{
  "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": 87,
  "pageCount": 92,
  "prevPage": 86,
  "nextPage": 88,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses 'Follow the money' as a rhetorical device to frame financial data as evidence of negative sentiment.",
  "elementsJson": [
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    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/87",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-87",
  "components": [
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        "h": 0.06,
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      },
      "kind": "callout",
      "text": "Follow the money: the trust holding employee stock has been selling the past three years: from 3.6 > 3.3 > 2.9m shares.",
      "attrs": null,
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      "kind": "list",
      "text": "As of December 31, 2017, the Plan held 3,290,141 shares... As of December 31, 2016, the Plan held 3,687,925 shares... For the year ended December 31, 2017, the Plan purchased and sold $14,739,035 and $33,872,486...",
      "attrs": null,
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      },
      "kind": "list",
      "text": "As of December 31, 2018, the Plan held 2,907,214 shares... As of December 31, 2017, the Plan held 3,290,141 shares... For the year ended December 31, 2018, the Plan purchased and sold $15,995,931 and $36,633,398...",
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    {
      "bbox": null,
      "kind": "metric",
      "text": "shares held: 2.9m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-1ac2-71b6-bf57-36cdb2eca49a",
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        "h": 0.02,
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        "x": 0.22,
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      },
      "kind": "source-note",
      "text": "Source: 11-K Salaried Employee Savings and Profit Plan",
      "attrs": null,
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      "componentId": "396c91b0-99ad-4100-a3fd-ccac69d3f157",
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      },
      "kind": "source-note",
      "text": "Source: 11-K Salaried Employee Savings and Profit Plan",
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      "kind": "title",
      "text": "Insider Ownership Trends (Cont’d): Employee Trust Is Selling",
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  "frameworks": [
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      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5d640990-5592-4370-8c49-4fd2f0c5bfcb",
      "evidence": "Uses financial data to expose a contradiction between company performance and insider behavior.",
      "confidence": 0.8
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  ],
  "arcBeats": [
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      "beatId": "2e0f1062-a9eb-4652-b31c-c17952a18aaf",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The solution is implicitly presented through valuation tables and comparisons, suggesting a sell opinion to mitigate downside risk.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  ],
  "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"
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