Scrooge’s activist hedge fund letter to Santa Claus
Your entire enterprise exists to supply presents one day a year, yet everyone is on the payroll for 365 days. You will not even extend your franchise to Black Friday, which is a blatant missed opportunity. Meanwhile, you insist on delivering down chimneys, ignoring the fact that only one segment of your target demographic lives in a house. What is wrong with doors?
In short, St Nicholas is one of the least innovative companies I have ever encountered. It is as fat and happy as its chief executive, sticking religiously to an ageing business formula that exposes it to being disrupted.
.. Your lack of interest in profitability struck the traditionalist in me as foolish but I have come to understand the virtues of reinvesting revenues over several centuries in order to dominate your market and entrench your monopoly.