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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "The slide uses the decline in ownership to imply that management is becoming more aggressive in accounting practices due to lower personal risk.",
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      "text": "Beneficial Ownership of XPO Insiders",
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      "text": "We are not surprised to see XPO management starting to engage in more aggressive accounting and business practices now that it has less and less at risk in the venture. On the next slide, we will show how more of Jacob's economic are tied to a non-industry standard and aggressive metric inherently open to financial engineering.",
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      "text": "Source: Annual Proxy Statement",
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      "text": "Jacobs Rapidly Diluting His Stake",
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