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  "documentTitle": "Weis Markets, Inc. (WMK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-05 00:00:00",
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  "notes": "The slide uses a list-based structure to present a thesis-driven argument for an activist short position.",
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      "text": "Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.",
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      "text": "Spruce Point Capital Management",
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      "kind": "list",
      "text": "Shareholder Unfriendly Policies And Governance Concerns: Insider Buying, Auditor Turnover, No Conference Calls, Run For The Benefit Of Insiders, A Deliberate Non-Equity Culture.",
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      "text": "The Most Expensive Supermarket In America Relative To Declining Growth And Poor Positioning, We See 45%-65% Downside Risk: Benchmark Analysis, Recent Financial Performance Unsustainable, New Capital \"Growth\" Plan Appears Deceptive, Trading At Irrational Premium, Lack of Research Coverage.",
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      "text": "downside risk: 45% - 65%",
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      "kind": "quote",
      "text": "\"The Compensation Committee does not believe that equity-based incentives are a valuable incentive for employees of the Company\" — Weis Markets",
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      "text": "Spruce Point Believes Weis Markets (NYSE: WMK) Is A \"Strong Sell\" With 45% - 65% Downside Risk",
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      "name": "Cost Of Inaction",
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