{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 2055, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 22, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a call-and-response structure to undermine company claims.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/22", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-22", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 23, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses expert testimony to undermine management's growth narrative for the RFID segment.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/23", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-23", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 24, "slideType": "problem_statement", "function": "diagnose_problem", "notes": "The chart illustrates the 'V-shaped' drop in retail sales for clothing and accessories during the pandemic.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/24", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-24", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 25, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a dialogue-based format to highlight discrepancies between management's narrative and industry expert insights.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/25", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-25", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 26, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'villain' framing by highlighting how private equity-driven consolidation shifts bargaining power away from Avery.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/26", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-26", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 27, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses direct quotes from 2018 and 2019 annual reports to build a case for potential goodwill impairment.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/27", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-27", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 28, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red bracket to visually group the 2020 departures as 'Accelerated Departures'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/28", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-28", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses screenshots of Glassdoor reviews to validate claims of operational chaos and poor management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/29", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-29", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 30, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/30", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-30", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 31, "slideType": "comparison_table", "function": "expose_contradiction", "notes": "Includes a specific callout box citing a 2015 10-K regarding accounting errors.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/31", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-31", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 32, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red 'X' marks to visually emphasize the negative nature of the missing disclosures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/32", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-32", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 33, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red boxes to highlight specific data points that contradict the expected industry trend of margin decline.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/33", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-33", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of expert quote, risk factor comparison, and a historical data table to build a case for declining R&D commitment.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/34", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-34", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 35, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The table uses a diagonal layout to show how the same fiscal year's R&D expense is restated in subsequent annual filings.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/35", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-35", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 36, "slideType": "valuation_table", "function": "analyze_data", "notes": "The slide uses a red box to highlight the final calculated 'Organic EBIT Decline' column.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/36", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-36", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 37, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red box and arrow to visually link the old and new terminology in the financial tables.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/37", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-37", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 38, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights an accounting change where customer return allowances were moved to 'Other Current Liabilities'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/38", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-38", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 39, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a 'Beat vs. (Miss)' row to emphasize the negative variance in Q4 guidance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/39", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-39", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 40, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red arrow to point out the discrepancy between the company's stated capital sources and the actual cash balance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/40", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-40", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 41, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a red 'X' annotation over the 2019 disclosure table to emphasize it is no longer provided.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/41", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-41", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 42, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'before-after' style comparison of company-provided data versus SEC filing disclosures to expose accounting manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/42", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-42", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "slideType": "precedent_table", "function": "cite_precedent", "notes": "The slide uses red boxes to highlight the specific line items where tax-affected pension contributions are added back to free cash flow.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/43", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-43", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 44, "slideType": "valuation_table", "function": "expose_contradiction", "notes": "The table demonstrates a significant divergence in FCF trends due to Spruce Point's adjustments for pension settlements, stock compensation tax impacts, and other items.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/44", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-44", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": "comparison_table", "function": "expose_contradiction", "notes": "The slide uses a 'back-of-the-envelope' check to highlight a discrepancy in cash flow reporting.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/45", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-45", "loopMatches": [ { "to": 45, "from": 30, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652", "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable", "position": 1, "objective": "Is Avery Dennison's financial performance sustainable?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 46, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight the FY 2020E projections and adjustments.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/46", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-46", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 47, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses two tables to contrast dividend growth and share buyback trends against company claims.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/47", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-47", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses callouts to contrast quotes from different quarters to show lack of precision.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/48", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-48", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 49, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to calculate 'Cash Available' and then presents two specific quotes from SEC filings to highlight management's hedging language.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/49", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-49", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 50, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a LinkedIn profile screenshot and a historical report snippet to establish a pattern of behavior.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/50", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-50", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses two tables from different sections of the 10-K to highlight a discrepancy between reported tax rates and actual cash outflows.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/51", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-51", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to show the growth in tax risk disclosure word counts and a callout box to highlight specific concerning language from the 2018 10-K.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/52", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-52", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses callout boxes to emphasize specific regulatory and audit-related risks found in SEC filings.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/53", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-53", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 54, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights a trend of rising tax compliance and planning fees paid to the auditor, suggesting potential aggressive tax accounting or governance concerns.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/54", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-54", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a comparison table to highlight the discrepancy between company-reported metrics and analyst-adjusted metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/55", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-55", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 56, "slideType": "section_divider", "function": "transition", "notes": "The slide uses a tree logo, likely representing Spruce Point Capital Management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/56", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-56", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a dual-axis chart to show the annual impact vs the massive cumulative $1B impact.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/57", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-57", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a comparison of two text blocks from 10-K filings to show the removal of a specific liability recognition clause.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/58", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-58", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 59, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box and arrow to draw attention to the discrepancy in cash payments ($9.8m vs $26.0m) and the omission of 2015/2016 actions in the 2019 report.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/59", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-59", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red boxes and arrows to highlight the specific numerical mismatch between reporting periods.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/60", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-60", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a callout to point out that high job losses are associated with abnormally low charges per job.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/61", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-61", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 62, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to highlight specific line items (restructuring charges and total debt) that the author claims are manipulated or misleading.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/62", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-62", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red callout boxes to emphasize 'Undisclosed' status for specific locations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/63", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-63", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 64, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses Wayback Machine and company website data to show zero change in location count.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/64", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-64", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 65, "slideType": "section_divider", "function": "transition", "notes": "The slide features the Spruce Point Capital Management logo (the pine tree).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/65", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-65", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 66, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote from the company to set up a contradiction with the activist's thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/66", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-66", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 67, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a series of biographical snippets and SEC filing excerpts to highlight the omission of a problematic past directorship.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/67", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-67", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 68, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'guilt by association' framework to undermine the credibility of a specific board member.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/68", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-68", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 69, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses screenshots of proxy statements and press releases to build a case of non-disclosure and guilt-by-association.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/69", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-69", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 70, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red callout box to emphasize the SEC investigation into Alta Mesa, connecting it back to the individuals mentioned.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/70", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-70", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 71, "slideType": "cover", "function": "front_matter", "notes": "Spruce Point Capital Management branding.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/71", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-71", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 72, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote from the company's proxy statement to contrast with the activist's critique of the board's financial oversight.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/72", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-72", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 73, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box and arrow to visually highlight the discrepancy in cash payments ($9.8m vs $26.0m) and the removal of 2015/16 data.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/73", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-73", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 74, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Highlights the expansion of legal language in clawback provisions following identified accounting anomalies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/74", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-74", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 75, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red boxes and arrows to highlight specific line items in financial tables that the author claims are overstated.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/75", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-75", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 76, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to show specific performance modifiers and footnotes to explain the 'flawed' adjustments.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/76", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-76", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 77, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a table detailing 2018 AIP financial modifiers for various executives, highlighting the CEO's Adjusted EPS component.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/77", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-77", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 78, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses excerpts from the company's own proxy statement and website to frame the auditor relationship as 'too cozy'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/78", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-78", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 79, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The red arrow emphasizes the downward trend in insider ownership.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/79", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-79", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 80, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/80", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-80", "loopMatches": [], "arcBeatMatches": [ { "to": 89, "from": 80, "beatId": "46addc4a-16bc-4e54-8447-d1efca90053d", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-ff42cd6c571b", "docSlug": "09bbf36d82e5", "documentTitle": "Avery Dennison Corporation (AVY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 81, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses arrows to visually emphasize the upward trend in price targets despite negative operational indicators.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/81", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-81", "loopMatches": [], "arcBeatMatches": [ { "to": 89, "from": 80, "beatId": "46addc4a-16bc-4e54-8447-d1efca90053d", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }