[lbo-talk] bullshit: it's back!

[SA]

On 6/2/2011 4:06 PM, Doug Henwood wrote:


> Groupon filed its IPO, and it's a beaut. The CEO's opening letter.
>
> http://sec.gov/Archives/edgar/data/1490281/000104746911005613/a2203913zs-1.htm
>
>
> LETTER FROM ANDREW D. MASON
>
> June 1, 2011
>
> Dear Potential Stockholders,

Hmm. They say they view "gross profit" as the key indicator of value, 
but their income statement seems to show that "marketing costs" eat up 
70%-90% of gross profit. Is that what you mean by bullshit?

SA