An aggressive buy-back program and a large proportion of the stock’s float sold short adds an element of market risk to our bearish investment in Whole Foods Markets (see our most recent IOI Tear Sheet on Whole Foods here 
). However, looking through the valuation ranges, we can’t help thinking that long-term the value of Whole Foods’ shares is closer to the mid-$20s than the mid-$30s. We’d love to hear a bull case, so drop us a line if you have one!
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