Archive for September, 2009

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at September 21, 2009

Consumer advocacy letters Buy female cialis without prescription, are always fun. Find cheap female cialis online, And, in case those of you felt that McDonald's was not unique in its cordial response to my letter, find discount female cialis, Female cialis in uk, here's a follow up with a letter I wrote to Burger King (BKC). Forgive me, female cialis prescription, Cheap female cialis tablets, I wrote this letter last summer, but haven't had a reason to share it on this blog for until today, order discount female cialis. Female cialis overnight,

To whom it may concern:

I recently returned from a trip to China and had several terrific experiences at Burger King locations there. With the hype of the Olympics still in the air and increased interest by Americans in all things Chinese, cost female cialis, Generic female cialis online, I think it's a great time for your Company to think about bringing one of your best menu items in the world to the US - the Spicy "Ma-La" Whopper.

To be honest, when here in the US, I typically spend more of my fast food dollars at competitors to Burger King mostly because I feel that Burger King lacks some pizzazz in their product offerings, buy female cialis without prescription. In Asia, order female cialis overnight delivery, Cheapest female cialis price, on the other hand, Burger King is one of the few western chains that I have actively sougt out ever since I first ate a Ma-La Whopper two years ago on a trip to Taiwan, buy discount female cialis. Buy generic female cialis, When I went to China this summer, I was thrilled to see that it was also on the menu there, low cost female cialis. Buy cheap female cialis online, The sandwich is a tremendous culinary achievement and the fact that it hasn't been brought to the United States surprises me especially given the interest in "spicy" style sandwiches that have been offered at other competing fast food restaurants - the Wendy's Spicy Chicken and the Wendy's Four Alarm Burger being the most famous of the bunch.

Admittedly, female cialis online pharmacy, Cost of female cialis, the Ma-La Whopper may not have a form factor that would play terrifically in the United States. Buy female cialis without prescription, The sauce offers a distinctly Asian spiciness which may be somewhat different from what most Americans expect having grown up on Tex-Mex style spices - chipotle, jalapenos, etc. But, order female cialis without prescription, Female cialis uk, I think you will find that Asian "spice" can go a long way even in the United States. Ask anyone who's tried Sriracha and they'll tell you that they think it can go well on anything, approved female cialis pharmacy. Female cialis rx, I believe this to be true of the Burger King "Ma-La" sauce. The sauce itself is a bit thin which I like, buy female cialis no prescription required, Order generic female cialis, but may be messy for some people's tastes. A simple change in the formula to add a thickening agent like tapioca starch or xantham gum would be easy or another solution would be to mix the sauce into the base mayonnaise which is used on the burger already, buy female cialis without prescription. One might also consider incorporating the same spices into the burger patty, lowest price for female cialis, Female cialis non prescription, but I could see this as being less feasible since the Company would ave to source pattie which could only be used for one sandwich.

All-in-al, female cialis drug, Buy female cialis on line, I belive it's a terrific time to introduce a sandwich I believe will be highly successful here in the United States and which would make me an avid Burger King eater here at home as well as abroad.

Sincerely, female cialis online, Female cialis in malaysia, [The Curious Investor]

And, the response from Burger King, canadian pharmacy female cialis. Buy discount female cialis online, Click to read on...

Dear [Curious Investor Buy female cialis without prescription, ],

Burger King Corporation receives many ideas and suggestions from persons outside our organization. However, no rx female cialis, Female cialis overnight delivery, we spend a great deal of time, money and effort towards the development and implementation of new services, online female cialis, Discount female cialis, products, techniques and equipment, cheap female cialis, Discount female cialis without prescription, which we have used or may use in the future. In view of htis, female cialis pharmacy, Online pharmacy female cialis, it is not surprising that many of the suggestions made to us from outside our company are already known or available to us through the efforts of our staff. While we appreciate your interest in presenting an idea or suggestion to us, female cialis alternative, it is Burger King Corporation's policy not to accept or review any unsolicited idea or suggestion. We do this in order to avoid any possible confusion or misunderstanding regarding the ownership of an idea or submission.

Thank you for taking the time to contact Burger King Corporation, buy female cialis without prescription.

