Woolworths: My name is Brad and we're an alcoholic

They say the first step to recovery as an alcoholic is to admit you have a problem. Unfortunately it’s not the last step. Friday’s Woolworths result saw the CEO, Brad Banducci, being rather frank about how the culture of the organization needs to change; staffing levels need to change; and many other issues. For the bulls this marked the bottom in their mind. We on the other hand reached a differing conclusion and one more in line with what management were trying to guide you to if you listened closely to call. Namely that fixing this business is a 3 to 5 year job of which we are have barely started on and one that Coles has no intention of making easy, lest they repeat the errors of Woolworths. Having shorted the shares at $34 and at $25, we are shorting more again. Listen to management: they are telling you 2017 is going to be worse not better. (VIEW LINK)