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Back in February of this year, I decided to revisit Escalade ( ESCA ), a firm that operates in the sporting goods industry. Even though I think this is an interesting space to play in, I had previously downgraded it because shares had risen significantly compared to the broader market and because there were some signs of deterioration from a fundamental perspective. In my article, I decided to reaffirm the business as a ‘hold’ candidate for these very reasons. And honestly, that seems to have been a pretty good decision....