Spruce Point Capital Management · activist-deck
FIGS, Inc. (FIGS)
113 pages · 3 arc beats · 2 loops
FIGS, Inc. (FIGS)
Spruce Point Capital Management · 2022-09 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 46 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 5 slides 100% 5/5 slides 100% 5/5 slides · 18 hits — 0/5 slides
20% 1/5 slides 20% 1/5 slides 100% 5/5 slides — 0/5 slides
The Struggle 15 slides 100% 15/15 slides 100% 15/15 slides · 92 hits — 0/15 slides
— 0/15 slides
93.3% 14/15 slides 100% 15/15 slides 26.7% 4/15 slides The Victory 26 slides 100% 26/26 slides 100% 26/26 slides · 158 hits — 0/26 slides
— 0/26 slides
88.5% 23/26 slides 100% 26/26 slides — 0/26 slides
Slide inventory
113 every slide · same image gating as the playbook
01
The slide uses a medical metaphor (syringe/doctor) to imply a painful 'forensic examination' of the company.front_matter
Open slide detailBeat · The Monster
03
The slide uses a 'precedent_table' structure to build credibility by highlighting past successful short calls.cite_precedent
Open slide detailBeat · The Monster
05
Includes Spruce Point Capital Management logo (pine tree).front_matter
Open slide detailBeat · The Monster
06
The slide uses a 'villain critique' approach by attacking the integrity of the founder's narrative.summarize
Open slide detailBeat · The Struggle
07
This is a classic activist short-seller slide designed to undermine management credibility by highlighting discrepancies between public claims and internal/exteexpose_contradiction
08
The slide serves as a summary of legal and ethical grievances against the company.name_villain
09
The slide uses anecdotal evidence from former employees and LinkedIn analysis to build a case against the company's leadership.name_villain
10
Slide 10 of an activist deck by Spruce Point Capital Management.frame_problem
11
This is a classic activist short thesis summary slide.summarize
Open slide detailBeat · The Struggle
12
The slide uses a 'red flag' icon to signal a warning about the company's competitive moat.compare_peers
Open slide detailBeat · The Struggle
13
Uses a red flag icon to signal warning/danger.expose_contradiction
Open slide detailBeat · The Struggle
14
Uses a red flag icon to signal activist intent; employs a side-by-side comparison structure.expose_contradiction
Open slide detailBeat · The Struggle
15
The slide uses a red flag icon to signal a warning or contradiction of the bull thesis.compare_peers
Open slide detailBeat · The Struggle
16
Uses a 'before/after' style visual evidence to imply a strategic exit or distancing by the investor.expose_contradiction
Open slide detailBeat · The Struggle
17
This is a classic activist short-seller 'villain' introduction slide.frame_problem
Open slide detailBeat · The Struggle
18
This slide establishes the 'before' or the 'crafted narrative' of the founder's backstory before exposing contradictions in subsequent slides.expose_contradiction
Open slide detailBeat · The Struggle
19
The slide uses a timeline format to systematically debunk a narrative by cross-referencing public records.expose_contradiction
Open slide detailBeat · The Struggle
20
Uses red boxes to highlight specific inconsistencies in legal documents.expose_contradiction
Open slide detailBeat · The Struggle
21
The slide uses a red flag icon to highlight the fraudulent nature of the claims.expose_contradiction
22
Uses a direct quote from a legal document to undermine the subject's credibility.expose_contradiction
24
Uses red flags and underlining to highlight specific phrases for contradiction.name_villain
26
The slide uses a red flag icon and a red callout box at the bottom to emphasize the negative findings regarding FIGS' credibility.summarize
29
The slide uses a red flag icon to denote the activist's critical stance on the company's disclosures.expose_contradiction
31
Uses a red flag icon and red boxes to highlight inconsistencies.expose_contradiction
32
Uses a red flag icon to signal a warning/contradiction. The slide structure uses a side-by-side comparison of management quotes vs. reported data.expose_contradiction
33
This is a classic activist 'thesis' slide, setting the stage for the subsequent critique.frame_problem
34
The slide uses a red flag icon to signal a warning to investors.expose_contradiction
35
Includes a disclaimer box preemptively addressing potential underestimation in their own model.size_opportunity
