TL;DR
The market prices consumer staples like Clorox as if their brand moats are impenetrable.
They are wrong.
Our analysis shows that unbranded alternatives and completely natural substitutes like vinegar provide the exact same utility at a massive discount.
We are publishing our position: the perceived brand moat in commodity cleaning is an illusion, and the revenue streams are at structural risk. The full cashflow math and mechanism are behind the paywall.
