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  "docSlug": "82a42fe61ec9",
  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
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  "notes": "The slide serves as the primary thesis statement for the short report, focusing entirely on the reputational risk associated with the company's marketing partners.",
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      "text": "We have grave concerns about its continuing brand equity given its business relationship with Movers+Shakers, a marketing firm with ties to the notorious NXIVM cult and with its “joy” messaging that appears to be eerily similar to the cult’s Science of Joy teachings.",
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      "text": "downside risk: 45% – 65%",
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      "name": "Cost Of Inaction",
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      "evidence": "Presenting a clear and detailed short thesis",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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