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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "Uses a direct mapping technique to refute each point of the company's 'good business' criteria.",
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      "text": "Spruce Point Believes WD-40 Is The Exact Opposite Of What A Good Business Looks Like",
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      "text": "Limited barriers to entry; Limited pricing power; Returns flattered by FCF; Unsustainable advantage; Major hole in balance sheet; Retracting international growth; Aging management team",
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      "text": "Simple and easy to understand business model; Dominant in its industry; Superior returns on capital; Sustainable competitive advantage; Significant cash flow generation; Strong balance sheet; Growth opportunities; Proven management team",
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