Streaming into Netflix

Netflix (NFLX) is the world's leading internet television network. Its 50 million customers are able to stream what they want to watch, anytime, anywhere on any internet connected device. It's a much better experience than linear TV as it gives you the power of choice with no advertising. NFLX can recommend shows for you based on what you have watched and you can watch as many episodes of a particular series as you want. There is no need to wait for next Sunday 7:30pm to catch up on your favourite show.

Its here March 2015
NFLX has announced that it is finally coming down under. It charges $8.99 a month in the US but there has been no announcement of the pricing here. NFLX can charge cheaper prices as it cuts out the middle man it doesn't need to pay a cable operator half their revenues. NFLX has a relationship direct with the consumer, there is no need for a commitment users can come and go as they please. It is likely that Australians will get less choice than US viewers as NFLX has to separately license shows for each region. But this should change over time, this year NFLX plans to spend $3 billion on content.

30% of all internet traffic
NFLX is a big success in America with more subscribers than HBO. The picture below is over a year old but the data is still the same NFLX basically takes over the internet during prime time. Traditional TV viewing is dropping because of increasing internet television. Since this chart was released a year ago Youtube has actually dropped to around 13% of usage.

http://www.statista.com/chart/1620/top-10-traffic-hogs/

Originally original
NFLX is all about TV series and movies. It does not stream news, sports or music videos. It is beginning to differentiate itself with exclusive content like HBO that you cannot find elsewhere. NFLX has produced House of Cards, Hemlock Grove and Orange is the New Black which have all been hits. While it did not win any Emmy's 31 nominations is a great start for a company that has just started to produce their own shows. The next big series to be released will be Marco Polo on December 12 a ten part series. Developed by the Weinstein brothers they are talking it up as their Game of Thrones. The series is estimated to have cost $90 million see preview below. To put this spend into context the first Mission Impossible movie cost $80 million.

Getting the best talent
NFLX has an advantage in launching new shows as they don't have limited viewing spots like traditional TV. NFLX is much more flexible with programming and can attract some of the best creative talent because they know NFLX will stick with their show and not pull it after two weeks.
NFLX is also looking to upend the movie release schedule. NFLX has announced a sequel to Crouching Tiger Hidden Dragon and will give subscribers instant access to the movie at the same time its shown at the cinema. It will be released on the same day as it appears in Imax theatres most other movie chains are refusing to show the film.

The power to binge
The great thing about NFLX is choice and many viewers choose to binge watch. Binge watching has been defined as watching 2-6 episodes of one TV series in a sitting. NFLX conducted a survey last year and found that 61% of members binge watch regularly. The majority of NFLX's most popular shows are Breaking Bad, Mad Men and the Walking Dead that are perfect for binge viewing. Starting Jan 1 they will stream the entire series of Friends. There were also rumours that they were in talks for the Seinfeld series, fingers crossed.

Just in case you get too carried away apparently the best way to stop the binge cycle is to watch the first couple of minutes of the next episode. If you can stop yourself early all your problems/concerns will be resolved and you won't be engrossed enough yet in the current episodes issue or drama! The current record for binge watching is 87 hours straight.

Watching the investment
I personally like to invest in companies that I love as a consumer. NFLX is a killer consumer product disrupting the industry but as an investment it is trickier. Their last result was a little concerning it hiked prices by $1 to $8.99 which resulted in new subscriber sign ups which were less than the prior year. This was worrisome as they should still be in the early innings of growth. They have guided to an addressable market of between 60-90 million just in their domestic market the US. This subscriber number is the most important as NFLX has fixed content costs. A new subscriber is more profitable as fixed costs are covered the extra revenue drops to the bottom line. Its a virtuous circle the more subscribers they have the more content they can spend on which creates more subscribers.

Free cash flow was also an issue. Funding new shows is expensive with costs created up front before the benefits come in. NFLX have hinted that free cash flow will suffer as they spend more on original content. I personally think these are short term issues but given the stocks high valuation we will watch the subscriber numbers very closely.

