But if you bought the dip you're doing well. The stock is back to more than $50, the 20 cents-a-share dividend remains intact, and this month Jeffries let the same online publisher that did the original hit piece know that he also hates the color black.

He may be a Bond villain, but so far Mike Jeffries isn't hurting. Jeffries earned more than $48 million in the company's last fiscal year, mostly from stock options, and at current prices he has options worth another $156 million. The company still retains its private jet where the flight crew is outfitted in the chain's clothes. The new "back to school" catalog is out, once more featuring young hunks photographed by famed fashion photographer Bruce Weber.

Assuming the summer quarter's numbers, due out in late August, are up to standard, all Jeffries' quirks will be forgiven. The only thing Wall Street will protest is a bad result.

At the time of publication, the author owned no shares in Abercrombie & Fitch.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Dana Blankenhorn has been a business journalist since 1978, and a tech reporter since 1982. His specialty has been getting to the future ahead of the crowd, then leaving before success arrived. That meant covering the Internet in 1985, e-commerce in 1994, the Internet of Things in 2005, open source in 2005 and, since 2010, renewable energy. He has written for every medium from newspapers and magazines to Web sites, from books to blogs. He still seeks tomorrow from his Craftsman home in Atlanta.

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