Partnering instead of competing with other merchants makes the firm an intriguing player.
In a fully valued market, a steady hand behind the wheel matters more than ever.
These great businesses are undervalued and run by CEOs that are looking out for the best interests of shareholders.
The U.S. economy is in decent shape, but we are being even more selective given recent outperformance.
Slower consumer growth in 2012 is not fully reflected in valuations, and we remain selective and focused on structural winners.
A lot of progress has been made since the recession's retreat, but retailers haven't escaped yet.
As macro headwinds mount, we would look for a larger valuation discount among consumer cyclical names.