{
  "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 69,
  "pageCount": 92,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses red arrows and boxes to highlight discrepancies in employee counts and corporate affiliations.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/69",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-69",
  "components": [
    {
      "bbox": {
        "h": 0.045,
        "w": 0.16,
        "x": 0.44,
        "y": 0.405
      },
      "kind": "callout",
      "text": "A legitimate $100m business with only 7 followers?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be3728ed-9082-4386-9c6a-767f70f983c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.38,
        "x": 0.03,
        "y": 0.5
      },
      "kind": "image",
      "text": "Website contact list",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2829ba9e-7231-4704-bc2d-79531257a7b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.29
      },
      "kind": "image",
      "text": "LinkedIn profile screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6dc6cf2-29e8-43bf-a023-0063737965e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.55,
        "x": 0.42,
        "y": 0.5
      },
      "kind": "image",
      "text": "President bio",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "feb03aa8-422d-43ac-bc85-bab952e38692",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Armand Products has only 1 employee listed on Linkedin: The President is a long-time CHD employee, and admits to working out of CHD's corporate office! A visit to Armand's website even proves it maintains separate employees – there are many CHD employees for sales by region, yet only two OXY employees for technical support.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b693bcd-770d-4024-8acc-0b5b7aebe49f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: LinkedIn",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "002148ee-45d5-4071-9341-0ba62cb453ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Hard To Identify Armand Employees, But Most Are CHD Salesmen And A CHD President",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b70b3967-4785-453a-b8ff-89605594a619",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4c434f93-9438-4b55-be2d-3c510fc19773",
      "evidence": "The slide attempts to expose a contradiction between the company's claimed independence and its actual staffing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 92,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "d8d41695-ad33-43d2-9478-d227476d9e68",
      "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.",
      "position": 2,
      "objective": "The cost of not selling CHD",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}