Editor Mark Lipinski told the Denver Post he supports Jo-Ann's right to refuse to sell the issue. Normally Jo-Ann sells about 7,000 copies, Lipinski told the Post.

1. The National NeedleArts Assn.'s Needlepoint Group's March issue at www.worldofneedlepoint.com highlights The Needlepoint Clubhouse in St. Louis as its featured retailer. The Market Buzz section features a slideshow of the Group's Winter Galleria that premiered at TNNA's January trade show. The site is a clearing house for all things needlepoint. Special introductory ad rates are available for Group members. Call Sherry Mulne at 614-237-0700 or email bdirect@columbus.rr.com for info.

2. TNNA is encouraging its members to participate in the 2009 Bookmark Challenge from Needle and ThREAD: Stitching for Literacy. The program, created by children's author and TNNA member Jen Funk-Weber in 2007, helps independent needlework shops encourage kids to read by collecting hand-stitched bookmarks from March 19 through May 7. Bookmarks are then donated to local libraries and schools as part of Children's Book Week (May 11-17), and are used as rewards for reading accomplishments. Retailers are hosting various events and there are contests, too. For more info, visit www.JenFunkWeber.com.

3. TNNA's Stitch 'N Pitch will sponsor a special program at the National Baseball Hall of Fame in Cooperstown, NY Apr. 19 as part of Youth Baseball Week. It will consist of an interactive session where visitors can stitch a baseball-themed needlepoint or crochet project. Patterns featuring baseball bats and wristbands will be available. Email Libby Butler-Gluck at info@stitchnpitch.com, or call 323-644-5536.

WEBINAR FOR BEAD RETAILERS

Registration is open for a free webinar for bead/jewelry retailers, "Schmooze 'em or Lose 'em! 12 Essential Tips for Growing Your Bead + Jewelry Business During Uncertain Times." It's presented by Interweave Press; sponsored by CGM, a wholesale distributor of bead and jewelry products; and moderated by CLN.

The program, coordinated by former Craftrends editor Bill Gardner, will focus on customer creation and retention. Speakers include Mike Sherman (Soft Flex); independent retailer Sally Roesler (Bead Goes On/Beadniks); Steve Koenig, Interweave's Marketing VP; and retail gurus Rich Kizer and Georganne Bender.

The webinar is Mar. 30 (2-3:30 p.m. EDT). To register, Click HERE.

In a time when so many businesses are trying to reduce expenses, the value of public relations becomes more important – because it's free. But to attract media attention, there are two things to remember: 1. What the media publishes or broadcasts is a function of what it knows. 2. Reporters are often given an assignment such as Mother's Day and they don't know where to start.

They want to report something (anything!) that's unique, interesting, and lends itself to a good photo or illustration. For a veteran reporter, he or she is thinking, "What do I write about this year?" But suppose the newspaper receives a press release that a local scrapbook or craft store will be conducting a workshop to make Mother's Day cards and/or gifts? Problem solved.

Writing press releases is not as time consuming as one might think, thanks to a new, free benefit for CHA members. It's a series of seasonal press release templates that can be customized to meet a store's particular needs, so a retailer wanting to publicize something doesn't have to start from scratch. These free press release templates will be updated with seasonal topics and available online for CHA members. Visit www.craftandhobby.org, click on Member Benefits, then scroll to Public Relations Templates.

There is far more overlap in our product categories than you might think. Before the Santa Fe Bead Fest began, Barbara and I went shopping for a few items for her classes. An independent bead shop did not have what she Barbara needed, so we went to Hobby Lobby's bead aisles and found some, but not all. She discovered others (eyelets) in the scrapbook aisles and the remainder (punches) in the leather-crafting aisle. She's expanding into polymer clay, too, which can mean rubber stamps. Scrapbook paper, embellishments, and Mod Podge can also be used for pendants that are then covered in resin. If I was opening a multi-category store, I'd certainly have these aisles adjacent to one another.

QUOTATION. "This Brave New World – it's just all so startling, something most of us have never lived through before, but you know Mike, it may change the way we live, the way we spend, and the way we look at how we live. You never know what miracles could happen." – Industry Manufacturer

PEOPLE. Rick Caron is Dir. of Publishing Services for SoHo Publishing's magazines. Rick has worked for Caron and Coats, received TNNA's TEN award, was a founding member of TNNA's Yarn Group, and is a past president of the Craft Yarn Council of America.

YARN. Today Martha Stewart is devoting a segment of her tv series Lion Brand Yarn's Manhattan Studio, complete with a fashion show and a segment on how Lion developed patterns for her dogs' sweaters. Check your local tv listings. To see the Studio, visit www.lionbrandyarnstudio.com.

