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Victoria’s Dirty Little Secret: You’re Not Paying for Quality

One of the advantages of writing for a public audience is that readers and other investors who follow the companies and industries we’ve written about, start to send their own information. We recently posted a short thesis on L Brands on SumZero and followed-up with a LinkedIn article discussing the risk in the company dividend. … Read more

Bras, Bralettes, Barron’s, and a Big Dividend Problem

Last week, we published a piece on SumZero recommending a short position in L Brands (LB), the company that owns Victoria’s Secret and Bath & Body Works. The key point is that there is a fashion trend away from the complicated underwire bras sold by Victoria’s Secret for $50 – $60, and towards more casual … Read more

Short Case on L Brands – Published March 2017

L Brands (LB) Overview: L Brands (ticker LB) is the owner and operator of Victoria’s Secret and Bath & Body Works. Other businesses account for less than 5% of revenue and no operating profit so will not be addressed here. Victoria’s Secret is now about 60% of the $13B US lingerie industry. Bath & Body … Read more

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