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WSM: Management selling stock - again.

We've been warming up to this name meaningfully. Not because we love the business so darn much. Let's some facts -- it has issues. But we like the segment of the economy to which it is levered, as well as the potential upside to cash flow if business simply stops getting worse -- which appears within reach.  More importantly, the real intriguing part of this model is that the catalogue and dot.com fulfillment infrastructure is one of the best in retail.  As the bankruptcy cycle continues to play out and M&A takes on greater importance, we're convinced that WSM's assets will viewed ina  different light (and by a different audience).

Do management's stock sales deter me? Not exactly. This team is not afraid to sell at the bottom (see Nov sales in chart below).

WSM: Insider Selling Hardly Bothers Me Here - 5 27 2009 7 12 27 AM