Deckers Outdoor Corporation (DECK)

The first brand was for decades considered a single-season fad and has lived through several cycles of neglect and revival. The company learned to manage that: it limits supply, avoids markdowns and holds price rather than flooding the market on a wave of demand.

The second brand grew from niche footwear for ultramarathon runners into mainstream running shoes and became the main source of growth. Both are increasingly sold direct, bypassing retail chains, which raises the mark-up and yields customer data. Risks: fashion, dependence on two brands and import tariffs. The company pays no dividend but buys back stock.