Vince Martin
Long/short equity, value, gambling

Blue Buffalo: Not Quite Enticed

I've been researching Blue Buffalo Pet Products (NASDAQ:BUFF) as a product and a stock since before the company's July 2015 IPO. My wife and I have three dogs, and as a sucker whose dogs have trained him instead of the other way around loving pet owner, I'm square in the middle of the target market for Blue Buffalo's higher-priced, "all-natural" offerings.

Relative to both the stock and the product, I'm not quite convinced. As an investor, I love the company's "story", which essentially is the combination of the growing organic/"all natural" trend with the growing trend of "humanizing" pets, to use Blue Buffalo's term. But as both a consumer and an investor, a couple of execution errors -

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