L Brands, Inc.
Thesis
Amy Chen presented a thesis on L Brands, highlighting its recent restructuring and manageable debt levels. She emphasized the company's strong fundamentals and potential for growth, addressing concerns about store ownership and rental costs during the Q&A.
Did it work?
failed
confidence: high
The long thesis rested on strong fundamentals, manageable debt, and growth potential following restructuring, but the stock declined 35.2% over the 28 months since the pitch — a substantial move directly against the long direction. With no stated multi-year target to give the thesis more runway, and a drawdown of this magnitude, the promised growth clearly did not materialize for shareholders.