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  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 36,
  "pageCount": 92,
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  "notes": "Includes Spruce Point Capital Management branding and page number 36.",
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      "kind": "callout",
      "text": "Recent channel checks show that FLAWLESS receives terrible product placement on retail shelves.",
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      "kind": "image",
      "text": "FLAWLESS Next To Light Bulbs At Dollar General",
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      "text": "FLAWLESS Temporary Mid-Aisle Display At Walmart: No Price Displayed",
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      "text": "Recent channel checks show that FLAWLESS receives terrible product placement on retail shelves. For instance, at Dollar General we found it in the back of the store near light bulbs, and not in women’s hair care or cosmetics in the front of the store. At Walmart, CHD’s largest customer, we found it in a temporary mid-aisle display, and not in a permeant location. Even worse, the product lacked a price tag. After having to track down a sales attendant, we learned it was priced at $15.00.",
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      "text": "Note: Photos taken week of Sept 1, 2019",
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      "kind": "title",
      "text": "Reality: Horrible Product Placement",
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      "evidence": "The document extensively details the problems with CHD, including rising debt, low-quality EBITDA, worrisome strategy shifts, and concerning CEO history.",
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      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
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      "objective": "The cost of not selling CHD",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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