Underpants Gnomes Theory

Originally from the animated series South Park, this term came about in an episode about corporate America. The gnomes' plan had three steps:

Step 1: Gather underpants
Step 2: (long pause or silence)
Step 3: Profit!

The term is used to indicate a plan that is loudly adhered to, but not thought through.

See also Gift Card Laundering.

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