SANTA TAKES STOCK

To: Employees of North Pole Inc. Re: Our Christmas Inventory Position

We here at North Pole Inc. are timeless, so I've always managed our business for the extremely long term. That means shunning fads, which can be a quick ticket to irrelevance for any enterprise. Sure, I've given in once in a while. But even in years when I indulged people's penchant for pet rocks and Pictionary, I also delivered plenty of Monopoly sets and Barbie dolls, the kind of low-risk, high-return toys that sustain a franchise.

But, alas, even for the timeless, times change. I now believe we confront a...

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