TV or Netflix
NFLX has given users the power of choice. It hasn't even entered Australia yet but it is already bringing benefits to Australian consumers. Forcing Foxtel to finally compete by dropping the price of its basic package in half from $50 to $25. The conversation is no longer which channel to watch but whether to put on TV or NFLX. Traditional TV is great for news or sports but for everything else there's NFLX.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive does not have a position in Netflix (NFLX) stock.

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

Twitter analyst day

Big events around the world happen on Twitter (TWTR). It is the only public, conversational and real time social network. But unlike other social networks it is confusing to use. Everyone has figured out that Facebook is for keeping in touch with friends and Linkedin for work colleagues but TWTR is less clear. Its sort of like walking into a bar or party where there are lots of interesting people but you don't stay too long because you don't really know anyone or who to talk to. It hasn't been clear to investors either. Even TWTR admits most users don't know why or how to use it hence the analyst day and a promise of new features.

Twitter is public and real time

TWTR is different from other social networks by being public and real time. It is the best way to share news/updates with the world. A tweet from Ellen DeGeneres received 3.4 million retweets but it went viral on other sites around the world that picked up on the tweet (see below.) This ability to go viral has made it very valuable for advertisers and users. It increases the effectiveness of events and TV advertising as users tweet and use their mobile while watching key shows/events encouraging other users to engage and tune in. This is also the problem as everyone is aware of TWTR but users tend to engage with events and then drop off.

Source: Twitter analyst day

Analyst day promises and changes
TWTR announced a lot of upcoming product changes mostly centered around making it easier to use when you first sign up. Apparently 125 million visitors go to TWTR's home page each month and decide not to sign up or login. TWTR will provide new users with an instant timeline to show users whats happening on the site so they don't have to search and figure out who to follow. Provide updates that show important tweets that you may have missed since you last logged in. TWTR will also introduce the ability to share and discuss tweets privately through direct messages. For advertisers they will make the process simpler by adding the ability to turn tweets into ads with just a few clicks.

Source: Twitter analyst day

They also shared lots of good stats

• Mobile user growth 3x internet user growth.
• 500 million tweets per day, no surprise that the majority are tech related with 554 million technology related tweets a month.
• The most concerning information (see below) is the number of tweets per day has plateaued over the past 13 months. Its too early to see this happening.
• 83% of the Fortune 500, 75% of NFL and NBA players have TWTR accounts.
• Ad load of 1.3% was interesting given Facebook shows ads around 5% of the time. If they increased ad loads to similar rates they could increase revenues from $1.4 billion to $5 billion.
• TWTRs annualised average revenue per user is $5.09

Source: Twitter analyst day

TWTR also shared a hypothetical chart of potential revenue if everything went well. They point out it is only hypothetical but it is big target for them if they can produce similar revenue as Google, Amazon and Ebay.

Source: Twitter analyst day

Tweeting a verb
TWTR has a few things going for it as it has 90% global brand awareness. Tweeting has become a verb just like Kleenex or Xerox brands are valuable to consumers. Social networks are also typically great businesses because it is user generated content. The content is exclusive, unique and it's free. When your users work for you for free its a great business.

TWTR said all the right things with a roadmap for product changes and a hypothetical goal for producing as much revenue as Google, Ebay and Amazon but the hard part is executing. With the number of tweets flat over the last 13 months this presentation creates a risk of over promising and under delivering. I personally think these changes will improve their service but trying to follow in the footsteps of Google, Amazon and Ebay with revenue targets will only set themselves up for future disappointment.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive does not have a position in Twitter (TWTR) stock.

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

Open Sesame with Alibaba

Alibaba (BABA) just reported its first result post IPO and their results were outstanding. The key revenue, mobile and user metrics showed accelerating growth. This wasn't the Facebook IPO BABA showed how an IPO should be run. $95 billion was transacted on a mobile device in the past 12 months. 35.8% of sales are mobile related with BABA having 86% market share of mobile e-commerce. User growth also accelerated to 52% growth see below. Its amazing to see all these numbers accelerate given they are growing off a larger base.

