Hi Mike,Iv'e been bullish for a long time. Ever since i bought...

Hi Mike,

Iv'e been bullish for a long time. Ever since i bought in the teens in 2008. My reasoning at the time was very simple. What i believed then, was that WOW was a business running about as efficiently as it possibly could. Coles on the other hand under previous maangement was treated like a red headed step child. Zero investment in supply chain management, store outlays, inventory controls and basically everything that goes with running a business like Coles or WOW. So i figured that for every dollar poured into the Coles business the COMPARATIVE return would be a lot higher than that of WOW simply because it was coming off a lower base. Every analyst (except this guy from GSJBW) was comparing Coles to WOW at that time and telling us it was garbage, when it simply wasn't a fair or accurate comparison at that time. Now that Coles has gotten it's act together operationally it's becoming a fairer to compare it to WOW in terms of efficiency and costs. McLeod has picked all of the low hanging fruit on the tree and is working his way up, where comparative growth is going to start declining. As such i am currently neutral to slightly bearish on WES.