This slouchy baby i beautiful, deliciously soft, super easy to knit and require only one skein of yarn. You have to knit it. Now!

Corrected version published October 17th. Thank you tangerinelz3 for your sharp eyes. :)

And while you are at it, you may want to knit the matching fingerless mittens as well:
http://www.ravelry.com/patterns/library/take-a-bow-finger...

Oh, and if you publish pictures of your mittens on any social platforms it would be really cool if you use the hashtag #TakeABowHat. But only if you want to, of course.