I give a hold rating for Victoria’s Secret & Co. (NYSE: VSCO ) as I think the stock sits at a difficult crossroad. While there are early signs that the turnaround is gaining traction, the core intimates businessI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvestm ...