{
  "docId": "019dd923-622c-750b-8b98-694e98f1b555",
  "docSlug": "e144e98ebdb8",
  "documentTitle": "U.S. Concrete Inc (USCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 43,
  "pageCount": 48,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 16,
  "notes": "The slide uses a before-and-after comparison to illustrate the 'passive investing' thesis.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-694e98f1b555/43",
  "deckHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555#slide-43",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Early investors in USCR’s emergence from bankruptcy have all bailed and don’t appear to have bought into the Company’s growth by acquisition strategy.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5371-75ed-83d8-8641b489213c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Early investors in USCR's emergence from bankruptcy have all bailed and don't appear to have bought into the Company's growth by acquisition strategy. Spruce Point is concerned about the disturbing trend of passive investing causing indiscriminate buying of USCR's stock: witness Blackrock, Vanguard and BNY Melon are now its largest shareholders",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e533398-2d7a-44a8-9203-a478a1b06b7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: 2012 Proxy Statement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed01ecba-b154-4c81-ae51-48caa640b1ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.94,
        "x": 0.03,
        "y": 0.355
      },
      "kind": "table",
      "text": "USCR Shareholder Base Today table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7951a0c6-c96a-4c1e-a941-0c2a370ecb3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.94,
        "x": 0.03,
        "y": 0.68
      },
      "kind": "table",
      "text": "USCR Shareholder Base 6 years Ago In 2012 table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f67d3df0-6c63-4107-a92d-ec630011d49e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "From Smart Money To Index Chasing Investors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c68bc82d-ec83-4707-9df3-b9987922557e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "db9050a8-93b1-43e8-a678-0d724676b0af",
      "evidence": "Compares shareholder base composition between 2012 and today to show a negative trend.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 48,
      "from": 41,
      "beatId": "06881d26-3572-4726-8277-b309800ce984",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document concludes with a clear valuation and price target",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 48,
      "from": 41,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "562a7431-98ed-4d59-81b0-30be0e7693ea",
      "evidence": "The document concludes with a clear valuation and price target, emphasizing the potential downside risk",
      "position": 1,
      "objective": "Highlight the cost of inaction for 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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}