{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622b-71dc-a6dd-319439e92e81",
  "slug": "328603efbd66",
  "title": "Nintendo Co., Ltd. (7974)",
  "subtitle": "Seth Fischer · 2013-06",
  "author": "Seth Fischer",
  "date": "2013-06-11 00:00:00",
  "pageCount": 3,
  "kind": "shareholder-letter",
  "orientation": "portrait",
  "aspectRatio": 0.70735884,
  "targetCompany": "Nintendo Co., Ltd.",
  "targetTicker": "7974",
  "document": {
    "id": "019dd923-622b-71dc-a6dd-319439e92e81",
    "slug": "328603efbd66",
    "title": "Nintendo Co., Ltd. (7974)",
    "rawTitle": "Oasis Letter to Nintendo June 11 2013",
    "authorId": "25_Oasis_Management",
    "authorName": "Seth Fischer",
    "authorDisplay": "Seth Fischer",
    "kind": {
      "slug": "shareholder-letter",
      "label": "Shareholder letter"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2013-06-Oasis-Letter-to-Nintendo-June-11-2013.pdf",
    "sourceUrl": null,
    "sourceDate": "2013-06-11 00:00:00",
    "presentationDate": "2013-06-11 00:00:00",
    "ingestedAt": "2026-04-22 18:18:32+00",
    "status": "ready",
    "pageCount": 3,
    "orientation": "portrait",
    "aspectRatio": 0.70735884,
    "targetCompany": "Nintendo Co., Ltd.",
    "targetTicker": "7974",
    "metadata": {
      "local_root": "/tmp/legacy-images/328603efbd66",
      "activist_firm": "Oasis Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 84.65490889549255
    }
  },
  "coverage": {
    "pageCount": 3,
    "pagesIndexed": 3,
    "pagesWithImages": 3,
    "pagesWithMetadata": 3,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 18,
    "chartCount": 0,
    "metricSlides": 0,
    "toolMatches": 0,
    "documentToolMatches": 0,
    "frameworkMatches": 0,
    "arcMatches": 1,
    "beatMatches": 3,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
        "evidence": "Simple sequence with attention, need, and satisfaction",
        "isPrimary": true,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 21:56:43.499559+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 1,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 1,
        "name": "Attention",
        "beatId": "b7b434d0-135b-440a-b6f1-559d2ec3177e",
        "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
        "beatType": {
          "name": "Attention",
          "slug": "monroes-sequence-attention",
          "status": "active",
          "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
          "version": 1,
          "description": null
        },
        "evidence": "CEO quote on page 1",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Hook",
          "slug": "hook",
          "status": "active",
          "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
          "version": 1,
          "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 2,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 2,
        "name": "Need",
        "beatId": "45398a7e-f75a-479d-9528-d750794ab722",
        "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
        "beatType": {
          "name": "Need",
          "slug": "monroes-sequence-need",
          "status": "active",
          "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
          "version": 1,
          "description": null
        },
        "evidence": "Letter to Mr. Satoru Iwata on page 2",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 3,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 3,
        "name": "Satisfaction",
        "beatId": "f9d3b7f8-9974-4525-b16a-2bfebbb2acb1",
        "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
        "beatType": {
          "name": "Satisfaction",
          "slug": "monroes-sequence-satisfaction",
          "status": "active",
          "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
          "version": 1,
          "description": null
        },
        "evidence": "Closing ask on page 3",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      }
    ],
    "loops": [],
    "tools": [],
    "frameworks": [],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "collaborative",
    "notes": "Historic precursor to Nintendo's eventual mobile pivot (Pokemon Go 2016, Super Mario Run 2016, Mario Kart Tour 2019) — Seth Fischer called the strategic shift three years early. Tone is unusually collaborative and fan-like for an activist letter ('We are fans of Nintendo's history of innovation... Please surprise us'), framing the ask as partnership rather than confrontation. No stake percentage disclosed; Oasis explicitly foregoes any special-dividend demand against the 900 billion Yen cash pile.",
    "kpisCited": [
      {
        "detail": "1.5 billion units, growing 31% per year",
        "metric": "Global smartphone installed base"
      },
      {
        "detail": "300 million units, growing 70% per year",
        "metric": "Global tablet installed base"
      },
      {
        "detail": "3 billion people at current growth rates",
        "metric": "Potential Nintendo gamer TAM"
      },
      {
        "detail": "$199 vs. $269 — 3DS is a closed system with no messaging, camera, or calls",
        "metric": "3DS XL vs. iPhone 4 retail price"
      },
      {
        "detail": "500 million Yen per day",
        "metric": "Incremental daily revenue from 5 iOS/Android titles"
      },
      {
        "detail": "73 billion Yen per year",
