Hi Tony,Coach is an excellent business, and, as you have mentioned, it has many of the qualities that I look for in a Tier 1 enterprise.Though I have to admit that I tend to gravitate towards businesses at which I have personally enjoyed an excellent customer experience – and I have never shopped at Coach.This is definitely not reason enough to exclude Coach from the Tier 1 portfolio, but I feel that it gives me an extra edge when I have personally experienced (and enjoyed) a company's products and services. There are other companies that I am more familiar with that are getting close to prices at which I would like to add them to Tier 1, so while I may add Coach to the portfolio at some point, it probably won't be soon.Having said that, I know a lot of great investors who really like Coach at its current price, including my real-money compadre Jason Moser:http://www.fool.com/investing/general/2012/08/01/im-buying-t...Joe T
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