I think an upside to book stocks will come if these two books generate a lot of traffic into bookstores and boost sales of other books as well.

We believe there is opportunity for a sales-trend improvement as the assortments turn around season after season.

The stock is nearly fully valued,

Its comparable sales have been on a tear over the past two year, up 6 percent in 2002 and up 4 percent last year. Sales in the first-half of this year have continued to be strong, and Pink appears to be contributing to it.

Victoria's Secret strength has been its efforts to strive for constant newness.

Paul's had two-and-a-half years of solid performance. He's swung things around. I don't think that his luck has run out. It's more a matter of what's next.