        "metric": "Incremental annual EBITDA from 5 iOS/Android titles"
      },
      {
        "detail": "~$9 billion USD, gated by console ban",
        "metric": "China gaming market size"
      },
      {
        "detail": "900 billion Yen 'warchest' — Oasis explicitly does not ask for a dividend",
        "metric": "Nintendo cash balance"
      }
    ],
    "closingAsk": "Develop and sell Nintendo games on iOS and Android, and meet with Oasis to discuss the idea further.",
    "extraction": {
      "at": "2026-04-22 18:18:32+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 84.65491,
      "promptVersion": null
    },
    "scqaReward": "Fischer estimates five mobile titles would add roughly 500 million Yen of daily revenue and 73 billion Yen of annual EBITDA, plus full access to China's $9 billion gaming market.",
    "thesisTypes": [
      "strategic_pivot"
    ],
    "top3Reasons": [
      "Nintendo's real competitor is now Angry Birds and Candy Crush, not just PlayStation and Xbox",
      "Five iOS/Android titles would add ~73 billion Yen annual EBITDA without cannibalizing 3DS or Wii U",
      "Android distribution immediately unlocks China's $9 billion gaming market"
    ],
    "scqaSituation": "Nintendo is a storied console and handheld publisher with culturally iconic franchises like Mario and Pokemon, a track record of pivoting with new opportunities, and a 900 billion Yen cash cushion funding innovation.",
    "thesisSummary": "Oasis Management, a Hong Kong-based fund and Nintendo shareholder, argues that Nintendo's competitive landscape has fundamentally shifted: its real rivals are no longer just PlayStation and Xbox but Angry Birds, Candy Crush, and Puzzle & Dragons, with 1.5 billion smartphones growing 31% annually and 300 million tablets growing 70%. CIO Seth Fischer urges CEO Satoru Iwata to pivot by developing and selling Nintendo games for iOS and Android, which would immediately open access to China's $9 billion gaming market rather than wait for the console ban to lift. Fischer estimates that releasing just five titles with in-game purchases would generate an incremental 500 million Yen in daily revenue and 73 billion Yen per year in EBITDA, without cannibalizing the 3DS or Wii U. Oasis explicitly does not demand a special dividend from Nintendo's 900 billion Yen cash pile.",
    "primaryDemands": [
      "Develop and sell Nintendo games on iOS and Android platforms",
      "Release five catalog or bespoke titles with in-game purchasing",
      "Use Android distribution to immediately access the Chinese gaming market"
    ],
    "scqaResolution": "Develop and sell Nintendo games on iOS and Android — starting with five catalog or bespoke titles featuring in-game purchasing — rather than waiting for China's official console ban to lift.",
    "thesisOneLiner": "Nintendo's real competitor is now mobile; releasing five iOS/Android titles from its catalog would add ~73 billion Yen in annual EBITDA and unlock China's $9 billion gaming market.",
    "precedentsCited": [],
    "scqaComplication": "Its real competitive set is no longer PlayStation or Xbox but mobile titles like Angry Birds, Candy Crush, and Puzzle & Dragons, riding a smartphone base of 1.5 billion growing 31% annually.",
    "narrativeInterest": 4,
    "notableSlidePages": [
      1
    ],
    "peerCompaniesCited": [
      "Rovio (Angry Birds)",
      "King (Candy Crush)",
      "GungHo (Puzzle & Dragons)",
      "Sony PlayStation 4",
      "Microsoft Xbox One",
      "Apple iPhone"
    ],
    "valuationFrameworks": [
      "other"
    ],
    "visualCraftInterest": 1
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "tension",
      "title": "This is a shareholder letter from Oasis Management to Nintendo, dated June 11, 2013.",
      "function": "frame_situation",
      "imagePath": "https://imgproxy.kitesheet.com/kI7CHV7qC8Ki7gLmT0ucSrpOiXR4N7mvvJ29M-z4y5U/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMjg2MDNlZmJkNjYvcDAwMS5qcGc",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "version": 1,
          "description": null
        },
        "function": "frame_situation",
        "functionCanon": {
          "name": "Frame situation",
          "slug": "frame_situation",
          "status": "active",
          "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 79,
        "componentCount": 8,
        "textChars": 1849,
        "nDataPoints": 4,
        "notes": "This is a shareholder letter from Oasis Management to Nintendo, dated June 11, 2013.",
        "elementsJson": [
          "paragraph",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:55:58.302+00",
          "seconds": 3.827,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6dd-319439e92e81/1",
        "deck": "/decks/019dd923-622b-71dc-a6dd-319439e92e81",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-319439e92e81#slide-1",
        "deckJson": "/decks/019dd923-622b-71dc-a6dd-319439e92e81.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We think that you realize, as we do, that Nintendo's competition is no longer just the PlayStation 4 or the Xbox One. Nintendo's competition now includes Angry Birds, Candy Crush and Puzzle & Dragons.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:56:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-f5d1-75b6-b07d-b55f53883105",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.44,
            "x": 0.28,
            "y": 0.96
