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Bill Ackman is probably best known for this strategy.

The activist investor has been leading a multi-year fight to show that Herbalife — a maker and distributor of diet drinks — is an illegal pyramid scheme that should be shut down.

Last year, Whitney Tilson put together a big presentation on a private education company whose stock he thought would go down.

Other hedge funders have done slideshows on a certain theme, like the bullish case on housing.

In July, Ackman hosted a special event where he flipped through a 235-page slideshow about Herbalife.

Other investors have done similar things, though the scope has been a bit less ambitious.

There are whole conferences basically devoted to this kind of investing.