One of the best things about working on Framework is the people I meet. In 2014, when I conducted my first Intelligent Option Investor “Boot Camp”, one of the attendees was an analyst at a large and prestigious Midwestern hedge fund that is famous for its value investing orientation.
The analyst, Tod Schneider, CFA, CPA, specialized in retailers and was famous within his firm for his excellent bullish and bearish investments. He is one of the smartest people I have met in the business, a hard worker (he’s the guy reading 10-Ks rather than watching CNN when working out on the health club’s elliptical), and — most importantly — the most thoughtful, reasonable, and pleasant person imaginable.
Tod has moved into the academic world, but still trades on his own account and has recently focused in on a retailer named L Brands — famous for its Victoria’s Secret, Pink, and Bath and Body Works brands.
Tod sent through a copy of a note he had prepared regarding L Brands and generously agreed to post it on our site. I have also populated L Brands’ historical numbers in a Framework Model and am posting that here as well.
Tod and I are exchanging emails about this company and I’ll be posting a valuation this week.
If you would like to value the company on your own, here is the model:
And here is Tod’s write-up: