{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 2102, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 40, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a red color to highlight the U.S. and the non-U.S. average for contrast.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/40", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-40", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 41, "slideType": "problem_statement", "function": "diagnose_problem", "notes": "The chart highlights the U.S. as an outlier in buyer agent usage compared to other developed economies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/41", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-41", "loopMatches": [ { "to": 42, "from": 41, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "06b1916c-9f4b-4526-bffa-cba884ed810e", "evidence": "The document presents a clear cost of inaction by highlighting the potential consequences of not addressing the true cost of using an agent.", "position": 1, "objective": "To emphasize the potential consequences of not addressing the true cost of using an agent.", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 42, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a comparison of agent-to-transaction ratios to argue for a potential decline in the US agent population, negatively impacting Zillow's business model.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/42", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-42", "loopMatches": [ { "to": 42, "from": 41, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "06b1916c-9f4b-4526-bffa-cba884ed810e", "evidence": "The document presents a clear cost of inaction by highlighting the potential consequences of not addressing the true cost of using an agent.", "position": 1, "objective": "To emphasize the potential consequences of not addressing the true cost of using an agent.", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "Uses external survey data (1000watt) and industry analysis (KBW) to build a bearish case.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/43", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-43", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 44, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide highlights a specific academic study by a professor at the University of San Diego to validate the thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/44", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-44", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": "ceo_quote", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to draw attention to specific parts of the CEO's quote regarding regulatory compliance and consumer choice.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/45", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-45", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 46, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/46", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-46", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 47, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a testimonial to contradict the company's narrative or highlight the financial risk of the transition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/47", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-47", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 48, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to emphasize critical operational hurdles (low conversion rates, profitability timelines, and agent dependency).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/48", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-48", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 49, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/49", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-49", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 50, "slideType": "quote_slide", "function": "cite_precedent", "notes": "The slide uses a table format to contrast Spruce Point questions with Zillow Flex agent responses.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/50", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-50", "loopMatches": [], "arcBeatMatches": [ { "to": 50, "from": 21, "beatId": "2825f36d-3055-4526-b439-677abc0e48a8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "slideType": "quote_slide", "function": "cite_precedent", "notes": "The slide uses color-coded highlighting (yellow) to emphasize key takeaways within the quote.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/51", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-51", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote-based structure to highlight a potential deceptive practice by the company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/52", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-52", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to expose the low quality of leads generated by Zillow and Realtor.com.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/53", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-53", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 54, "slideType": "testimonial", "function": "illustrate_case", "notes": "The slide uses a Q&A format to present qualitative evidence of agent dissatisfaction and business disruption.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/54", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-54", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to emphasize key negative outcomes and competitive pressures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/55", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-55", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 56, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a quote to highlight a structural bottleneck in Zillow's business model.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/56", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-56", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote from a Zillow Flex agent to undermine the company's growth narrative.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/57", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-57", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a red-circled comparison of revenue figures and a quote from Redfin's Q2'23 earnings call to support the argument of declining conversion rates.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/58", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-58", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 59, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a highlighted quote to validate the firm's investment thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/59", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-59", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "Includes a screenshot of a Zillow contact form highlighting a pre-checked box as evidence of the alleged dark pattern.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/60", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-60", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a matrix to illustrate a coercive business practice, framing it as a contradiction to Zillow's public-facing partner program.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/61", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-61", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 62, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The table highlights that in most markets, the average home value triggers the higher 40% fee band, suggesting a systematic price hike.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/62", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-62", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses Redfin marketing materials to frame a critique of Zillow's transparency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/63", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-63", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 64, "slideType": "ceo_quote", "function": "expose_contradiction", "notes": "The slide uses highlighted text within quotes to emphasize specific strategic points.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/64", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-64", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 65, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'Super App' ecosystem diagram to illustrate the vision, which is then undermined by the bulleted critique.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/65", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-65", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 66, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to present an expert interview, highlighting the friction between Zillow's 'Super App' strategy and the operational reality of real estate agents.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/66", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-66", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 67, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a side-by-side comparison of two investor presentation slides to point out the removal of data points.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/67", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-67", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 68, "slideType": "testimonial", "function": "expose_contradiction", "notes": "Uses yellow highlighting to emphasize key critical points within the quotes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/68", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-68", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 69, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses news headlines as evidence of acquisition strategy; highlights competitive friction in the real-time touring space.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/69", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-69", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 70, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a 'Tegus' interview to provide qualitative evidence of a business risk.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/70", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-70", "loopMatches": [], "arcBeatMatches": [ { "to": 70, "from": 51, "beatId": "125707a2-c049-4259-b582-975f875ab5a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of Zillow's flawed business model and poor management practices.