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Note that bond investors have had plenty of time to fully digest the Shah Capital and Vintage Capital Management stake disclosures.So this disconnect between the bonds and stock price has prompted me to take another look at VSI, especially as the GNC (GNC) bears have come out of the woodwork; see SA contributor Intrinsic Capital's piece.Source: Seeking AlphaLogic and reason As I did a bunch of work on Market Adventures, with a major lag, I did share some interesting charts in my past piece: My Quixotic Pitch To GNC's Management. That article extensively covered Vitamin Shoppe.Let's dust off my VSI charts.Note the big decline in VSI's gross margins in both Q2 and Q3 2017. Also, note how operating margins were negative.

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