This lecture is a supplement to Lecture 5 found here: http://csinvesting.org/2011/09/13/lecture-5-a-value-investor-in-retail-discusses-anf-aeos-aro/
Note the speaker’s limited circle of competence and how differently retailers are analyzed from Wall Street consensus. Retailers can offer opportunity due to their volatile stock prices.
If you have the stomach and can take a two-year horizon while taking a business like approach, then you will enjoy this speaker’s thoughts.
Lecture 9: http://www.scribd.com/doc/68793236/Lecture-9-a-Great-Investor-Discusses-Investing-in-Retailers-and-ANN
There are several links in the above document which will help you review the companies discussed in the lecture.