Source: Alibaba 10Q presentation

BABA has been described as the Ebay of China except BABA has 80% of Chinese ecommerce marketshare. Its actually twice as dominant as a combined Ebay and Amazon around 35-40% of the US ecommerce market. The average user buys from BABA 52 times a year, whereas the average Amazon user buys 16 times a year. This dominance has meant that brands like Tesla and Costco have setup stores on BABA's Tmall to sell direct to consumers. Costco will sell their usual products including baby goods and beauty items, mailing from the US to the customers door in China. If you're shopping in China you start on one of BABA's sites. Like most internet sites BABA benefits from the network effort. More buyers attracts more sellers which attract more buyers its a virtuous circle see below.

Source: Alibaba IPO roadshow

A mix of Google and Ebay
BABA actually monetizes more like Google with advertising. In fact it is the second largest search advertising engine in China. BABA's retail revenues are driven by Taobao and Tmall. Taobao is a consumer to consumer stie similar to Ebay while Tmall is similar to Amazon where big brands open stores. Alibaba does not hold inventory but sells clicks. Its a great business model in a competitive market like China where sellers bid to position themselves higher on the site. According to Merrill Lynch estimates Tmall's take rate is around 6%. Tmall charges commissions and advertising whereas Taobao's rate is lower around 2% because there are no commissions for selling on the site.

Growth and monetisation potential

BABA has 307 million customers while this is a big number its less than a quarter of China's population. 34% of urban Chinese use e-commerce but only 9% of rural Chinese use e-commerce. They plan to help these farmers sell their goods to the city while also buying products in the city from BABA. The longer a customer has been with BABA the more comfortable they are on spending. It really is a weekly habit. Average spending levels for a year old customer is RMB1,000, 5 years is RMB15,000 and 10 years is RMB30,000.

BABA is not looking to maximise their monetization rate of sales but if you compare their rates versus the global averages there is plenty of upside. Ebay and Mercadolibre (Latin American e-commerce) site typically monetise around 9% of their sales. If BABA wanted to maximise its rates it could nearly triple its revenue, with no change in expenses this would drop to the bottom line. A dominant Chinese e-commerce site also has a good chance to go global because China is the manufacturer to the world its 42 million small to medium enterprises are more than the US, India and Japan combined.

                                                    Source: Alibaba 10Q presentation

Corporate Governance risk
The risk is corporate governance. Like most tech companies BABA will be controlled by a select few. We feel the Variable Interest Entity (VIE) structure is the main risk. Foreigners are not allowed to have majority control of certain businesses in China. Many Chinese companies create a domestic vehicle that contains the restricted business and licenses which are owned by a local Chinese. Through legal agreements the economic interest is transferred to a foreign listed company. Alibaba has tried to minimize this risk by holding their licenses in the VIE while conducting as little business as possible in the VIE. 11.9% of BABA's revenue is conducted in its VIE.

Optionality on growth
BABA also has some great emerging businesses. They own the largest cloud computing business in China which can leverage BABAs IT infrastructure to lease to other businesses at competitive prices. It also has a stake in logistics and delivers around 50% of packages in China. The amount of data they have on customers is also compelling. Knowledge of a users buying pattern means they can personalise pages for different buyers improving conversion rates. They also receive 37.5% of profits from Alipay (online escrow payment) which has 300 million users twice the number of Paypal.

BABA has unprecedented growth and monetisation potential. It takes quite a business to make Amazon and Ebay look mediocre. In its first result BABA has done just that.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive has a long position in Alibaba (BABA) stock.

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

Snacking on Mondelez

Mondelez (MDLZ) is the king of snacks with iconic brands in biscuits and chocolate. You might not have heard of MDLZ but you will be familiar with its Oreo cookies and Cadbury chocolate bars. MDLZ was spun-off from Kraft Foods in 2012. The idea was to unshackle the high growth global snack brands from the slower growing supermarket staples at Kraft. MDLZ has the brands that make customers smile and kids cry when they don't get what they want.