STAMPS. Stampin' Up! announced that layoffs at the company are imminent, Scrapbook Update reported. The 20-year-old company is debt-free, has 40,000 consultants worldwide, and revenues of $200-million.

MONEY. Hobby Lobby founder David Green make Forbes annual billionaire list again (ranked #647). The magazine estimated his net worth at $1.1 billion – not bad for someone who started as an independent retailer.

MAGAZINES. Creating Keepsakes announced it was putting its Hall of Fame and Scrapbooker of the Year contests on hiatus this year.

AWARD. The Create with Donna Dewberry Christmas Special netted the Orlando, FL PBS station a Bronze Telly Award. Telly's honor the best local, regional, and cable tv commercials and programs; video and film productions; etc. Donna's special used her FolkArt® One Stroke™ method, for gifts and holiday décor. Sponsored by Plaid, Create with Donna Dewberry is in its sixth season and is broadcast to 83 million households.

SHOWS. Booth space is available for the Knit & Crochet shows May 14-17 in Portland and Aug. 6-9 in Buffalo. Visit www.knitandcrochetshow.com. The shows are co-sponsored by the Crochet Guild of America (www.crochet.org) and The Knitting Guild Assn. (www.tkga.com).

SHOWS. The number of exhibitors for the CHA Summer Show in Orlando is 128. ... Mary Engelbreit and Terri O. will be featured celebrities at the Super (consumer) Show. ... Some members have received calls from companies claiming to be the official travel agency for the CHA show. Only Par Avion has a relationship with CHA with commitments for blocks of rooms.

BOARD. CHA's Nominating Committee is accepting nominations for candidates for the 2010 Board of Directors. CHA members may nominate another CHA member or themselves for consideration to sit on the board for a three-year term beginning in January. To download the nomination form, visit www.craftandhobby.org/pdfs/protected/2010BoardNomForm.pdf. Nominations must be submitted by June 1.

FEBRUARY SALES. Same-store sales figures: Family Dollar, +6.4% ... Wal-Mart, +5.1% ... BJ's, +0.6% ... Kohl's, -1.6% ... Costco, -3.0% ... Target, -4.1% ... Limited (Victoria's Secret, Bath & Body Works), -7.0% ... Macy's, -8.5% ... J.C. Penney, -8.8% ... The Gap, -12.0% ... Stein Mart, -12.2% ... Saks, -26.0%.

RECALL. FloraCraft recalled the Solar System and DNA kids educational craft kits because the wires in the kits have too much lead. No injuries have been reported and free, wooden dowels to replace the wires can be obtained through FloraCraft.

CLOSED. Xyron has shut down its direct sales company, I Remember When, Scrapbook Update reported. When Xyron bought the company in 2005 it had 500+ consultants. The economy was blamed for the closure.

DESIGN. One of the leading needlework design firms, Kooler Design Studio, signed a deal with Amia Studios, which is replicating Kooler designs on hand-painted glassware. Visit www.koolerdesign.com.

INDIES. The Vancouver Sun published a fascinating report on "tagging," the trend where indie crafters are creating "graffiti on textiles." It cites the upcoming book, Yarn Bombing: the Art of Crochet and Knit Graffiti, by Leanne Prain and Mandy Moore. To read the article, visit http://www.vancouversun.com/life/yarn+bombers+take+Vancouver+street/1342756/story.html. Also, visit www.yarnbombing.com.

INDIES. The previous issue of CLN profiled SpaceCraft, an urban store catering to indie crafters, in "Benny Da Buyer." To learn more, visit www.spacecraftbrooklyn.com and sign up for the store's email newsletter.

STOCKS. A.C. Moore: $1.74, up $0.39 ... Hancock: $0.45, up $0.02 ... Jo-Ann: $14.80, up $2.76 ... Wal-Mart: $49.59, up $0.35 ... Dow Jones: 7,278.38, up 3.1%. (Note: All changes in price are since 2/27 and are exclusive of dividends.)

CONDOLENCES. To the family of Kris Stott who passed away recently. Kris and her husband Dave own Norden Crafts, the needlework distributor.

To see the latest listings by the only personnel recruitment firm specializing in our industry, click on Jobs in the left-hand column or click HERE.

If you had purchased $1,000 of Nortel stock one year ago, it would now be worth $49. With Enron, you would have had $16.50 left of the original $1,000. With WorldCom, you would have had less than $5 left. If you had purchased $1,000 of Delta Air Lines stock, you would have $49 left.

But, if you had purchased $1,000 worth of wine one year ago, drank all the wine, then turned in the bottles for the recycling refund, you would have had $214.

Based on the above, the best current investment advice is to drink heavily and recycle.

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