Oxford Industries met all the Graham criteria and I've been watching it closely. I'm discarding it at least temporarily because of several recent events:
1. One of the board of directors resigned abruptly
2. A new CFO was hired
3. The company decided to take on more debt to finance a share buy back of 14% of the float--- a maneuver that is more likely to reward management's stock options than shareholders margin of safety during a tough time for retailers.
I'm putting WTS on the backburner because I can't convince myself that the management is prudent and experienced enough to take the company forward in a global sense. I won't rule it out but for the current period I think the safer approach would be to buy a water services ETF like CWW: more here.
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