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Framework

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Slide 1
The slide uses a provocative visual metaphor (skull and crossbones, 'Stock Promotion' text on a bald head) to frame the company's business model as deceptive.Hims & Hers Health, Inc. (HIMS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
10
This is a dense text-heavy slide typical of activist short reports, outlining multiple points of contention regarding the company's medical standards and business ethics.Hims & Hers Health, Inc. (HIMS) · Spruce Point Capital Management
Activist deck Short seller Beat · Complication1 hit
14
The slide uses a red background for the 'Why Spruce Point Believes the HIMS Model Is Broken' section to emphasize the negative outlook.Hims & Hers Health, Inc. (HIMS) · Spruce Point Capital Management
Activist deck Short seller Beat · Villain Critique1 hit
69
Uses direct quotes to undermine the company's value proposition.Hims & Hers Health, Inc. (HIMS) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose Contradiction1 hit
89
The slide uses a 'villain' framing by highlighting predatory subscription practices.Hims & Hers Health, Inc. (HIMS) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose Contradiction1 hit
36
Uses stock charts to visually demonstrate value destruction during the CEO's tenure.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
42
Uses a combination of narrative text and a LinkedIn profile screenshot to establish a pattern of questionable hiring.Perion Network Ltd. (PERI) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Logic Chain1 hit
04
Uses a stock chart with annotated events to highlight the CEO's exit timing relative to share price performance.DoubleVerify Holdings, Inc. (DV) · Spruce Point Capital Management
Activist deck Short seller Beat · Setup & Stakes1 hit
11
The slide uses a two-part structure to attack both the CEO's track record and the company's international reporting transparency.DoubleVerify Holdings, Inc. (DV) · Spruce Point Capital Management
Activist deck Short seller Beat · ComplicationLoop · Pattern Hunter1 hit
83
The slide uses a red highlight for the single 'Neutral' rating to contrast with the 'Buy'/'Outperform'/'Overweight' consensus.DoubleVerify Holdings, Inc. (DV) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
12
Uses a 'before-after' style narrative to link a hire to a previous 'villain' critique.Xylem Inc. (XYL) · Spruce Point Capital Management
Activist deck Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
15
Uses color coding to distinguish between indicted individuals and current PGNY leadership.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · ComplicationLoop · Aha Moment1 hit
21
The slide uses a series of excerpts and a screenshot of a FAQ document to build a case against WebMD's business practices.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · EvidenceLoop · Analogy1 hit
36
Includes a red flag callout and a speculative 'Hiring going to firing???' annotation on the member lives table.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · EvidenceLoop · Analogy1 hit
49
Includes a red flag icon indicating a warning or 'red flag' analysis.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · ClimaxLoop · Cost Of Inaction1 hit
65
Uses a red flag icon to signal risk/warning.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · ResolutionLoop · Mece Breakdown1 hit
73
The slide uses a red flag icon to signal a warning or contradiction.Progyny, Inc. (PGNY) · Spruce Point Capital Management
Activist deck Short seller Beat · ResolutionLoop · Mece Breakdown1 hit
57
Uses red flag iconography to highlight suspicious activity.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
60
Uses a red flag icon to signal a warning/red flag about the company's competitive moat.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
63
The slide uses a visual grid of product thumbnails from Uniform Advantage to demonstrate market saturation of the jogger style.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
73
The slide uses a red flag icon to signal a warning or controversy. It compiles multiple testimonials and news snippets to build a case against the company's marketing judgment.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
76
Uses a red flag icon to signal a warning/risk. The slide contrasts internal employee sentiment with the company's public-facing narrative.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller 1 hit
92
Uses a red flag icon to signal warning/risk. Connects financial data to personal spending (mansions) to imply misalignment of interests.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
107
Includes a red-bordered callout box highlighting the core argument and a red-bordered excerpt from a legal document.FIGS, Inc. (FIGS) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit
09
The slide uses a two-part structure: historical reputational risk and operational/financial performance critique.Saputo Inc. (TSX:SAP) · Spruce Point Capital Management
Activist deck Short seller 1 hit
01
Slide 1
The imagery of rats and insects in a storm drain is a metaphorical 'villain' critique, suggesting the company is 'dirty' or 'infested'.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · Hook1 hit
19
The slide uses a 'History of Failures' framing to undermine management's growth strategy.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Monster1 hit
20
The slide uses a grid of red-header callouts to frame the company as a 'villain' in the eyes of the public.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Monster1 hit
69
The slide uses a 'before-after' style comparison of historical company statements against the activist's critique.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Loop · Cost Of Inaction1 hit
84
Uses red arrows to connect the analyst list to specific regulatory/legal news clippings.Essential Utilities, Inc. (WTRG) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory1 hit