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  "presentationDate": "2018-08-28 00:00:00",
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      "text": "We estimate that the unit economics of newly acquired customers have actually gotten worse - from a $10 average loss per customer we estimated back in 2017, to $19 per customer in Q2 2018.",
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      "text": "What is interesting about the situation at Wayfair is that the complete opposite is true: every single profit-related measure has come in worse than we had anticipated, both in terms of absolute dollar amount and as a percentage of sales.",
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      "text": "The team's new report, authored by professors Daniel McCarthy and Val Rastorguev, can be found here: Theta Equity Partners Wayfair Update",
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      "text": "Since first writing on Wayfair, Citron has acknowledged the breadth of the moviepass economy, and we’ve refrained from commenting further on Wayfair, as the market continues to reward top line growth ... at all costs.",
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      "text": "We also understand how quickly stories can change. Last year, a team of data scientists and Wharton professors ran a study that included 2500 simulations only to find that Wayfair is running a terminal business",
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      "text": "We estimate that the unit economics of newly acquired customers have actually gotten worse — from a $10 average loss per customer we estimated back in 2017, to $19 per customer in Q2 2018. — Theta Equity Partners",
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