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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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  "notes": "The slide uses a 'Common Sense' valuation category alongside traditional financial metrics to frame the investment thesis.",
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      "text": "A crisis of confidence in management and a loss of access to capital could wipe out XPO shareholders. In the interim, we see 40% to 60% downside risk as the market reassess XPO’s earnings and management quality.",
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      "kind": "list",
      "text": "Six Simple Reasons XPO Is Uninvestible And A Potential Zero: 1. CEO fraud associations, 2. Audit committee Ponzi involvement, 3. Accounting playbook similarities, 4. No FCF, 5. Debt burden, 6. Distrust from stakeholders.",
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      "text": "Price Target: 40%-60%",
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      "text": "A crisis of confidence in management and a loss of access to capital could wipe out XPO shareholders. In the interim, we see 40% to 60% downside risk as the market reassess XPO’s earnings and management quality.",
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      "kind": "source-note",
      "text": "1) Downside based on $60.33/share 2) Based on 13.75% of XPO Europe’s market value",
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      "text": "Valuation table showing P/E and EV/EBITDA multiples, price targets, and downside percentages.",
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      "kind": "title",
      "text": "Spruce Point Estimates 40% – 60% Intermediate Downside Risk, 100% Long-Term Downside",
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      "arcName": "Overcoming the Monster",
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      "name": "Cost Of Inaction",
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