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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 57,
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  "notes": "The slide uses a visual 'villain' framing by associating the CEO with Jim Cramer's show to imply superficiality.",
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      "kind": "callout",
      "text": "CEO Jacobs touts his ability to do a $7 - $8 billion deal that’s accretive to EPS, and claims technology is its “secret sauce”. Fast forward a year, and XPO hasn’t acquired anything. In Spruce Point’s opinion, XPO’s secret sauce is stock promotion and accounting gimmickry to embellish results.",
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      "text": "In Spruce Point's opinion, XPO's secret sauce is stock promotion and accounting gimmickry to embellish results.",
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      "kind": "image",
      "text": "Screenshot of CEO Jacobs on Mad Money",
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      "kind": "source-note",
      "text": "Source: Cramer Mad Money – Sept 2017",
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      "kind": "title",
      "text": "Pumping XPO To Less Sophisticated Retail Investors",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The conclusion and appendix provide a summary of the findings and reiterate the investment risks",
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      "name": "Cost Of Inaction",
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      "evidence": "The conclusion and valuation tables highlight the potential downside risks",
      "position": 2,
      "objective": "What are the potential consequences of not selling short or avoiding XPO stock?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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