I agree as to moving on from AFM and Anodyne (although I think Anodyne has been rebranded and I don't recall the new name). They have been dragging down earnings long enough. I'm guessing mgmt is quietly working on those sales, considering that they sold Halo which actually generated positive, albeit lackluster returns.
And I agree that CA is a ridiculous state in which to do business but my guess is the thinking is "If it ain't broke, don't fix it." Fox, with the factory and Watsonville and the new corporate headquarters in Scott's Valley, is predominantly a CA business, but Watsonville offers a large pool of moderately priced workers from Watsonville, Salinas and surrounding areas, and relatively low rent. I'm guessing the cost to move the operation to a business friendly state would cost much more than the differential of doing business in CA's anti-business environment.(One could wonder why Fox located its new corporate HQ in a neighborhood as pricey as Scott's Valley, but ....) ACC factories are in AZ and CO (with the recent dramatic expansion of the CO factory). As you note, Liberty is in a relatively low cost business-friendly state with abundant labor resources and no meaningful organized labor.Ergo, originally based in HI, only has a handful of employees with manufacturing almost exclusively in Asia. I'm not sure how much of Camelbak's manufacturing is done in CA, notwithstanding the HQ being in the Chicken Capitol of the World (does Petaluma's Chamber of Commerce still use that slogan?) And I frankly don't know that much about Arnold Magnetics. If I had my druthers, I would spin off everything except Fox and ACC, but we know that isn't going to happen. Although Camelbak and Ergo may work out well because they both have pricing power in their market, I still think that their acquisitions (and that of Arnold Magnetics), were at the top of the their respective market prices with way too much money paid for goodwill.