Vibram: could these kwazy shoes make you a fortune?

Pet rocks. Hula hoops. Pokemon cards, Beanie Babies, Cabbage Patch Kids, Silly Bandz.

Okay, now that we've gotten that out of the way: Yes, Vibram is what might be referred to as a fad.

Vibram makes those shoes with the separate chambers, one for each toe -- which is why the company refers to its products as "Vibram Five Fingers." They're getting swept off the shelves in trendy stores like REI on the West Coast; in fact,, the firm had an inventory crisis this spring.

First of all, I have nothing against investing in a fad, if it's a fad that's catching on and going to make money. Fads are enjoyable, socially and as an investment. Seeing something spread through the economy and people's lives -- the adoption cycle, the friend-to-friend loop of positive reinforcement, the chain reaction of acceptance -- it's fun to watch.

Of course, it's better still if a the fad isn't a mere fad -- if it's based on some underlying trend or culture shift. Pet rocks don't really fit that mode, but some of the other items mentioned above may have.

In the case of Vibram shoes, there may be some deeper, more fundamental forces. Vibram shoes claim to be healthier -- the company has its own medical advisory board, and the shoes are favored by runners, climbers, hikers, and others who engage in an active, healthy life.

As well, like some of the other young firms we've looked at -- Chipotle Mexican Grill (CMG), for example -- the product conveys a whole different experience, a level of interaction you don't get from standard products in the industry.

I know because, like the MBA Jimmy Rogers sent out to test some tennis shoes in the 1980s, I tried some on the other night. I must say, it wasn't easy to get the shoes on -- people's toes are different, which will be one of the challenges for Vibram, I'm sure. But my wife helped me squeeze and wedge my way into a pair.

That said, once inside, I felt connected -- natural -- comfortable -- in a word, grounded (both literally and metaphorically.) Regular shoes -- even my most comfortable shoes -- are inevitably, to some degree, unnatural and constrictive, like the binding some Oriental cultures used to impose on women's feet. Your body in a pine box.

Vibram shoes are like, well... like having living feet again. You can actually feel your toes.

Anyway, I loved wearing them, once I got them on, and I can well understand how the product has rapidly built an enthusiastic, participatory, virally-exponential customer base. A fad indeed -- in the best sense of the word.

Sadly, you can't invest in Vibram publicly -- it's not a listed stock... not yet. But here's hoping it will be.

Ownership disclosure: At the time this product was published or posted, Damon Vickers & Co. and Nine Points Capital Partners owned shares of Chipotle Mexican Grill (CMG).  

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