MDLZ's top 15 power brands are expected to drive 70% of their growth. These brands include Oreo, Chips Ahoy, Belvita, Cadbury, Toblerone, Trident and Stride. Over 45% of sales are in the fast growing emerging markets where snacking habits are increasing with growing wealth.

One smart cookie
Oreo is milk's favourite cookie. It is also one of the most liked brands on Facebook with 38 million likes. It is the number one food brand on Facebook. They have had plenty of social media success their Super bowl tweet you can still dunk in the dark received great coverage with 16,000 retweets. Their facebook page has taken off with Oreo commemorating key events/weeks like Gay Pride and Elvis week with their biscuits see below. This digital savvy has helped Oreo grow double digit for two years in a row in North America. Oreo is so popular that if we stacked each Oreo ever made the pile would reach the moon and back six times. Over 25 million Oreo's are eaten in the US it has also been a hit in China. Growth took off when they reduced the sweetness of the cream, introduced a wafer version and banana, peach and grape flavors.

Developing developing markets
MDLZ should benefit from the rising emerging middle class. While these markets are volatile they are growing at above industry rates which should grow for years to come. For example in India MDLZ cover only one million out of the 7 million outlets that sell confectionery. Oreo is the number one biscuit in China. Snacking is a late adoption category its a treat used to relax and enjoy. As consumers move into the middle class they increase their chocolate consumption by three times.

Can't touch these brands
MDLZ brands have such a great emotional connection to their consumers that they tend to be more immune from private label. MDLZ owns Vegemite which has proven to be too strong for private label clones. Apparently it is still consumed in 80% of Australian households. Even Aldi's fake version has not dented sales. Even with these great brands MDLZ is still innovative. Last year 17% of sales came from innovation of existing products nearly twice their historic average.

More snacks less coffee
Results since the spin off have disappointed investors but there are increasing signs of management focus. MDLZ recently spun off their coffee business to DE Master Blenders receiving $5 billion after tax and a 49% share in the combined company. The combination of the second and third largest coffee companies by sales will create an entity with 16% share of the coffee market.The market leader Nestle has 23% share. MDLZ will use the proceeds to pay down debt and buy back shares. This focus means revenues from snacking will increase from 75 to 85% of company revenues.

MDLZ should grow profits at a low double digit growth rate. It trades at a discount to its peers like Hershey but has better margin expansion potential. Its 12% margins are expected to expand to the 15-19% average enjoyed by peers. MDLZ also has Nelson Peltz's Trian Fund Management on board as an activist shareholder which should help management focus on execution. While its not something we expect MDLZ has also been seen as a takeover target for Pepsi. A merger between Pepsi's dominant chips business Lays and MDLZ's biscuits and chocolate would provide a good match and add even more scale. Nelson Peltz's Trian Fund Management has stakes in both.

Its way too hard to write a blog about this company without getting hungry that's a good sign for an investor!

 Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive has a long position in Mondelez (MDLZ) stock.

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

Time for Time Warner

Time Warner (TWX) was a media conglomerate that has slimmed itself down to a video content owner (see below). Its library of hits include Friends, ER, Harry Potter and Lord of the Rings. The slimmed down TWX was attractive enough for Rupert Murdoch's Fox to offer around $80 billion for the company. TWX successfully rebuffed Fox but in response management have hosted an investor day to showcase the growth potential of the business. Management now believe they can deliver close to $6 per share in adjusted EPS by 2016, and over $8 a share by 2018 versus previous analyst estimates of $7.

Source: TWX investor day

HBO the king of content
The biggest driver of that growth will be HBO. HBO will go direct to the consumer. According to TWX there are 10 million households with broadband who have cut the cable cord that could become potential customers. Information on pricing has not been released but it is rumoured to be priced similar to cable around $15 a month for access to over 2,200 titles. Its a massive change for TWX who has previously relied on cable companies to distribute, market and bill customers. This announcement surprised some of their cable partners including giant Comcast who are concerned it might cannibalize their lucrative pay TV business. It's a great move for HBO but it will compete even more closely with Netflix. HBO have trialed internet streaming services overseas and according to businessweek HBO's standalone streaming service in the Nordics has attracted less than 10% of the audience of Netflix. But when you are the king of content including Game of Thrones you have a good chance against the competition.

