Belgie - it's not Herb
It's the numbers. You can't claim growth rates are one thing, and then have sales be another and claim you didn't figure out there was a gulf that wide between the two that you just discovered when the books closed for the quarter. If you want to believe the management is innocent, then you have to believe they're incompetent and have extremely low visibility into their own channel. That just doesn't wash with me. I think it's some of both - a combination that they don't very good mechanism for verifying end-of-channel sales, and I think it's unlikely they could have been off by so far without having at least a clue. Everyone has a different approach, but for me, with over 9,000 companies out there, there's no company whose business is ever compelling enough for me to make up for dishonest management.
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