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  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "pageNumber": 9,
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  "notes": "The slide uses a timeline-annotated line chart to highlight suspicious management actions (repurchases, executive changes) coinciding with stock price peaks.",
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      "text": "WD-40’s share price defies logic and trades at an extreme valuation. Post the last financial crisis in 2018, management has directed ~62% of total free cash flow into repurchasing shares at increasingly inflated prices, while it methodically reduces its stake in the Company to almost nothing.",
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      "text": "share price: ~62%",
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      "text": "WD-40's share price defies logic and trades at an extreme valuation. Post the last financial crisis in 2018, management has directed ~62% of total free cash flow into repurchasing shares at increasingly inflated prices, while it methodically reduces its stake in the Company to almost nothing. The Company claims it is “recession resistant”, but we will explain why we expect the Company to experience significantly worse financial performance vs. the prior cycle, and investors should brace for significant disappointment.",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "Well Oiled Machine, Or Clever Stock Promotion?",
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