If HOG simply returns to this level you would have a return over that period of 56%, approaching 20% per annum with the dividend yield of about 2.5%. Although management cut back on production goals slightly, it has plenty of confidence in its cash flow. By the way, this means my original dollars are earning over 6% now.

It is my belief (or speculation) that HOG can get back to its previous share price levels faster, and if it happens in, say, a two-year period you will see about a 30% annual return. For those who think I'm too optimistic, look further down the road, say four years out, and you are still getting a 15% return on your money over that time for a brand name with a long history.

A few other metrics of note: The P/E is under 12, and that is accompanied by a return-on-equity of 36.04% -- more than double most S&P companies. HOG also is maintaining 17% profit margins and the rebalancing was done in part to maintain its margins. From November 2006 when HOG peaked, through February 2007 insiders were selling shares. Since that time, as the stock has migrated lower, there have been almost no insider sales.

There are few companies offering all of the strong characteristics of Harley-Davidson at a discount. Its foreign sales are just becoming meaningful and as business in China, India and Eastern Europe grows the foundation for company growth becomes more secure. It is certainly worth looking at Harley today and holding on for what might be a very rewarding ride.

To find potential opportunities and verify my track record read Chasing Value or Serious Money.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He is on the advisory board of Internet start-up CircleBuilder.com.