Sincerely,

Yosha

Consumer Response Representative

Admittedly, the difference between my letter to Burger King and my letter to McDonald's was that in one case I wrote to provide an unsolicited suggestion whereas in the other case I simply wrote to provide customer feedback. That being said, my letter to Burger King was significantly more positive than my letter to McDonald's yet the most cordial and enthusiastic response came from McDonald's. Second off, while portions of the McDonald's letter seemed canned, the Burger King letter was clearly a template. While they couldn't admit to having read my letter for legal reasons, it was clear they had read it enough to respond appropriately to an "unsolicited suggestion." Yet, somehow, they hadn't read the letter well enough to realize all I was asking for was for the importation of an already existent Burger King product which should lend no confusion over ownership. Buy female cialis without prescription, Moreover, Burger King very clearly chose not to take advantage of a great opportunity to lock in someone who was a borderline superfan whereas McDonald's still tried to sway my opinion of their new premium drinks despite my writing a letter expressing my displeasure with them. Burger King's letter was terse, formulaic, rejection-like and signed by a "Consumer Response Representative" without a last name while McDonald's provided a seemingly personal response from a "Vice President of the U.S. Customer Satisfaction Department." Even if this was merely for show, McDonald's clearly has a customer service focus and Burger King is seemingly more interested in improbable legalities than actually making their customers feel like they can actually "have it your way."

It is interesting to note that the "Angry Whopper" was unveiled later in the year which may have been the source of Burger King's skittishness. But, couldn't they have responded with the same safe harbor language but added a heads up about a new product that I would be likely to enjoy. At the very least, could they show more appreciation while still reserving their rights over their own in-house development. Couldn't they extend me a job to help them develop and market great new products!, buy female cialis without prescription.

Whatever the case, it is clear that the "tone at the top" at Burger King is not a true customer service focus, but just the standard corporate ass-covering beaurocracy that we have come to expect from large companies. While this isn't enough to sway a decision to invest in one business versus another, it is a worrisome sign especially for a consumer experience dependent business and I will admit it did factor at least marginally into my decision to invest in McDonald's versus Burger King.

Full Disclosure: Author is long shares of MCD at the time of writing. No position in other stocks mentioned. .

Company Analysis, Consumer Advocacy

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Posted by Dan Hung

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1 Comment

Almost all of us investors have felt the way Bob Chapman or Dan Loeb Buy levitra without prescription, at one point in our lives. I can't count the number of times that I've wanted to grab a member of management and give him what for, levitra from canada. Levitra india, Well, there are times when just sitting back and searching for 13D letters just isn't enough, levitra pharmacy online. Order levitra from us, Truth is, you don't need to be a 5% shareholder or even a shareholder at all, real levitra without prescription, Levitra in australia, to write a letter to a company you deal with. Just look around for the "comments and suggestions" addresses on the packaging of the products you use, buying levitra. Or, simply go online and look for some customer service e-mail addresses, buy levitra without prescription. Buy cheapest levitra online, In my experience, these little customer service entreats are often a great way to test how well a company responds to the demands of their customers and whether or not they're nimble and persuasive or stubborn and uncooperative, buy levitra generic. Levitra in bangkok, I don't think I have to say, investing in nimble businesses which can convince customers of their value proposition is usually a winning bet, buy levitra online cheap. Buy levitra online without prescription, Let's start with a company I recently wrote about - McDonald's. Last summer, levitra purchase, Find levitra, I tried out McDonald's new beverages - Sweet Tea and Caramel Iced Coffee. Buy levitra without prescription, In my opinions, they were cloyingy sweet and just completey off the mark and unenjoyable. I couldn't help but write an e-mail to express my displeasure, cheap generic levitra. Cheap price levitra,

Dear McDonald's,

I am writing as a result of a few recent visits to McDonald's that have left me less than enthused with your new product offerings - particularly the new sweet tea and caramel iced coffee drinks, levitra buy online. Levitra malaysia, I'm not sure what product trials the Company went through or how it decided on its formulations but I've found both drinks to be sickly sweet, nearly undrinkable, buy levitra us. Buy cheap levitra, I don't believe that this is a result of my personal preference or a misstep at an individual McDonald's as I've given the drinks a try at multiple locations.