Source: HBO

Game of Thrones is the biggest show in the history of HBO with 19 million viewers in the US. Australians set off piracy records leading the world for illegal downloads of the show. Daenerys the Dragon Queen played by Emilia Clarke is so popular that 146 baby girls were named Khaleesi in 2013!

The industry trend from physical DVD's to digital has been great for TWX. The growth in digital sales has offset the decline in physical sales with the benefit of 85-95% contribution margins versus 55%-65% physical. HBO is also making money by licensing their older content to Amazon but have kept some of their most iconic series including Thrones and Entourage.

Comic books are back
The success of Marvel and Disney has seen TWX double down on its DC Entertainment unit. TWX is the largest comic book publisher with the some of the best known superheros like Superman, Batman and Wonder women. They are bringing out out a Batman v Superman movie in 2016 (see schedule below).

                                                             Source: TWX investor day

TWX also owns Turner with TNT and TBS two of the top-five cable networks in the US. They recently extended their NBA rights for 9 years. Even though costs have increased sports has become the must have content. Advertising is an issue for media companies as with DVR's and streaming ads are either skipped or not watched live. Sports seems to be immune to this trend. TWX have disclosed that sports represents only 4% of their programming but 25% of advertising as advertisers are willing to pay up for the live exposure making it more likely their ad will be watched. Overall TWX's ad exposure is the lowest among their media peers at 17% of total revenue.

TWX upgraded growth targets should be well received by investors. Especially as it will be driven by subscription growth which is more stable recurring income than advertising which could lead to a higher P/E multiple. Importantly TWX's content is king, a slimmed down TWX was attractive enough for Rupert which should be attractive enough for everyone else.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive has no position in Time Warner (TWX) stock

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

Not so Yummy

Yum brands (YUM) is the owner of KFC, Pizza Hut and Taco Bell. Its has over 40,000 restaurants in more than 125 countries with 70% of sales outside the US. For most investors YUM has become a way to invest in the growth of the Chinese consumer. Of its 40,618 global stores 6,419 are in China. This China exposure has provided great returns for shareholders.

KFC finger licking good
YUMs most important brand in China is KFC with over 4,600 restaurants in nearly 1,000 cities across the country. YUM is opening 700 new stores in China this year the aggressive roll out of stores has made KFC one of the most well known foreign brands in China. 90% of KFC's profits come from overseas.

Source: YUM brands investor presentation

China causing indigestion
YUM brands is dominant in China with 39% market share. The growth story is that YUM will have well over 20,000 restaurants across all their concepts in China. YUM has five restaurants per 1 million people in China compared to 60 restaurants per 1 million people in the United States. But recently YUM has struggled. Customers dine at YUM and pay a premium to local prices because they believe the food is clean and the brand can be trusted. With two supply issues in the past two years customers are already looking elsewhere (see above for 2013 figures). KFC will eventually bounce back but it may not be to the same sale levels given recurring supply issues and increasing local competition.

There is another but its struggling too
YUM's other power brand is Pizza Hut but its growth is slowing in the US. Long known for dine in pizza, Pizza Hut is struggling with the move to online. Pizza Hut recently reported a (2%) same store sales decline in the US. Compared to a reinvigorated Domino's which reported a 7.7% increase in US same store sales. Domino's smaller store format and leadership in technology with one of the most downloaded apps means Pizza Hut has a lot of work to do just to catchup.  Pizza Hut in China is also suffering from similar supply issues as KFC. Amazingly only 30% of sales at Pizza Hut is pizza the majority is past, rice, soups and salads! See below.

                                                Source: YUM brands investor presentation


Their other major brand Taco Bell operates only in the US. It grew a respectable 3% in same store sales though these numbers were inflated with the introduction of breakfast earlier this year. Given these results YUM is trying to tap into the general move to higher quality, fresh ingredients with meals that are better for you. Following in the footsteps of Chipotle YUM are trialing a Vietnamese street food chain Banh Shop and a more upscale Taco Bell called Taco Co.

