Ann: Change in substantial holding, page-108

For TRS to trade the ups and downs of the retail cycle that they seem to be beset with and stay in tact nil debt is pretty much mandatory IMO.

Went into a store a couple of days this week and there was a moderate amount of traffic although the spend is probably small per customer.

I bought a Sensodyne original toothpaste for $2.  Everywhere else I've seen it for a minimum of about $8/tube.  I just thought that was interesting.  I'll be going back for more.

I don't think there is much point in comparing Aldi to TRS - quite different stock lines and markets.  

The thing I would say about TRS is that it is probably a good barometer of the state of the consumers wallet.  And my view is that retail has had some pretty poor months since Aug so I do see upside over the retail cycle.  And the low price is probably an over reaction.

The main thing holding me back on this is that I don't have a high view of management and I don't believe they have sufficient skin in the game.