36
The slide uses a red flag icon to signal a warning/critique of the company's market sizing claims.size_opportunity
38
The table highlights a specific accounting discrepancy between FIGS and its peer group.expose_contradiction
39
The slide uses a red flag icon to signal a warning/activist critique. It juxtaposes the firm's own adjustment table against a snippet from a Barclays analyst reexpose_contradiction
41
Includes a table of quarterly international revenue growth and a testimonial from a former executive.expose_contradiction
43
Uses a red flag icon and red X icons to signal warning and contradiction.expose_contradiction
44
The slide features the Spruce Point Capital Management logo (the pine tree).transition
Open slide detailLoop · Iceberg
46
Uses a red flag icon to signal a warning/red flag about the company.name_villain
Open slide detailLoop · Iceberg
47
Uses a red flag icon to visually emphasize the cultural risk and high employee turnover.diagnose_problem
Open slide detailLoop · Iceberg
48
Uses red 'X' icons to visually signify departure.expose_contradiction
Open slide detailLoop · Iceberg
50
The slide uses a table-like structure to present qualitative evidence of management dysfunction.expose_contradiction
Open slide detailLoop · Iceberg
51
Uses a red flag icon to emphasize the 'fake review' accusation.expose_contradiction
Open slide detailLoop · Iceberg
54
Uses a Gantt-style chart to visualize employee turnover and understaffing relative to revenue growth.expose_contradiction
Open slide detailLoop · Iceberg
55
Uses a red flag icon and red arrows to highlight specific text passages in the company's filings.expose_contradiction
56
Uses color coding (green/red/yellow) to imply quality of experience.compare_peers
58
This is a classic activist investor 'thesis' slide, often used as a section divider or opening statement.frame_problem
60
Uses a red flag icon to signal a warning/red flag about the company's competitive moat.preempt_rebuttal
61
Uses a red flag icon to signal a 'red flag' warning about the company's claims.expose_contradiction
62
Uses a 'spot the difference' visual test to undermine the company's narrative of unique design differentiation.expose_contradiction
63
The slide uses a visual grid of product thumbnails from Uniform Advantage to demonstrate market saturation of the jogger style.expose_contradiction
64
The slide uses a red flag graphic and a screenshot of FIGS' marketing material to highlight the contradiction.expose_contradiction
65
The slide uses a 'villain critique' style to undermine the company's core competitive moat argument.preempt_rebuttal
66
Uses a red flag icon to signal a warning or point of contention.expose_contradiction
67
Uses red callout boxes and arrows to link website claims directly to prospectus risk disclosures.expose_contradiction
68
The slide uses a split-column layout to contrast 'Careismatic Brands' with 'Other Brands' to debunk the uniqueness of FIGS' marketing.compare_peers
69
The slide uses a red flag icon to highlight the competitive threat of Jaanuu and includes a red box on the line chart to emphasize the recent divergence in searcompare_peers
70
The slide uses a red flag icon to signal risk and a red box to highlight the negative trend in the chart.expose_contradiction
71
Uses a red flag icon to signal a warning/contradiction. The slide is structured as a direct comparison between management quotes and factual evidence.expose_contradiction
73
The slide uses a red flag icon to signal a warning or controversy. It compiles multiple testimonials and news snippets to build a case against the company's marexpose_contradiction
74
Uses red arrows to map specific critical annotations directly to underlined text in the company's public statements.expose_contradiction
75
Uses a side-by-side comparison of two conflicting narratives to expose corporate greenwashing/spin.expose_contradiction
76
Uses a red flag icon to signal a warning/risk. The slide contrasts internal employee sentiment with the company's public-facing narrative.expose_contradiction
79
The slide uses a grid of 8 line charts to demonstrate a common trend across the industry, countering potential arguments about FIGS' unique growth drivers.preempt_rebuttal
80
The slide uses a red box to highlight the H1 2022 period, emphasizing the recent decline in performance.analyze_data
81
