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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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      "kind": "callout",
      "text": "October 1, 2018: Gelman retires as CEO of Amdocs. Selling accelerates towards the end of Gelman's tenure.",
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      "text": "Two-year hiatus on selling to give Gelman time to increase DOX share price? November 15, 2010: Gelman appointed CEO of Amdocs.",
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      "kind": "callout",
      "text": "We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny.",
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      "text": "We suspect that executives may be pooling their equity in Pines Quest to enable themselves to sell aggressively without drawing scrutiny. In particular, we believe that recently-departed CEO Eli Gelman may have sold large quantities of DOX shares through Pines Quest. Whereas, per insider selling records, most insiders have sold shares held under their own names at regular intervals, we observe only one instance of Gelman selling shares throughout his most recent ~20 year term with Amdocs. We would be surprised if he sold shares only once during this period, particularly given management's historical penchant for aggressive selling. The pace of Pines Quest's selling also parallels Gelman's tenure with Amdocs: the two-year hiatus in the entity's selling immediately followed Gelman's return to the Company, whereas its selling accelerated in the final two years of his second stint. We would expect to see a similar pattern in Gelman's personal selling if it were disclosed.",
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      "text": "Pines Quest Limited Selling table showing CY 2008-2018 with Shares Sold (K) and Value ($M)",
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      "text": "Executives Possibly Using Pines Quest To Hide Insider Selling",
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