This article by John Lewis is excerpted from a letter of Osmium Partners.

Redbubble Limited (RBL.AX) operates as an online marketplace that connects independent artists with customers and a network of third party fulfillers utilizing print-on-demand technology to fulfill customer orders. It offers apparel for men, women, and kids; cases and skins, such as phone cases and wallets, as well as laptop sleeves and skins; various stickers; home decor products, including throw Pillows, duvet covers, travel mugs, and mugs; bags, such as tote bags, pouchstudio pouches, drawstring bags, and laptop- sleeves; stationary products comprising greeting cards, postcards, calendars, spiral notebooks, and journals; wall art products, including posters, canvas prints, framed prints, photo prints, framed prints, and art prints; and gift certificates. The company was founded in 2006 and is headquartered in Melbourne, Australia. Redbubble’s current market capitalization is approximately $374 million.1 (RBL.AX is a holding across all funds.)

Last week, we spent time separately with the Chairman of the Board as well as the CEO, COO, and CFO of Redbubble. The management team is exceptional.

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Certain factual and statistical (both historical and projected) industry and market data and other information contained herein was obtained by Osmium Partners from independent, third-party sources that it deems to be reliable. However, Osmium Partners has not independently verified any of such data or other information, or the reasonableness of the assumptions upon which such data and other information was based, and there can be no assurance as to the accuracy of such data and other information. Further, many of the statements and assertions contained herein reflect the belief of Osmium Partners, which belief may be based in whole or in part on such data and other information. The analyses provided may include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Osmium Partners concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any materials herein. Actual results may vary materially from the estimates and projected results contained herein. Past Osmium performance is not indicative of future results. Osmium Partners disclaims any obligation to update this letter. A portion of the Partnership’s assets may from time to time be invested in securities that have limited liquidity. The Partnership’s investment strategy is to make concentrated investments in what it views as its best ideas. The Offering Memorandum and Limited Partnership Agreement offers a comprehensive overview of the risk factors involved in investing with Osmium Partners. The information contained herein is provided for informational purposes only. This is not an offer to sell, or a solicitation to buy, limited partnership interests in Osmium. An investment in Osmium is not suitable for all investors. Stocks mentioned in the newsletter do not constitute a recommendation to buy or sell the individual securities.