Contrasts qualitative management quotes against a quantitative bar chart showing a downward margin trend.expose_contradiction
82
The slide uses a 'red flag' visual metaphor to signal a warning about the company's financial disclosures.expose_contradiction
83
The slide uses a red box to highlight the post-IPO period and a question mark to emphasize the lack of disclosure.expose_contradiction
84
The slide uses red highlighting to emphasize negative trends in CFO and inventory metrics for recent quarters.expose_contradiction
85
The slide uses a red flag icon to draw attention to the negative performance metric of the target company.compare_peers
87
Uses LinkedIn data and company career site to contradict hypergrowth narrative.expose_contradiction
88
This is a classic activist 'thesis' slide, often used as a section divider or opening hook.summarize
Open slide detailBeat · The Victory
89
Includes detailed footnotes regarding share counts and EBITDA adjustments.show_valuation_bridge
Open slide detailBeat · The Victory
90
The slide uses a red flag icon to signal a warning/contradiction.expose_contradiction
Open slide detailBeat · The Victory
91
Includes a 'Spruce Point Adjusted' row to highlight the impact of their thesis on valuation.compare_peers
Open slide detailBeat · The Victory
92
Uses a red flag icon to signal warning/risk. Connects financial data to personal spending (mansions) to imply misalignment of interests.expose_contradiction
Open slide detailBeat · The Victory
93
The slide uses a red flag icon and a red highlight on the Goldman Sachs row to draw attention to the bearish outlier.preempt_rebuttal
Open slide detailBeat · The Victory
94
The slide uses a red flag icon next to a callout box highlighting valuation concerns and governance issues.show_valuation_bridge
Open slide detailBeat · The Victory
95
The slide uses a screenshot from a video to frame the subject's own words against them.expose_contradiction
Open slide detailBeat · The Victory
97
This slide serves as a legal disclaimer and framing device to justify using potentially biased or unproven legal discovery materials.preempt_rebuttal
Open slide detailBeat · The Victory
98
The slide uses red underlining and yellow highlighting to draw attention to specific claims of antimicrobial efficacy.expose_contradiction
Open slide detailBeat · The Victory
99
Uses legal discovery documents to undermine the credibility of the company's scientific claims.expose_contradiction
Open slide detailBeat · The Victory
100
Uses a red flag icon to signal a warning/red flag in the activist report.expose_contradiction
Open slide detailBeat · The Victory
101
Includes excerpts from sworn testimony with red-box highlights emphasizing the lack of silver and failure of antimicrobial claims.expose_contradiction
Open slide detailBeat · The Victory
102
Uses legal interrogatory excerpts to highlight the lack of scientific basis for FIGS's 66% HAI reduction claim.expose_contradiction
Open slide detailBeat · The Victory
103
Uses a red box to highlight the specific incriminating email text.expose_contradiction
Open slide detailBeat · The Victory
104
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
Open slide detailBeat · The Victory
105
Uses a red flag icon to signal an allegation of misconduct.expose_contradiction
Open slide detailBeat · The Victory
106
Highlights legal interrogatories alongside customer service logs to demonstrate a gap between corporate defense and customer reality.expose_contradiction
Open slide detailBeat · The Victory
107
Includes a red-bordered callout box highlighting the core argument and a red-bordered excerpt from a legal document.expose_contradiction
Open slide detailBeat · The Victory
108
Uses a table-like structure to present interview quotes as evidence of misappropriation.expose_contradiction
Open slide detailBeat · The Victory
109
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
Open slide detailBeat · The Victory
110
Uses legal document excerpts as primary evidence to support the activist thesis.expose_contradiction
Open slide detailBeat · The Victory
111
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
Open slide detailBeat · The Victory
112
Uses legal discovery documents to highlight a lack of contemporaneous records for FIGS's donation claims.expose_contradiction
Open slide detailBeat · The Victory
113
Uses a red flag icon to signal a warning or contradiction.expose_contradiction
Open slide detailBeat · The Victory