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Overcoming Monster The Call
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The imagery depicts a burning laundry facility with rats, visually reinforcing the 'bad business practices' thesis.Cintas Corp. (CTAS) · Ben Axler
Activist deck Short seller Beat · The Call1 hit
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Cintas Corp. (CTAS)Cintas Corp. (CTAS) · Ben Axler
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The slide uses a 'Quote From Ben Axler' as a framing device to establish the firm's contrarian thesis.Cintas Corp. (CTAS) · Ben Axler
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Cintas Corp. (CTAS)Cintas Corp. (CTAS) · Ben Axler
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Standard Spruce Point Capital Management branding slide.Cintas Corp. (CTAS) · Ben Axler
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The visual metaphor of rocket engines hanging in a warehouse suggests industrial failure or stagnation.Aerojet Rocketdyne Holdings, Inc. (AJRD) · Ben Axler
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Aerojet Rocketdyne Holdings, Inc. (AJRD)Aerojet Rocketdyne Holdings, Inc. (AJRD) · Ben Axler
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This slide serves as a credibility-building appendix page.Aerojet Rocketdyne Holdings, Inc. (AJRD) · Ben Axler
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Aerojet Rocketdyne Holdings, Inc. (AJRD)Aerojet Rocketdyne Holdings, Inc. (AJRD) · Ben Axler
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The image of a derelict car in front of a vacant building serves as a visual metaphor for the 'Strong Sell' thesis.Carvana Co. (CVNA) · 54_Spruce_Point_Capital
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Carvana Co. (CVNA)Carvana Co. (CVNA) · 54_Spruce_Point_Capital
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The slide uses a comparison table to establish credibility by highlighting past successful short campaigns.Carvana Co. (CVNA) · 54_Spruce_Point_Capital
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Carvana Co. (CVNA)Carvana Co. (CVNA) · 54_Spruce_Point_Capital
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The slide uses a classic activist short-seller format: headline thesis, summary of missed metrics, and a rhetorical question regarding management transparency.Carvana Co. (CVNA) · 54_Spruce_Point_Capital
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The slide uses a satirical visual metaphor (chalk outline on a golf course, ambulance, 'Broken Medical Trust' sign) to frame the company negatively.Healthcare Trust of America, Inc. (HTA) · Ben Axler
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Healthcare Trust of America, Inc. (HTA)Healthcare Trust of America, Inc. (HTA) · Ben Axler
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The table serves as a track record of the firm's influence on corporate leadership.Healthcare Trust of America, Inc. (HTA) · Ben Axler
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Features the Spruce Point Capital Management logo (pine tree).Healthcare Trust of America, Inc. (HTA) · Ben Axler
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Eurofins Scientific SE (ERF)Eurofins Scientific SE (ERF) · Muddy Waters Research
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Eurofins Scientific SE (ERF)Eurofins Scientific SE (ERF) · Muddy Waters Research
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The slide presents a testimonial/whistleblower quote to support an allegation of accounting manipulation.Eurofins Scientific SE (ERF) · Muddy Waters Research
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The slide uses a rhetorical question to frame the company's complexity as a red flag for potential accounting manipulation.Eurofins Scientific SE (ERF) · Muddy Waters Research
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FTAI Aviation, Ltd. (FTAI)FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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Page 2 of the deck, containing standard legal disclosures and terms of use.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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FTAI Aviation, Ltd. (FTAI)FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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This is a classic activist short thesis slide, framing the core accusations.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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The slide uses a strong accusatory tone typical of activist short reports, focusing on accounting manipulation and channel stuffing.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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This is a short-seller research report cover page.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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Standard Muddy Waters legal disclosure page.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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The slide uses a direct quote from a regulatory document to support a thesis about the breadth of sanctions.FTAI Aviation, Ltd. (FTAI) · Muddy Waters Research
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