THIS. I hate financials. REITs too. I hate REITs.
In summary and based on the responses provided above, the hardest-to-analyze industry is the one you know nothing about.
MarginCall:
brain\_wash\_your\_face:Because tastes change and that is difficult to model over any real duration. Witness Coach.
Coach is no luxury goods.
And you, my friend, do not understand the difference between fashion and luxury.
Not sure if you realize this, but you just proved my point. That is what sunk COH.