Vail Resorts — the owner and operator of 42 mountain resorts, including popular U.S. destinations like Park City, Beaver Creek, and Breckenridge — just reported disastrous earnings:

• Skier visits -12%

• Dining -9%

• Ski school -8%

• Lift tickets -4%

• Net revenue -5%

• Net income -14%

And that's just the tip of the iceberg.

Vail's publicly traded stock has now declined 55% over the last five years while the S&P 500 has risen by more than 70% over the same period.

So for today's newsletter, I explain how America's largest ski resort operator lost its edge, including everything from how the company’s greed has destroyed its customer base to why its Epic Pass is experiencing structural decline.

Even if you don't ski, today's case study provides a fascinating behind-the-scenes look at how private-equity-style economics can destroy a brand's value proposition.

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