Steve at the Firearms Blog covers what appears to be the firearms bubble bursting. In any bubble you will tend to have speculators. If many of the people buying up AR-15s were doing it in anticipation of selling at higher post-ban prices, then the industry will go through some very tough times as those speculators sell their inventory and cut their losses. If they were mostly new shooters, well, one thing about AR-15s is they are like Lays Potato Chips. You can’t just have one. If I were betting money (also known as investing) I would probably err on the side of believing there were speculators, and there will be a lot of guns and ammo on the market as people cut their losses. I think the firearms industry will be in for some tough times, though I expect parts of it to continue doing well.