(CNN) The Republican nominee for Virginia lieutenant governor smoked marijuana in his past but doesn't believe that yoga leads to Satanism.

Those were a few of the revelations that emerged at a press conference E.W. Jackson held Wednesday in Manassas, according to the Richmond Times Dispatch. An African-American pastor and attorney from Chesapeake, Jackson was nominated to run for the number two spot at the commonwealth's GOP convention in May. After he was selected, Democrats began bringing Jackson's past statements into the limelight, seeking to discredit the conservative ticket, which includes gubernatorial nominee Ken Cuccinelli, the attorney general, at the top.

The National Journal published excerpts of a book Jackson wrote, including a passage where he wrote: "When one hears the word meditation, it conjures an image of Maharishi Yoga talking about finding a mantra and striving for nirvana. ... The purpose of such meditation is to empty oneself. (Satan) is happy to invade the empty vacuum of your soul and possess it."

Wednesday, he said firmly: ""I do not believe that yoga leads to Satanism."

"One of my ministers is a yoga instructor," he continued, according to the Times Dispatch. "What I said was that Christian meditation does not involve emptying oneself but filling oneself ... with the spirit of God. That is classic biblical Christianity."

The newspaper also reported that Jackson admitted to using marijuana when he was younger as well as other "controlled substances."

In the past, Jackson has also referred to gays and lesbians as "sick people psychologically, mentally and emotionally." He said Wednesday his religious beliefs have been twisted and distorted and I'm not going to spend the campaign talking about these issues."

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Yoga, Satan and the candidate's clarification

By Nathaniel Matherson - June 13, 2013 | Tickers: GPS, LULU, NKE | 0 Comments

Nathaniel is a member of The Motley Fool Blog Network -- entries represent the personal opinion of the blogger and are not formally edited.

Over the last few years yoga pants have taken the country by storm as the apparel made its way into all aspects of life. At first primarily an athletic staple, yoga pants have become an everyday fashion option for many women. Lululemon Athletica(NASDAQ: LULU), a major yoga-related retailer, reported its first quarter earnings earlier this week, and the company was able beat analyst expectations while announcing a 7% increase in same store sales.

However, shares slumped almost 18% as the company surprisingly announced that Chief Executive Officer Christine Day was stepping down from her position. Up to this point, Day has been very influential in Lululemon's success. As a result, a slew of investment analyst dropped estimates--an analyst fromSterne Agee downgraded the company to a "neutral" from a "buy" and cut its price target to $75 from $90, citing in part "a lack of information regarding the future leadership of Lulu (that) is of great concern."

Lululemon, a high growth company, trades at forward multiples that are vulnerable should any fears set in. Going into earnings, the company was trading at a forward valuation over 40 times earnings--after Tuesday's drop the company is now trading at a more conservative valuation of 34.5 times forward earnings. I believe that if innovation at Lululemon slows, a number of competitors stand ready to take the company's market share, in turn further slowing growth and lowering forward valuations. I would like to highlight a couple of cheaper alternatives to Lululemon that are already starting to gain market share.

Lets first compare Lululemon to a couple of competitors on a forward PEG basis. Investors can use the PEG ratio to determine if a stock may be overvalued or undervalued compared to the rest of the industry or sector. Generally, the lower the PEG ratio, the lower the valuation. Currently, Lululemon is trading at a PEG ratio far above that of its competitors Nike (NYSE: NKE) and Gap (NYSE: GPS).

Lets first take look at Nike, an athletic superpower with its hands in all aspects of performance apparel. Nike sells its selection of yoga pants for around $60, compared to Lululemon, which retails the majority of its pants for about $100. Nike may have lower pricing power now, but I remain confident in the company's ability to catch up in the yoga apparel industry. In addition, I feel more comfortable investing in a company that has established itself across a greater selection of merchandise. Analysts are expecting Nike to grow earnings by 27% this quarter and over 13% for the next two years. I would expect the company to further integrate its portfolio of proprietary material into its yoga apparel in the years ahead.

Gap has been a great turnaround play over the last two years. This year alone shareholders have been treated to a return of over 35% on the back of strong earnings and renewed growth. The company has worked hard to reshape its image, and in the process created a great selection of yoga apparel. The company retails its yoga pants for about $50, almost half the cost of a pair from Lululemon. I fully understand the value of brand power, but still a 100% price difference is significant. Gap is trading at far more conservative forward multiple of of 15.42--rather inexpensive when you consider analysts are expecting the company to grow earnings at 16% this year. In addition, I like the international growth prospects ahead. The company to plans to open a net 80 stores this year, primarily in its Asia/Pacific business segment. An expansion into China should bode well for the company over the longer term.

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Who Doesn't Like Yoga Pants?

When I learned Virginia lieutenant governor candidate E.W. Jackson had written that yoga could leave you vulnerable to Satan, I was thrilled wefinally had a brave leader who would take a stand against hideous yoga fashion and smelly hot studios and Lululemon princesses. But no. In a press conference this week, Jackson capitulated to the four-way-stretch-cloaked hordes, saying, "I do not believe that yoga leads to Satanism."

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It was a shocking about-face.

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In his 2008 book, Ten Commandements to an Extraordinary Life, Jackson wrote, "When one hears the word meditation, it conjures an image of Maharishi Yoga talking about finding a mantra and striving for nirvana... The purpose of such meditation is to empty oneself. (Satan) is happy to invade the empty vacuum of your soul and possess it."

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That sounds like a pretty unequivocal statement of principle.

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But Jackson now says his words were misinterpreted. "What I said was that Christian meditation does not involve emptying oneself but filling oneself," Jackson said inan unusual 45-minute press conference on Wednesday, theRichmond Times-Dispatchreports. He even said one of his ministers is a yoga instructor.

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Virginia GOP Candidate E.W. Jackson Goes Soft on Yoga