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 $2.6B Topgolf acquisition written down 75%, minimal core earnings (~$80M annually on a $2.8B valuation), and guidance for negative H2 EBITDA. The company remains handcuffed to a deteriorating Topgolf stake locked until 2028, with poor strategic decision-making (including a recent domestic-violence-themed ad) reflecting deeper operational dysfunction.