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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'before-after' style juxtaposition of company narrative vs. reality.",
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      "text": "Trade secret protection, particularly for the Company's most valuable product formulation for the WD-40 Multi-Use Product, requires specific agreements, policies and procedures to assure the secrecy of information classified as a trade secret. If such agreements, policies and procedures are not effective to maintain the secrecy of the Company's trade secrets or if chemical disclosure regulations do not allow for continued protection of essential elements of the Company's trade secret formulations, the loss of trade secret protection could have an adverse effect on the Company's financial condition.",
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      "text": "What's left, we believe, is nothing more than a blue and white can which can be easily replicated as we’ll show later.",
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      "kind": "image",
      "text": "What's Inside WD-40? Superlube's Secret Sauce",
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      "text": "WD-40 Marks 65th Anniversary by Securing Iconic Product's 'Secret Formula'",
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      "text": "WD-40 \"secret formula\" is not patented, and instead a \"trade secret\". The CEO, a salesman by background, used the Company's 65 anniversary as a publicity event to showcase itself with armored guards. However an expert lab analysis decomposed the WD-40's chemicals and claims to have figured out the secret sauce. In addition, WD-40's regulatory Safety Data Sheet also give clues about its composition.(1) What's left, we believe, is nothing more than a blue and white can which can be easily replicated as we'll show later.",
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      "text": "Trade secret protection, particularly for the Company's most valuable product formulation for the WD-40 Multi-Use Product, requires specific agreements, policies and procedures to assure the secrecy of information classified as a trade secret. — WD-40 Risk Factor",
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      "text": "Source: Wired Magazine, April 2009",
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      "text": "Source: Times of San Diego, Sept 2018",
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