$1.50 party, page-66

That, my fellow shareholder, is a very good question.

The beef I have with the current PBH management is they are simply not providing any insight into their growth strategy. So if they are just flogging their existing strategy of organic growth they have to spend to acquire their players--this will always be costly and take time. So while winding back on marketing spend might sound like they are being prudent and responsible this will undoubtedly have an impact on their rate of growth. Agree 100% that PBH can't keep going as is and will need to pull it back, but reality is the bigger US competitors have far greater marketing firepower than PBH. Unless PBH has some amazing strategy outside of marketing spend to grow I just do not see how their US business will grow. They have already raised over $800 mill through an IPO, a few cap raises and another other equity relationships so I do wonder whether they would be embarrassed going back out to raise even more capital and more shareholder dilution.

Your question and the implications of winding back marketing spend is why I don't see any light at the end of the PBH tunnel. And the board and CEO are certainly avoiding articulating their plan to becoming a profitable business. Call me a cynic, but I get the feeling they are just spending spending and spending with no plan.