Yum Brands, Inc.

On 1/29, we purchased 150 shares of Yum Brands, Inc. (ticker symbol: YUM) for $34.47 per share. We also sold two March 34 puts for a net credit of $185.04, and have reserved the cash necessary for exercise ($6,800). If the puts are not exercised prior to March expiration, we will likely sell additional puts on Yum in an attempt to leg into a larger position at a lower price. Please check back for a full write up of this investment.