When my grandfather retired, he and my grandmother bought a mobile home. They took one trip to Las Vegas in it, realized the folly of their ways, and upon returning to their trailer park in upstate New York promptly removed the wheels and built a deck off the side of it, to ensure something like it could never happen again. That story, and the years spent visiting them in their no-longer-mobile-home, has cured me of the desire to hit the open road in a rolling one-bedroom apartment, even without doing the math and realizing just how little you save doing it when there are perfectly good three-star hotels strewn along every interstate in the country. Still, I recognize that I live in New York City and am therefore completely detached from the Real America, and in the Real America people eschew the Holiday Inn Express for an eight-foot-wide aluminum can on top of a septic tank containing their own waste.
Now, Dan Loeb also lives in New York City. But in spite of the fact that he’s a Los Angeles native who prefers to do yoga and meditate on the deck of his 200-foot yacht, he knows something about the Real America. Or he also read this article in the Journal about how RV manufacturing is the future, not only of the Real America, but All of America. The rest of the market has not caught on, because it has beaten the crap out of RV-maker shares this year, foolishly fretting about higher production costs and fewer buyers and entirely missing the existential point that the RV is America, and that America is being Made Great Again. So Loeb bought some of them, and he’s not alone among the driving-your-Maybach-to-the-private-jet set.
Camping World Holdings Inc. was one of the biggest beneficiaries of this trend in the second quarter with new stakes from funds including Dan Loeb’s Third Point and David Rosen’s Rubric Capital…. Other funds like Scopus Asset Management and Carlson Capital LP added to their positions in the quarter….
The sector-wide slump hasn’t deterred hedge funds from building positions in other RV stocks, including Thor Industries Inc. and Winnebago Industries Inc. The pair have attracted interest from funds including AQR Capital Management, Millennium Management and Prescott Group Capital Management.