Ok, I may have been the last person to figure this out, I don't know, but I realized that you can get 2 of the Stampin'Up! Sizzix Pennants out of 1 sheet of 12x12 paper. If you didn't already know and you want to see how, just keep reading.
Isn't that cool? I want to point out that yuo will NOT have the little fold over flap at the top if you do this....but if you don't need it, keep going.
Ok, so you fold it in half on the diagonal. I just pinched it in the middle to give me the measurement of where to cut.....
Then you'll have two triangles.... You'll want to place it on the die like this.... notice it will hang over a little. I just snipped this off with scissors, but if you're making a bunch, you'll probably want to trim that off ahead of time. That little silver line is the very top of the pennant where you would usually place your cardstock, I'm placing the edge along the perforated score line. Note that the FOLD of your trianle is at the bottom.
Roll it through your machine and this is the only "waste" you'll have left.
TaDa! Nifty Spiffy, huh?
Whatcha think? Hopefully you'll find this useful!