Zac Bissonnette recently wondered if Playboy should be taken private, if Christie Hefner has been spending too much time blogging, and if freebies given out at the company's shareholder meeting might be better investment opportunities than Playboy stock itself. These are all excellent questions. And I have to say, Christie really better start some creative brainstorming sessions at the Mansion (which I would most certainly love to be a part of, so long as I get to stay at the estate!).

Does Playboy magazine need to be rebooted to better reflect the culture of today? Yes. Some radical new changes are needed. As an example, maybe there should be five centerfold spreads per issue instead of one. The earnings release states that there will be a reboot of Playboy.com, and that there will be increasing synergies between magazine content and online content. It's also been stated that cost-control is a primary focus. But will any of this be enough?

I think Zac has it right when he argues that the dual-class voting structure, as well as the boss's daughter being the CEO, makes it quite difficult for any outside influences to affect the company in a positive way. I've gotten much more bearish on Playboy since a recent article of mine. Maybe the shares might experience some dead-cat bounces, but they are simply too risky to even think about investing in at the moment after such a huge miss.

Disclosure: I don't own any company mentioned; positions can change at any time.