Callaway Golf - An Ethical Short of A Bunch of Financially Incompetent Idiots (CALY)
Callaway Golf's management is financially incompetent, as evidenced by a catastrophic Topgolf acquisition (75% loss), a corporate ad depicting domestic violence, and declining revenue/negative EBITDA guidance for H2. The company trades at 35x earnings despite only $80M in actual golf business profit and is trapped holding a melting 39.3% stake in Topgolf until 2028.