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  "documentTitle": "2U, Inc. (TWOU)",
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      "text": "A Terrible Risk/Reward Owning 2U With Analysts Seeing Just 6% Upside, We See 30% - 50% Downside Risk",
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      "text": "Spruce Point Capital Management",
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      "text": "GetSmarter Acquisition Likely A Diversion For Slowing U.S. Growth\nRecent Equity Raise of +$330m Raises Questions\nCurrent Consensus Revenue Estimates Assume “More Than” Perfection\nValuation Currently Implies Well In Excess of 276 Future Programs\nA Terrible Risk/Reward Owning 2U",
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      "text": "downside risk: 30% - 50%",
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      "text": "Spruce Point Sees 30% To 50% Downside Risk ($47-$65/sh):",
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