{
  "kind": "all",
  "value": "all",
  "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 319975,
  "page": 2130,
  "pageSize": 60,
  "pageCount": 5333,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 30,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a narrative callout box to link individuals to controversial entities, supported by a table of corporate affiliations.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/30",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-30",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 31,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a red arrow to visually connect the past biography to the current one, highlighting the missing information.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/31",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-31",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 32,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide highlights a specific red flag regarding corporate governance and audit quality.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/32",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-32",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 33,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a table to demonstrate 'distractions' and lack of transparency regarding CEO services.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/33",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-33",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 34,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a table to contrast shifting incentive structures, specifically highlighting the 2024 pivot toward liquidity.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/34",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-34",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 35,
      "slideType": "thesis_headline",
      "function": "summarize",
      "notes": "This is a classic activist investor 'thesis' slide, often used as a transition or summary point.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/35",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 36,
      "slideType": "valuation_table",
      "function": "expose_contradiction",
      "notes": "The slide highlights a consensus of 'Buy' ratings while simultaneously arguing the stock is a poor investment, framing the consensus as misguided.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/36",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-36",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        },
        {
          "to": 37,
          "from": 36,
          "beatId": "29b9c4b8-8fa0-4360-b750-3e18fd132e9a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Valuation Table",
          "beatSlug": null,
          "evidence": "The valuation tables provide quantitative evidence for the potential downside risk.",
          "position": 5,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 37,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a 'Spruce Point Adjusted' column to reconcile Street estimates with their own adjustments.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/37",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-37",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        },
        {
          "to": 37,
          "from": 36,
          "beatId": "29b9c4b8-8fa0-4360-b750-3e18fd132e9a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Valuation Table",
          "beatSlug": null,
          "evidence": "The valuation tables provide quantitative evidence for the potential downside risk.",
          "position": 5,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 38,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The table highlights UEC's high EV/EBITDA multiples (106.5x 2026E) compared to the peer group averages.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/38",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-38",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c1d722fc47f6",
      "docSlug": "93a89beead91",
      "documentTitle": "Uranium Energy Corp (UEC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-09-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 39,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a valuation bridge to justify a 65-85% downside, supported by a list of governance and operational concerns.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c1d722fc47f6/39",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c1d722fc47f6#slide-39",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 39,
          "from": 7,
          "beatId": "f1ee6ffe-0e69-48e1-ad84-f3e4e03810b5",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "Multiple slides expose contradictions and red flags in UEC's management and governance.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 1,
      "slideType": "thesis_headline",
      "function": "frame_problem",
      "notes": "The slide uses a screenshot of a prediction market as a proxy for market sentiment/risk assessment.",
      "imagePath": "https://imgproxy.kitesheet.com/mL1puOuejkTjBqSauCoCjgnwYIJUeCwtws5ML1r3DqA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYWI4YjAzYzAyMDEvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/1",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "7ca0e1b5-f1e1-4d32-b7da-5c370b513e40",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "Introduction of Kalshi as a competitive threat to DKNG",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": "https://imgproxy.kitesheet.com/d72TFDKm8vHRDXVIU8pCbnOJYhjnSS77PQz1g4QRzwI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYWI4YjAzYzAyMDEvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/4HOOS09ASoPQ05RVdLQ20HusBmTyfqRJIk4X4_rLas8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYWI4YjAzYzAyMDEvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/K0e510PNI6BjVMuRLR6vMtefP3mbyH1ecxZCuGuMrHM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYWI4YjAzYzAyMDEvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 2,
      "slideType": "disclaimer",
      "function": "other",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/2",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "7ca0e1b5-f1e1-4d32-b7da-5c370b513e40",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "Introduction of Kalshi as a competitive threat to DKNG",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 3,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": "The slide uses a 'precedent' structure to build authority by showing a past successful short thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/3",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-3",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "7ca0e1b5-f1e1-4d32-b7da-5c370b513e40",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "Introduction of Kalshi as a competitive threat to DKNG",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 4,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses stock charts to validate the firm's predictive capabilities.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/4",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-4",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "7ca0e1b5-f1e1-4d32-b7da-5c370b513e40",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "Introduction of Kalshi as a competitive threat to DKNG",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 5,
      "slideType": "executive_summary",
      "function": "front_matter",
      "notes": "Features the Spruce Point Capital Management logo (pine tree).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/5",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-5",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "7ca0e1b5-f1e1-4d32-b7da-5c370b513e40",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "Introduction of Kalshi as a competitive threat to DKNG",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 6,
      "slideType": "executive_summary",
      "function": "frame_problem",
      "notes": "The slide uses a yellow background to highlight the core thesis text. It references specific regulatory events in 2025 involving the CFTC, Kalshi, and Polymarket.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/6",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-6",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 7,
      "slideType": "executive_summary",
      "function": "summarize",
