We’ve had a great run in the last few months with Levi Strauss (LEVI), beating the broad market in a relatively brief holding period. This is how it works!

However, with the stock relatively close to my $20 target, management’s increased emphasis on direct-to-consumer sales is not as constructive for earnings as I’d like. With the quarterly call coming up, I’d like to protect our progress while we can.

Sell LEVI. Time to take profit!