BACK ON THE GOOD FOOT

a decade ago, the colorful foam clogs of Colorado’s Crocs were a global phenomenon that caused millions to suspend fashion sense in the name of comfort. but the craze crashed alongside the market in 2008, and Crocs’ stock has yet to recover. George Putnam, longtime editor of The Turnaround Letter, thinks a Crocs revival is in the works. In 2014, privateequity titan blackstone invested $200 million in the company and overhauled management. Crocs has expanded its offerings to sensible-looking loafers, sandals and rain boots. Margins are improving, and its balance sheet is Croc—er, rock— solid. “Investors have lost patience,” says Putnam. “at just 6.4 times next year’s estimated ebitda, Crocs has tremendous potential.”