While a good southern sweet tea is traditionally rather sweet, one would expect a hint of tea flavor to remain, buy levitra without prescription. The caramel iced coffee is even worse, levitra buy, Low price levitra, tasting like sugar syrup and milk without even a trace of coffee. I thought that these new drink offerings were a terrific way to highlight McDonald's hot tea and coffee offerings which are truly underrated, cheap levitra in canada, Tablet levitra, but it's clear that these two new cold beverages were not designed to capitalize on the quality of your base tea and coffees.

These poor drinks are particularly disappointing to me given McDonald's success rolling out some terrific new products like the southern style chicken, levitra online cheap, Buy levitra from canada, mcskillet burrito, and multiple incarnations of the snack wrap, cheapest levitra online. Sale levitra, I would hope that the Company is able to continue its terrific innovation and not slip back into the cycle of misfires like the failed sandwich releases in the 1990s that left me disenchanted with the overall McDonald's franchise. Buy levitra without prescription, Sincerely,
[The Curious Investor]

Lo and behold. McDonald's wrote back, find levitra on internet. Cheapest levitra prices, Later in the year, so maybe they aren't the most responsive, buy no rx levitra, Levitra prices, but they were impressive. See their reply after the jump.., buy levitra in us. Order levitra in us,

Despite my firing off an e-mail, McDonald's, levitra us, Compare levitra prices, in fact, took the time to type up a personalized letter and mail it, levitra in us.

Dear [The Curious Investor]:

As 2008 winds down and the holidays are upon us, I wanted to take this opportunity to say thank you - we value you as a customer, buy levitra without prescription. Levitra sales, During this year, you took the time to contact McDonald's to share feedback or request information about one of our coffee products, buy levitra online. Cheap levitra from uk, You contacting us gives us an opportunity to learn from you, which allows us to better meet your needs and expectations. We want you to know that we appreciate your comments and we thank you for your business.

In appreciation we'd like to invite you and a friend to stop by McDonald's restaurant for a complimentary cup of Premium Roast coffee with the enclosed Be Our Guest cards. Buy levitra without prescription, McDonald's coffee is always brewed fresh every thirty minutes using 100 percent Arabica beans, the finest in the world. And, we have some exciting new products in our McCafe line of specialty coffees (such as creamy lattes, frothy cappuccinos and rich mochas) which are currently being introduced at many of our US restaurants - with even more to come in 2009. We hope you'l have the opportunity to enjoy these new products when they are available at your local McDonald's

So again, Mr. Hung, thank you for taking the time to contact McDonald's this year. We appreciate you and the opportunity to serve you. WE look forward to serving you in the coming year, buy levitra without prescription.

Sincerely,
Terri K. Capatosto
Vice President
U.S. Customer Satisfaction Department

Outside of the slow response and the somewhat canned line about our the nature of my inquiry, the customer letter does a perfect job communicating to a potentially unsatisfied customer. It's enthusiastic, supportive, and appreciative despite the negative tone of my original letter. Buy levitra without prescription, More than this, McDonald's takes advantage of an opportunity in front of a prospective customer by both educating the reader about a new product line and offering a free trial to get the prospective consumer back into a McDonald's location. AND. They think enough to give a second free trial so as to create potential word of mouth advertising. Brilliant. In fact, I ended up giving both my free trials to friends and have become a fan of McDonald's coffee. Though, I have to say, the sweet tea and caramel iced coffee are still sickly sweet. Maybe my tastes don't quite converge with the rest of America's.

Company Analysis, Consumer Advocacy

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Posted by Dan Hung

at September 15, 2009

3 Comments

MCD9.14.09 Buy levitra jelly without prescription, Above is a 5-year weekly chart for McDonald's (MCD). Cheap levitra jelly from usa, As described by David Gordon of The Deipnosophist, levitra jelly information, Buy levitra jelly pills, MCD seems to have entered a hesitation after a strong, multi-year bull run, find levitra jelly online. Purchase levitra jelly overnight delivery, Over the last year, however, levitra jelly from india, Find levitra jelly no prescription required, a symmetrical triangle seems to have formed which is a type of intermediate term base which is expected to end in a breakout or breakdown, though usually symmetrical triangles signal a brief pause before the continuation of the primary trend, buy levitra jelly lowest price. Order levitra jelly no prescription required, But, I'll leave the discussion of technical analysis for another post, buy generic levitra jelly online. Levitra jelly tablets, If you're interested in an extensive analysis of MCD's chart patterns do follow the above link to David's post.

