Despite economic woes, cash-strapped consumers, and forecasts for a dismal holiday retail season, value investor Charles Mizrahi still sees value for long-term investors in high-end retailer Coach (NYSE: COH).

The editor of Hidden Values Alert explains, "Founded in 1941, Coach has grown from a family-run workshop in a Manhattan loft to a leading American marketer of fine accessories and gifts for women and men.

"Coach is one of the most recognized fine accessories brands in the United States and in targeted international markets. Its modern, fashionable handbags and accessories use a broad range of high-quality leathers, fabrics and other materials.

"The company has created a sophisticated, modern and inviting environment to showcase its product assortment and to reinforce a consistent brand position wherever the consumer may shop.

Are consumers attached to "brands" like baby koala bears are to their mothers? At first sight, there is a good case for saying this. The words "Apple" and "Nike" and "Kleenex" are all brands that describe product categories. But, do customers love the categories of brands represented by the brands -- or the brand names themselves? Dell, here in the middle of 2007, seems to be a boring brand from many perspectives. Perhaps it is just participating in a boring product category?

Branding experts and marketing professionals like to believe that the brands they represent are what the consumer is looking for. Hmm, not quite. Is Dell Inc. (NASDAQ: DELL) in the midst of being turned around because it is a brand in trouble? To this writer's point, I have to agree somewhat that Dell represents a category in trouble. It sells more desktop computers than anything else, and that is a dying category (and has been). Does Dell need to supercharge its laptop computer category during the final half of 2007 and really attack the retail presence outside of selling "dying" desktop PCs at Wal-Mart? If you're a Dell shareholder, you should be asking this question as Dell sits precariously during the latter half of 2007.