Change is not always good
David Novak has been a great leader at YUM with a great track record of growth. But he is stepping down as CEO transitioning to the chairman role. He has been one of the major reasons for success since the spin off from Pepsico being CEO from 2000 onwards. As an investor its never a good sign when a long term leader leaves.

No tip for you
While China will likely bounce back the fact that this is the second time there has been a supply issue means that there will be a perception problem for longer. Especially as locals trial other chains that are at lower price points. While YUM has bounced back from China issues before one difference this time is weak performance in the US from Pizza Hut and Taco Bell. Flat to negative growth for KFC and Pizza Hut in the US is not a great sign as the West moves away from fast food to more healthier fare developing markets are sure to follow. YUM has a great position in China but with two supply issues and struggles in the US we believe the stock will continue to provide short term indigestion for investors.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive has no position in Yum Brands (YUM) stock but is long Dominos (DPZ) stock.

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.

The secret behind Victoria Secret

Leslie Wexner knows what women want. He is responsible for founding The Limited, Abercrombie and Fitch, Express and L Brands (LB). L Brands is the owner of Bath & Body Works and the greatest brand known to man Victoria's Secret. It's surprising to learn that the owner is a 77 year old from Ohio. He is the longest serving CEO of a Fortune 500 company and is one of the few CEOs to make you an annual return of 20% over 20 years. He has bought and sold many retail businesses but has kept Victoria's Secret because they are so dominant. As a brand they have no real competitor.

Ads so good they get paid for them
The Victoria Secret fashion show is famous all around the world, its basically a one hour advertisement for the company. According to forbes CBS pays Victoria Secret $1m a year to televise the event. Its the only one hour show dedicated to a single brand that plays all around the world in 192 countries. The showpiece of the show is the diamond studded fantasy bra. The showpiece bra has never been sold. Last years asking price was $10 million see Candice Swanepoel below with the 2013 piece. This exposure is invaluable to the brand and investors. The models also benefit, 16 out of the 21 models on Forbes highest paid model list have been or are Victoria Secret angels. As an ex-angel Australia's Miranda Kerr makes the top ten.

Source: Victoria Secret

International runway
Its amazing that such a global brand has only 17 Victoria Secret stores internationally. The global push is accelerating this year as the show will be run in London and not New York. The show will air December 9th. LB plans to grow overseas through a small number of franchisees. LB will receive a royalty retaining control over assortment, pricing and store design. One problem with overseas growth is that LB does not sell handbags one size does not fit all in lingerie products which will have to be tailored to each region.

Source: L Brands investor relations

The beauty of this business is literally beauty
Victoria secret is not just lingerie but also personal care. LB have opened 230 stand alone beauty and accessory stores on target for 300 at the end of the year. 60% of sales from these stores are beauty products with a focus on fragrance which are great gifts and travel easily internationally. There is the potential for 1,000 of these stores. LB also owns Bath and Body Works which they can leverage from. It is an important part of the business with the majority of stores (1,638 stores see below) yet Victoria Secrets contributes 62% of revenue. Importantly beauty, fragrance and lingerie are all high margin, high loyalty categories. The demand is so great that nearly all of their stores turn a profit.

Source: L Brands investor relations

Capital management has also been fantastic LB has returned $15.4 billion since 2000 more than half its current enterprise value of $23.5 billion. The 2% dividend is great when you have LB's international runway. Unfortunately the P/E multiple at 19x is quite high for the low double digit growth but it does have great long term potential. Just like the Victoria Secret show LB stock is one to watch.

Jason

http://www.decisiveassetmanagement.com/

Disclosure: Decisive has no position in Limited Brands (LB) stock

The material in this article is for informational purposes only and in no way constitutes a solicitation of business or investment advice. The material has been prepared without regard to any client's or other person's investment objectives. Before making an investment decision you should consider the assistance of a financial adviser and whether any investment or service is appropriate in light of your particular investment needs.