While this technical strength as well as McDonald's 3.7% dividend are tempting to me, I am typically reticent to invest in a stock which has had such a profound bullish move in just the last few years, buy levitra jelly without prescription. Truth is, levitra jelly australia, Cheap levitra jelly on internet, however, McDonald's reached its current valuation levels in 2007 and it would seem that the stock's nearly two year long hesistation may have given more than enough time for earnings and cash flow to come in line with market perception, levitra jelly cheap. Best price for levitra jelly, Let's take a deeper look.

MCD Relative Metrics

On a relative basis, price of levitra jelly, Order levitra jelly in canada, McDonald's seems to trade roughly in line with peers on a price to earnings basis. Admittedly, pharmacy levitra jelly, Free levitra jelly, this is not a very large sample size, but it does represent the market's most comparable competitors, levitra jelly online without prescription. Buy levitra jelly without prescription, As a franchiser which does not rely on its own assets to generate cash flow, I would expect most of these types of businesses to trade at a premium to book value and, as a result, I focus more on the P/E numbers. Order levitra jelly no rx, Generally speaking, I believe a mature business with stable earnings like McDonald's should earn a baseline P/E of 10x, levitra jelly without prescription. Buying levitra jelly online, 10x earnings would generall be equivalent to the Company's no-growth earnings power value at a standard discount rate of 10%. As such, levitra jelly free delivery, Find levitra jelly without prescription, McDonald's seems to be trading at a slight premium to this which implies that there market is pricing in a modest growth premium.

McDonald's DCF Table

Above, levitra jelly overnight shipping, Free levitra jelly, I'm using my "patented" 5-year to Maturity DCF Model. The growth rates row contains the annualized growth rate for the first five years of the model, buy levitra jelly without prescription. After five years, buy levitra jelly online australia, Order levitra jelly from canada, the model assumes that the business will "mature" and become a standard 2.5% growth per year type of business. The total value of the DCF is then divided by current shares outstanding to give a valuation table in $/share, levitra jelly no prescription. Best price levitra jelly, MCD is currently priced at $54.23/share. The baseline free cash flows that the model grows off of are trailing twelve months operating cash minus capital expenditures, order levitra jelly in us. Buy levitra jelly without prescription, What we see is that McDonald's is trading at levels implying essentially no growth when assuming an 8% discount rate. Levitra jelly prices, At a more normal 10% discount rate, MCD's current price implies annual growth in excess of 8.0%/year, low price levitra jelly. Cheap levitra jelly in canada, Is this reasonable. McDonald's has significant international exposure with over 60% of revenues coming from overseas, levitra jelly prescription. Levitra jelly price, As such, realistic long term growth rates are likely in the neighborhood of 4% as opposed to 2.5% and near term (5 years-ish) growth is likely easily in the 5-6% range if not better, levitra jelly medicine. In fact, over the last five years, McDonald's has grown its rolling average five-year free cash flows* at a 10% CAGR, buy levitra jelly without prescription. Levitra jelly overnight delivery, All told, it would seem that McDonald's while not trading at an extreme value, order levitra jelly, does offer relatively fair value while also paying a significant dividend and exhibiting technical strength. It would seem that this is a stock worth holding, or possibly even accumulating on weakness as its symmetrical triangle continues to form in anticipation of an upside breakout and continuation of the primary trend. Should the pattern break down, however, I would put in as stop-loss at $50/share and then look to reacquire shares at a true value price below $45/share, preferably closer to $40/share.

* Rolling average five year free cash flows are defined as, for year n, the average of the year n cash flows and the previous four years' free cash flows.

Full Disclosure: Author is long shares of MCD at the time of writing. No positions in other stocks mentioned in this article. .

Curious Investments, Stock Analysis

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