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null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-e7fa892a99b5", "docSlug": "6ceec0b99264", "documentTitle": "WD-40 Company (WDFC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-04-02 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 31, "slideType": "competitive_analysis", "function": "compare_peers", "notes": "Uses photographic evidence to argue competitive disadvantage for WD-40.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/31", "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-31", "loopMatches": [], "arcBeatMatches": [ { "to": 64, "from": 9, "beatId": 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"slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/40", "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-40", "loopMatches": [], "arcBeatMatches": [ { "to": 64, "from": 9, "beatId": "5e962958-907a-481e-a341-ae36245a2e9e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-e7fa892a99b5", "docSlug": "6ceec0b99264", "documentTitle": "WD-40 Company (WDFC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", 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"deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-42", "loopMatches": [], "arcBeatMatches": [ { "to": 64, "from": 9, "beatId": "5e962958-907a-481e-a341-ae36245a2e9e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-e7fa892a99b5", "docSlug": "6ceec0b99264", "documentTitle": "WD-40 Company (WDFC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-04-02 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of market data, company quotes, and financial statement excerpts to build a case for currency risk.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/43", "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-43", "loopMatches": [], "arcBeatMatches": [ { "to": 64, "from": 9, "beatId": "5e962958-907a-481e-a341-ae36245a2e9e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-e7fa892a99b5", "docSlug": "6ceec0b99264", "documentTitle": "WD-40 Company (WDFC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-04-02 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 44, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a combination of current 2019 data and historical 2009 data to argue that the company is more vulnerable to international risks now than in the past.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/44", "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-44", "loopMatches": [], "arcBeatMatches": [ { "to": 64, "from": 9, "beatId": "5e962958-907a-481e-a341-ae36245a2e9e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-e7fa892a99b5", "docSlug": "6ceec0b99264", "documentTitle": "WD-40 Company (WDFC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-04-02 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": 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