Why I’m Red-Flagging Post Holdings
The company appears to have financially engineered itself into a box.
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▶I mentioned a few weeks ago that I was checking out Post Holdings…
Then all sorts of news and other ideas got in the way, Like the reports I recently wrote on an absurdly outrageous China stock scam. But I’m back...
My work on Post started after a friend suggested I look at it. My initial knee-jerk was, “Oh, please – been there, done that.”
Last I looked at the company was in 2018, when I was doing institutional short-biased research. We couldn’t get to the finish line because we simply couldn’t get conviction that the business would deteriorate.
But That Was Then...
Fast-forward seven years. After spending a little time on it, I thought there were some interesting issues, but not enough to warrant a full red flag alert. Maybe a few paragraphs. Then I started digging...