      "notes": "The slide outlines the conflict between federal and state regulation of prediction markets and details specific legal timelines and scenarios.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/7",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-7",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 8,
      "slideType": "executive_summary",
      "function": "summarize",
      "notes": "The slide discusses legal injunction tests (irreparable harm, public interest) and regulatory warnings from state gaming commissions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/8",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-8",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 9,
      "slideType": "executive_summary",
      "function": "summarize",
      "notes": "The slide uses a yellow-bordered box to highlight key arguments regarding market disruption and competitive advantage.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/9",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-9",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 10,
      "slideType": "executive_summary",
      "function": "summarize",
      "notes": "The slide uses a yellow background callout box to emphasize the core thesis regarding market misinterpretation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/10",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-10",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 11,
      "slideType": "thesis_headline",
      "function": "summarize",
      "notes": "The slide uses a yellow background to highlight the core thesis statement.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/11",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-11",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 12,
      "slideType": "precedent_table",
      "function": "diagnose_problem",
      "notes": "The slide uses a matrix structure to compare four distinct legal cases (MA, NJ, MD, NV) across four dimensions (Status, Impact, Decision Window, Supreme Court).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/12",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-12",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 13,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "Includes a screenshot of the Kalshi orderbook interface.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/13",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-13",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 14,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The table highlights 24 outcomes where Kalshi's payout is compared against DraftKings; the yellow cells indicate where Kalshi's payout is higher.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/14",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-14",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 15,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The table highlights specific betting outcomes where Kalshi offers higher payouts than DraftKings.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/15",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-15",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 16,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The table highlights specific game scenarios (pregame vs in-play) to compare payout returns on a $100 bet.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/16",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-16",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 17,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The chart compares 2024 OSB data against 2025 Kalshi data.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/17",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-17",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 18,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses a comparison to DKNG to frame Kalshi as a competitive threat.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/18",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-18",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 19,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses a stacked bar chart for the OSB side and a single bar for Kalshi to imply an outsized market share.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/19",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-19",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 20,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide argues that Kalshi's 18+ age requirement allows it to capture users before they reach the 21+ age requirement for traditional sportsbooks like DKNG.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/20",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-20",
      "loopMatches": [
        {
          "to": 20,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "1fe3f2db-9941-4d09-8a4b-bb2e75d91db2",
          "evidence": "Discussion of potential downside risk for DKNG investors",
          "position": 0,
          "objective": "What is the cost of inaction for DKNG investors?",
          "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": 20,
          "from": 6,
          "beatId": "4e1c17fc-d0a4-422f-b00f-a3e72a45a04a",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Struggle",
          "beatSlug": "overcoming-monster-the-struggle",
          "evidence": "Detailed analysis of Kalshi's advantages and DKNG's challenges",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 21,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses a 100% stacked bar chart to visualize revenue concentration risk.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/21",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-21",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 22,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Includes raw data tables for DKNG and competitors in NY, plus a specific comparison for NFL weeks 1-4.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/22",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-22",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 23,
      "slideType": "revenue_buildup",
      "function": "quantify_opportunity",
      "notes": "The slide uses a bottom-up adjustment to consensus estimates based on observed handle impact from prediction markets.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/23",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-23",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 24,
      "slideType": "scenario_table",
      "function": "quantify_opportunity",
      "notes": "The table models five scenarios ranging from 'Most Conservative' to 'Most Aggressive' to demonstrate potential revenue misses.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/24",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-24",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 25,
      "slideType": "revenue_buildup",
      "function": "quantify_opportunity",
      "notes": "The slide uses a structured table to demonstrate the impact of Kalshi on DKNG's sportsbook handle and subsequent revenue.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/25",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-25",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 26,
      "slideType": "scenario_table",
      "function": "quantify_opportunity",
      "notes": "The table demonstrates that even in the 'Most Conservative' case, Spruce Point projects a revenue miss against consensus.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/26",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-26",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 27,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses a comparison table to highlight feature parity and social media screenshots as proof of the new competitive threat.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/27",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-27",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 28,
      "slideType": null,
      "function": null,
      "notes": "Image file /tmp/legacy-images/fab8b03c0201/slides/028.jpg not found on disk; unable to inspect slide.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/28",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-28",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 29,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a side-by-side comparison table to contrast JP Morgan's methodology with Spruce Point's corrected methodology.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/29",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-29",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 30,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses external data (InGame analysis and former employee testimony) to challenge the valuation thesis of the target company.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/30",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-30",
