In my opinion brady have many inherent problems which will start to haunt them over the next twelve - twenty four months. Several of their core businesses are in significant decline or very mature. Their main businesses lack synergy and if anything are in direct conflict. Seton the (formerly very)profitable B2B direct marketing division has been treated as a cash cow for too long and is unable to thrive within the Brady corporate environment. They are long on corporate talk, have made a number of poor and overpriced acquisitions but are short on vision and strategies for growth. They are a classic case of a highly entrepreneurial organization that through a lack of innovation has become quite the reverse. On paper Brady may look like a safe bet, but I believe last qrtr's results are a sign of things to come. Brady may have grown quickly on the back of acquisitions but as the cracks begin to appear I forecast their decline will be considerably faster.