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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "Uses a bubble chart to frame China as a massive opportunity, contrasted against a timeline of CEO quotes that highlight the gap between expectation and reality.",
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      "text": "WD-40 lists China as its biggest opportunity and the CEO has made claims of $100m in potential revenue in 2016. Fast forward to Q1 2020, the Company produced $2.3m of sales, or a run rate of just $9.2m",
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      "text": "sales: $2.3m",
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      "text": "WD-40 lists China as its biggest opportunity and the CEO has made claims of $100m in potential revenue in 2016. Fast forward to Q1 2020, the Company produced $2.3m of sales, or a run rate of just $9.2m",
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      "kind": "quote",
      "text": "\"We expect China to eventually be $100 million revenue, so we will gain the leverage there.\" — CEO Ridge, Q1 2016; \"Today, the China market is our third largest market for WD-40 in the world.\" — CEO Ridge, 2018 Shareholder Meeting; \"We made an investment in China 14 years ago to open our own subsidiary there. China is now the second largest market in the world for our blue and yellow can with the little red top. We anticipate we'll continue to see double-digit growth in China going forward.\" — CEO Ridge, Q4 2019; \"In China, net sales in U.S. dollars decreased to $2.3 million in the first quarter, down 23% compared to last year due to the timing of customer orders.\" — CEO Ridge, Q1 2020",
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      "text": "Source: WD-40 Corporate Presentation, Feb 2020",
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      "text": "China Hype: Blue Sky Opportunities",
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