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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses red arrows and circles to highlight suspicious trends in option pricing and discounts.",
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      "text": "Conveniently steady 5% discount to average stock price",
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      "kind": "callout",
      "text": "Why is management giving itself much more attractive options than it gives other employees?",
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      "text": "We believe that the increase in option values indicates that management may be issuing options which are in-the-money from inception.",
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      "text": "option grant strike price: 5%",
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      "text": "Through the last several years, the number of options granted to management has fallen precipitously. At the same time, we observe that the average option value has risen steadily, even in the face of falling expected volatility.",
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      "text": "It also appears that management may be issuing itself options with increasingly favorable terms. We note that management has become increasingly good at locking in a consistent premium with its option grants.",
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      "kind": "title",
      "text": "Is Amdocs Engaging In Its Own Options Shenanigans?",
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