Hedgies May Rock Guitar Center

This column was originally published on RealMoney on Sept. 25 at 2:01 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

I think I'm in love, and her name is Guitar Center (GTRC Quote).

First of all, I always love people who are good at math, and Guitar Center has shown aptitude with its numbers: Revenue has climbed in stair-step fashion from $949 million in 2001 to $1.78 billion in 2005, and operating income has grown over the same period from $46.32 million to $132 million.

The company started in 1964 in Westlake, Calif., and it comprises two retail chains: Guitar Center, which has 183 stores that sell, of course, guitars, as well as percussion instruments, keyboards and recording equipment, and 90 Music & Arts Center stores, which primarily sell band and orchestral instruments to students, schools and orchestras. ...