Nu Skin (NUS) has severely underperformed the broader market. This is mostly due to the recent China crackdown on healthcare product claims and direct selling, which has limited NUS' ability to do business. In my view, this perfectly illustrates NUS' fat tail risks stemming from regulation. Nevertheless, if investors are willing to take on such risks, I believe they might find NUS compelling. NUS' business tends to have some cyclicality to it, and currently, management seems to think we're close to its nadir. Thus, if all goes according to management's plan, 2020 could