In late April, I wrote a very negative article about TriNet Group, Inc. (NYSE:TNET), in which I tried to explain the unhealthiness of the underlying mechanism with which TNET was running its business. Now, the mechanism - brokering benefits packages for a commission, while masquerading as an HR/HCM services provider, isn't unique to TNET, but TNET recently went public and was a convenient canvas with which to paint my story.
That being said, I also wrote that because of the overall growth strategy that TNET had employed, growth by debt-driven acquisition and CAPEX, it shouldn't be shorted at the time and possibly for a few quarters. Q1 was a perfect demonstration of the confusing nature that has helped...
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