ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

First of all, what do you feel about retail in general? Do you like that space?

Brian Clancy, Portfolio Manager, Davidson Investment Advisors (ENGLISH) SAYING:

Retail has been challenging for us and it's been hard. One of the things that attracted us to Dick's and why it came across our screens was just kind of the pullback and the concern that people had about very weak comp sales during the summer and how that was a very wet summer. And so their Golf Galaxy stores were negatively affected. And so we took that pullback as an opportunity, but what we do like about it is really just a couple of things. One, there are still a lot of store growth left there. We still feel it could at least double, so that will definitely drive

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

At least double, you say?

Brian Clancy, Portfolio Manager, Davidson Investment Advisors (ENGLISH) SAYING:

Yeah, at least, well it's about 550, I think the management target is 1,100. For our own modeling, we're a little bit less than that but I don't think it really matters. And then there's a lot of margin expansion opportunity. As they increase their promo mix, that's going to do it, they're going to increase their private labels so that's going to improve their margins there as well.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

So it trades at a premium but you're okay with that compared to its peers.

Brian Clancy, Portfolio Manager, Davidson Investment Advisors (ENGLISH) SAYING:

No, actually we look at it relative to itself and it's right in line. It's about 17x.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Another name again, a little bit off the beaten pack is TW Telecom, trades on the NASDAQ. It also looks a little expensive when you just look at the numbers and its Q3 actually had a loss. So give me the story behind that one, or what justifies holding that?

Brian Clancy, Portfolio Manager, Davidson Investment Advisors (ENGLISH) SAYING:

Sure, absolutely. Well it's a telecommunications services company based in Colorado and it's really data communications. And so it's really just the drive as increasing demand for cloud and Internet services goes up for businesses, telecom - TW Telecom will benefit. And they're unique in the sense that they actually have a coherent network and so they're actually able to offer certain things that other players can't and so that's a very strong competitive advantage. Their profitability is depressed now though because they're investing and increasing their sales force but they also announced that they are expanding their networks into five new cities as well as in some existing cities. So there's costs associated with that. So we agree with you the valuation is high but it's on depressed earnings and depressed profitability. Once all of that flows through, actually the true value of the business will come through.