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 71, "slideType": "thesis_headline", "function": "frame_situation", "notes": "This is a classic activist investor thesis slide, using a logo as a visual anchor.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/71", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-71", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 72, "slideType": "ceo_quote", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to emphasize specific claims about growth and competitor weakness.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/72", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-72", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 73, "slideType": "ceo_quote", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to draw attention to specific claims, likely to facilitate later critique or contradiction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/73", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-73", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 74, "slideType": "ceo_quote", "function": "expose_contradiction", "notes": "The slide uses color-coded text (yellow highlights) to emphasize specific negative claims about Zillow and the industry landscape.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/74", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-74", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 75, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a 'preempt_rebuttal' strategy by acknowledging the target's competence in a specific area to build credibility for the activist's thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/75", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-75", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 76, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a before-after framing to demonstrate the efficacy of CoStar's acquisition strategy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/76", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-76", "loopMatches": [ { "to": 77, "from": 76, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "c4567747-a838-4317-8722-9815e1060459", "evidence": "The document presents a clear benchmark gap by highlighting the competitive threat posed by Homes.com.", "position": 2, "objective": "To highlight the competitive threat posed by Homes.com.", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.8, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 77, "slideType": "comparison_table", "function": "analyze_data", "notes": "The chart shows a significant spike in Homes.com traffic in Q3 2023 followed by a stabilization.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/77", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-77", "loopMatches": [ { "to": 77, "from": 76, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "c4567747-a838-4317-8722-9815e1060459", "evidence": "The document presents a clear benchmark gap by highlighting the competitive threat posed by Homes.com.", "position": 2, "objective": "To highlight the competitive threat posed by Homes.com.", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.8, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 78, "slideType": "thesis_headline", "function": "frame_problem", "notes": "Spruce Point Capital Management branding (pine tree logo).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/78", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-78", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 79, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses highlighting and underlining to draw attention to specific contractual language changes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/79", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-79", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 80, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a callout box to frame the data as 'concerning' due to 'liberal revenue recognition policies'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/80", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-80", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 81, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses yellow highlighting to draw attention to the specific language in Zillow's 10-K that allows for management discretion.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/81", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-81", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 82, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red boxes to highlight specific data points in a table to draw attention to the trend.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/82", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-82", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 83, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights the divergence between operating performance and compensation costs.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/83", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-83", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 84, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The table highlights Zillow's high SBC/Adj. EBITDA ratio (115.3%) and SBC/Revenue ratio (23.2%) compared to the peer median.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/84", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-84", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 85, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The chart uses a red bar to visually distinguish Zillow (Z) from its peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/85", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-85", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 86, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote-vs-data structure to highlight management's lack of transparency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/86", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-86", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses qualitative employee feedback to contradict management's compensation strategy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/87", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-87", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 88, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight the significant increase in stock-based compensation from 2017 to 2023.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/88", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-88", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 89, "slideType": "valuation_table", "function": "expose_contradiction", "notes": "The slide highlights the discrepancy between reported earnings and earnings adjusted for capital spent on share buybacks.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/89", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-89", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 90, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a callout box to link RSU data to the diluted share count calculation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/90", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-90", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 91, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/91", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-91", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'Research Interview' format to provide qualitative evidence of management failure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/92", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-92", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 93, "slideType": "villain_critique", "function": "diagnose_problem", "notes": "The slide uses red arrows to connect the SEC filing text regarding the new CFO's age (37) to Korn Ferry's benchmark data showing the average CFO age is 54.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/93", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-93", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide uses a table to highlight long-tenured directors and committee overlaps.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/94", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-94", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to break down voting power by share class for specific founders.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/95", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-95", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 96, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses direct quotes from Zillow's proxy statement to expose governance weaknesses.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/96", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-96", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of an auditor's report to suggest potential accounting concerns.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/97", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 98, "slideType": "thesis_headline", "function": "summarize", "notes": "Spruce Point Capital Management branding (tree logo).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/98", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-98", "loopMatches": [], "arcBeatMatches": [ { "to": 103, "from": 98, "beatId": "8ac32200-c17a-4d8b-98ed-e16b4141bb17", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": null, "evidence": "The document concludes with a predicted victory for Spruce Point's short thesis, with a 40-60% downside risk to Zillow's stock price.", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-74af5c9e9edb", "docSlug": "de028a1085e6", "documentTitle": "Zillow Group, Inc. (Z)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-03-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 99, "slideType": "thesis_headline", "function": "diagnose_problem", "notes": "The slide uses a red box to highlight the discrepancy between historical performance and projected growth/margins.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/99", "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-99", "loopMatches": [], "arcBeatMatches": [ { "to": 103, "from": 98, "beatId": "8ac32200-c17a-4d8b-98ed-e16b4141bb17", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": null, "evidence": "The document concludes with a predicted victory for Spruce Point's short thesis, with a 40-60% downside risk to Zillow's stock price.", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }