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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (2273)	2/4/1998 5:41:00 PM
From: Pancho Villa	Respond to of 18691

An interesting long: during my visit to the Mall last year I found IBI (intimate brands incorporated: Victoria Secrets. To be a very intersting type of a joint so I got my wife a good chunk of shares for Valentine's day. I got in at 18+ and 17+. Still Holding. Thisd is what I had to say at the dead SI thread last September 30: Message 2311415 Now, a year later, the street is finally discovering IBI does not sell lingery but sex. IMO an observation that does not require much brains. I sent them a small write up as my best mall idea last fall and they they did not care to publish it back them. I guess they don't take stuff from Mexicans. Here is a "taste" from a piece at street. com today: Mall Rat: TSC's Mall Rat Hits the Runway with Victoria's Secret By Suzanne Kapner Staff Reporter 2/4/98 3:54 PM ET Take 1,000 men and women, place them in the New York Plaza's grand ballroom, play pulsating music and let loose a dozen nearly naked girls. The women pretend it's a fashion show. The men think it's a strip tease. It's fun for the whole family. As one matron remarked when the first model appeared on the runway Tuesday for the annual Victoria's Secret fashion show, dressed in white and wearing wings to evoke the company's "Angels" line: "Look at those shoes! They must be Versace." Darling, it's almost never about the shoes. And in the case of this fashion show, it's not even about the dress. Unlike many runway shows, where the models are merely hangers for fabulously fitted clothes, on the Victoria's Secret catwalk, the bodies get top billing. Satin lingerie and feather boas are window dressing for swaying hips and strutting legs. That's because Victoria's Secret, owned by Intimate Brands (IBI:NYSE), has figured out, along with a handful of successful companies, that retailing is about more than selling a product. It's about purveying an experience. Nike (NKE:NYSE) doesn't sell sneakers. It sells the rush of winning an Olympic gold medal. The Gap (GPS:NYSE) doesn't sell khakis. It sells a comfortable lifestyle. And Victoria's Secret doesn't sell bras and panties. It sells sex. Not just regular, old missionary-style sex. But the hot and steamy, humping and bumping kind of romance novels.... Pancho

To: Pancho Villa who wrote (2273)	2/4/1998 5:47:00 PM
From: TAPDOG	Read Replies (3) \| Respond to of 18691

Pancho and Charles Stein: I've been following your comments but I only post when I have something to say. I've been short BFIT and averaging with Pancho, but not with quite the same enthusiasm. I'm also short PCTY, LBOR, WDRY. I'm waiting to short LAMR until after it splits. I sold these because they are over-leveraged and relying on earnings growth that I believe will never happen. I think that the market rallied these stocks because they do not have Asian exposure. My reasoning is that these companies will suffer from a slowing economy.