Heavy discounting of Arc'teryx footwear at retailers like REI is the first real warning sign; the rest of Amer looks healthy.

Why conglomerates usually fail in athletic brands, why Amer is different, and the case for Amer bidding for Lululemon.

Arc'teryx's five-year growth targets have no historical precedent, though we see little risk to the story over the next year.

Kicking the tires before Amer's investor day: strong brand momentum, but insider selling and aggressive store growth raise flags.