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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-09-05 00:00:00",
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      "kind": "callout",
      "text": "Nov 2018: Raises Outlook, Raises Prices, Cuts Promo Spending To Combat Inflation + Tariffs",
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      "text": "July 2017: $1bn Paid For Waterpik Deal",
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      "text": "Feb-March 2018: Big Insider Sale Post Agro Bioscience Deal Which Later Failed. NA Sales Executive and Director Leaves",
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      "text": "Jan 2016: CEO Farrell / CFO Dierker Take Control",
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      "text": "March 2019: $900m+ FLAWLESS Acquisition Announced",
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      "text": "May 2019: Farrell becomes CEO and Chairman",
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      "text": "CHD’s share price is inflated to an all-time high, and irrational valuation, as, we believe: 1) investors flock to the perceived safety of consumer staples amidst rising trade war tensions, 2) a belief that recent acquisitions will succeed in accelerating growth, and 3) recent price increases enacted to offset commodity inflation and tariffs can be reimplemented if necessary.",
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      "text": "CHD share price vs S&P 500 and XLP ETF",
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      "text": "CHD's share price is inflated to an all-time high, and irrational valuation, as, we believe: 1) investors flock to the perceived safety of consumer staples amidst rising trade war tensions, 2) a belief that recent acquisitions will succeed in accelerating growth, and 3) recent price increases enacted to offset commodity inflation and tariffs can be reimplemented if necessary. Our report will illustrate why none of these are valid reasons for owning CHD.",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: Chart shows appreciation since 2016 when Farrell was promoted to CEO",
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      "kind": "title",
      "text": "Irrational Share Price Expansion",
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