      "loopMatches": [
        {
          "to": 30,
          "from": 21,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "49d99ab9-43c1-421b-a5bc-e4a686ad16c3",
          "evidence": "Detailed comparison of Kalshi and DKNG's performance",
          "position": 1,
          "objective": "How does Kalshi's performance compare to DKNG's?",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 31,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a side-by-side comparison to highlight a calculation error in a sell-side report.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/31",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-31",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 32,
      "slideType": "comparison_table",
      "function": "analyze_data",
      "notes": "The slide uses specific betting examples to demonstrate that as odds become more skewed, the total fee collected per $100 volume decreases.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/32",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-32",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 33,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide argues against a potential pivot to a prediction market model by quantifying the revenue impact.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/33",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-33",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 34,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'villain' framing for sell-side analysts, contrasting their bullish outlooks with the firm's bearish thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/34",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-34",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 35,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "Includes a Bloomberg terminal screenshot showing revenue estimate revisions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/35",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 36,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a valuation bridge to calculate equity value and share price under two scenarios (Low Case and Base Case).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/36",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-36",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 36,
          "from": 21,
          "beatId": "a1f273fe-b0d3-4fa9-9220-3fd4db79ea3c",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Conclusion that DKNG's share price will decline",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 37,
      "slideType": "appendix",
      "function": "appendix",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/37",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-37",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 38,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The slide provides a step-by-step breakdown of how market share capture percentages are derived using variables A through J.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/38",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-38",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 39,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The chart uses a broken axis for the handle bars. The red box highlights the 8.7% margin in Q2 2025 as an outlier.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/39",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-39",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 40,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The slide uses red boxes to highlight cumulative handle figures across different weeks of NFL games on the Kalshi platform.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/40",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-40",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 41,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The red boxes highlight the cumulative handle figures for each week.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/41",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-41",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 42,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a screenshot of a betting platform to point out a massive discrepancy in reported handle figures.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/42",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-42",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 43,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses red boxes to highlight specific timestamps and payout data points to draw attention to the comparison.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/43",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-43",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 44,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses red boxes to highlight specific odds and timestamps to suggest a direct comparison of market efficiency or pricing.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/44",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-44",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 45,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses red boxes to highlight specific UI elements for comparison.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/45",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-45",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 46,
      "slideType": "comparison_table",
      "function": "expose_contradiction",
      "notes": "The slide uses red boxes to highlight specific odds and payout calculations on the Kalshi mobile interface.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/46",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-46",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 47,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide highlights the discrepancy in potential returns for the same wagers, suggesting better value on the Kalshi platform.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/47",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-47",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "docSlug": "fab8b03c0201",
      "documentTitle": "DraftKings Inc. (DKNG)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2025-10-03 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 48,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses a grid of screenshots to demonstrate discrepancies or differences in odds/market behavior between the two platforms.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c6da1f4c0f8e/48",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c6da1f4c0f8e#slide-48",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-c8318190e1be",
      "docSlug": "c1709c763a52",
      "documentTitle": "Resideo Technologies, Inc. (REZI)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2026-01-27 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "The slide uses a visual metaphor of a smart thermostat displaying a 'Smart Alert' and 'Shares Over Heated' alongside cockroaches to imply infestation or decay.",
      "imagePath": "https://imgproxy.kitesheet.com/dd3zYQcB3RkHykowDYOpVnSLeXtbZE_N9YesHdm2ZZg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMTcwOWM3NjNhNTIvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/1",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": "https://imgproxy.kitesheet.com/pd2Vx1uXwU22nTqS0JJovLdTTNBolYmzCZtc7zyss5k/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMTcwOWM3NjNhNTIvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/6GVIE0jtbNABiZIJBzOd8H6IUdSpeP7Y2MrmeFLjW4o/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMTcwOWM3NjNhNTIvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/1VGqs7ZJa9YrZKMPOZ_gVFPX03qnkSDXT4ITQrtKR7o/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMTcwOWM3NjNhNTIvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b99-c8318190e1be",
      "docSlug": "c1709c763a52",
      "documentTitle": "Resideo Technologies, Inc. (REZI)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2026-01-27 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 2,
      "slideType": "disclaimer",
      "function": "other",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b99-c8318190e1be/2",
      "deckHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-c8318190e1be#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}