Forms

The default form: a 30–150 page slide deck addressed to fellow shareholders, the board, and proxy advisors. Designed to be printed, circulated, read cold, and debated by committee. Written to survive without a live presenter.

A 2–10 page public letter addressed to the target's board, simultaneously filed publicly (as an exhibit to a 13D/A, DFAN14A, or a 6-K) and circulated to holders and media. The letter is the shortest adversarial form — designed to carry one ask and to be fully read in one sitting.

An internal or semi-public memorandum making a contrarian case, primarily for an investment committee, a fund's internal PMs, or a limited partner audience. Not published to the public market. Distinct from activist decks and short reports in that the goal is decision-making…

A published report alleging that a target company's equity is materially overvalued — typically because reality doesn't match disclosure. The report is simultaneous with (or shortly precedes) a short position. The expected outcome is a sharp equity drawdown, a regulatory inves…