"Montgomery Watch", page-31

This is some commentary from RM on KMD from last year (KMD is down 20%+ today):

Kathmandu weathers changing retail climate - by Roger Montgomery
........The Australian market comprises over 60% of Kathmandu’s sales, and such a low level of consumer confidence is one of the key risks to the company’s second half-year performance (to July 31, 2013).Kathmandu’s underlying earnings rely on promotions because of the premium mark-up that is applied to stock. While Kathmandu’s products are perceived to be of a high quality, many people will only make purchases during these sales events. It is therefore crucial for the company to sustain margins, and any persistent abnormal warmness during the season could translate to further discounts to clear stock.
I hold a position in Kathmandu, and am impressed with the company’s growth plans and confident in the ability of management to execute their strategy. The group had 120 stores in 2012, and is targeting 170 stores in the coming years. The company is also refreshing its brand through new product and store designs to increase its global appeal.
As a value investor, my focus is on the long-term potential of Kathmandu, though I am mindful of the effect that short-term fluctuations in the retail climate will have on the company’s profitability.
In May, management was confident of posting a strong performance for the full-year, and, as at the time of writing, is yet to announce an earnings update. As such, I am a happy camper when it comes to investing in Kathmandu, and eagerly await reporting season.
Read more at Eureka Report: http://www.eurekareport.com.au/artic...#ixzz2YIvcXaeg

Now despite RM saying "As a value investor, my focus is on the long-term potential of Kathmandu, though I am mindful of the effect that short-term fluctuations in the retail climate will have on the company’s profitability." i bet you my last penny he says he no longer holds...

Preach: long term value investing
Practice: short term momentum  trading

Is this "misleading and deceptive" behaviour?