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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "notes": "Uses red arrows to point out specific omissions in the CEO's quote.",
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      "text": "Notice he doesn't talk about Asia this time around",
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      "text": "Investors should not rely on history for a guide to WD-40's future. The CEO claimed last year that the business was recession resistant, and that business was stable, and would have grown, if not for currency movements.",
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      "text": "And then can you just, I mean, there's been a lot of investor anxiety, I guess, over the potential for a recession in the U.S., at least. Can you just remind me how your business behaves in a recession? Is it actually a little bit countercyclical? Or can you just give a little bit color about the nature of your business in that kind of environment?",
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      "text": "We're not recession proof, but we have been called recession resistant. And past history, I've been around for 30 years in the business. We've come through, we continued to invest in our business through the recessions, whether there will -- and the other thing that plays even more in our favor now is our geographic diversity. In 2008, when we had the financial crisis, our business was actually sideways, we actually grew a little, and if it wasn't for the collapse, if you will, of the pound-U.S. dollar exchange rate, we would have grown. But the impact was more in the U.S., not in Europe. So let's hope that we don't talk ourselves into a recession, and let's hope that we continue to make large hotdogs and put them on good buns and don't actually find ourselves in that position. But we feel that our spread across geography and our spread across trade channels gives us the best chance we can possibly have to ride through different economic conditions in different countries at different times around the world.",
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      "text": "“And then can you just, I mean, there's been a lot of investor anxiety, I guess, over the potential for a recession in the U.S., at least. Can you just remind me how your business behaves in a recession? Is it actually a little bit countercyclical? Or can you just give a little bit color about the nature of your business in that kind of environment?” — Linda Weiser, WD-40 Analyst. “We're not recession proof, but we have been called recession resistant. And past history, I've been around for 30 years in the business. We've come through, we continued to invest in our business through the recessions, whether there will -- and the other thing that plays even more in our favor now is our geographic diversity. In 2008, when we had the financial crisis, our business was actually sideways, we actually grew a little, and if it wasn't for the collapse, if you will, of the pound-U.S. dollar exchange rate, we would have grown.” — CEO Ridge.",
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      "text": "Source: Q1 2019 earnings call",
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      "text": "WD-40 \"Recession Resistant\" According To The CEO",
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