{
  "docId": "019dd923-622c-750b-8b99-2f79335352dd",
  "docSlug": "81a891429a42",
  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-01-10 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 21,
  "pageCount": 36,
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  "density": "dense",
  "nDataPoints": 30,
  "notes": "Uses a red box to highlight the most recent data point (Nov 2022) and a red block for missing data (2017-2018).",
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  "components": [
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      "kind": "callout",
      "text": "The CEO has been selling stock more aggressively since shares were relisted in 2020. However, even more concerning is that just in the recent eight-month period from Feb 28th – Nov 11th CEO Liang has sold the most shares in recent history. His stock sales are mirrored by the CFO’s sales, who reduced his holdings for the first time by 70%.",
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      "kind": "metric",
      "text": "insider ownership: 70%",
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      "subkind": "primary",
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      "kind": "paragraph",
      "text": "The CEO has been selling stock more aggressively since shares were relisted in 2020. However, even more concerning is that just in the recent eight-month period from Feb 28th – Nov 11th CEO Liang has sold the most shares in recent history. His stock sales are mirrored by the CFO’s sales, who reduced his holdings for the first time by 70%.",
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      "kind": "source-note",
      "text": "SMCI SEC Proxy Statements reports annual holdings as of February end. Nov 2022 holdings from recent CEO Form 4 and CFO Form 4 filings.",
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      "kind": "table",
      "text": "Insider Ownership Trends table showing CEO and CFO share changes from 2007 to 2022.",
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      "kind": "title",
      "text": "If Management Believes In Its Long-Term Targets, Why The Accelerated Stock Sales?",
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      "evidence": "Contrasts management's stated long-term targets with their actual behavior of selling stock.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
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      "evidence": "Conclusion and valuation analysis",
      "position": 2,
      "confidence": 0.8,
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  "loops": [
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      "name": "Cost Of Inaction",
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      "matchId": "86272711-846e-4946-a0a8-83a3bf85f034",
      "evidence": "The document emphasizes the risks of not selling SMCI stock, including financial restatement risk",
      "position": 1,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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