          },
          "kind": "disclaimer",
          "text": "Suite 2136, 21st Floor, The Center, 99 Queen's Road Central, Central, Hong Kong Tel: +852 2847 7700 Fax: +852 2868 3155",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "13a4c0b3-75b3-4354-814f-e29788c2814c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.76,
            "x": 0.12,
            "y": 0.57
          },
          "kind": "paragraph",
          "text": "We think that you realize, as we do, that Nintendo's competition is no longer just the PlayStation 4 or the Xbox One. Nintendo's competition now includes Angry Birds, Candy Crush and Puzzle & Dragons. Today there are 1.5 billion smartphones in the world, and that number is growing at a rate of 31% per year. Today there are 300 million tablets in the world and that number is growing at a rate of 70% per year. With these increasingly powerful products, a very large (and increasing) percentage of the population are, as you know, holding a gaming tool in their hands at all times. I believe that Nintendo can powerfully tap into that population. At current growth rates, 3 billion people could potentially become Nintendo gamers.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29131426-2924-4a47-89e8-e7f06e852674",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.76,
            "x": 0.12,
            "y": 0.48
          },
          "kind": "paragraph",
          "text": "We believe that Nintendo will continue to make unique and innovative games. History is no guarantee of future results, but we think that Nintendo's history is a very good guide for what can lie ahead.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2ac63e8f-8858-499c-bc50-2e800556b7ed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.76,
            "x": 0.12,
            "y": 0.35
          },
          "kind": "paragraph",
          "text": "We are fans of Nintendo's history of innovation... Nintendo possesses cultural icons on par with Mickey Mouse and Superman.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8d941a22-80d5-4960-b9e7-1a058718cf6a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.76,
            "x": 0.12,
            "y": 0.83
          },
          "kind": "paragraph",
          "text": "These are customers who do not currently have a 3DS and/or do not want to use the extraordinarily \"expensive\" real-estate of their pockets to carry a 3DS around. When a customer walks into an electronics shop, she has the option of buying a 3DS XL at $199 or",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b5f375d0-ebf4-4b6b-93e0-485551524b5a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.76,
            "x": 0.12,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "June 11, 2013. Mr. Satoru Iwata, President and CEO, Nintendo Co., Ltd. ... Dear Mr. Iwata, Oasis is a private investment fund management company, and through entities that it manages, is a shareholder of Nintendo.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d15b9fb9-d146-4720-9db9-3ab7194e7c7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.26,
            "x": 0.37,
            "y": 0.04
          },
          "kind": "title",
          "text": "OASIS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:58.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2d62270a-4079-44e5-8f5b-38b4cd2ba6b0",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 1,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "b7b434d0-135b-440a-b6f1-559d2ec3177e",
          "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
          "beatType": {
            "name": "Attention",
            "slug": "monroes-sequence-attention",
            "status": "active",
            "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
            "version": 1,
            "description": null
          },
          "evidence": "CEO quote on page 1",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/6B1zr-4CVA4SFLASqM_ZrEFE12wLUjqVt_09PvcST7I/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMjg2MDNlZmJkNjYvcDAwMS5qcGc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/2qnrVZVqv0TM-UIoSEpKU30CrKX603XEP4zXiZ9qCz0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMjg2MDNlZmJkNjYvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/357SNIWd5zEBkfXfO7DU3fIfuiYfceMHlI6jZO0m_CQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMjg2MDNlZmJkNjYvcDAwMS5wbmc"
    },
    {
      "page": 2,
      "type": "setup",
      "title": "This is page 2 of a 3-page shareholder letter.",
      "function": "state_demand",
      "rawType": "closing_ask",
      "block": null,
      "metadata": {
        "slideType": "closing_ask",
        "slideTypeCanon": {
          "name": "Closing ask",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c",
          "version": 1,
          "description": null
        },
        "function": "state_demand",
        "functionCanon": {
          "name": "State demand",
          "slug": "state_demand",
          "status": "active",
          "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 6,
        "textChars": 702,
        "nDataPoints": 3,
        "notes": "This is page 2 of a 3-page shareholder letter.",
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:55:56.921+00",
          "seconds": 2.431,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6dd-319439e92e81/2",
        "deck": "/decks/019dd923-622b-71dc-a6dd-319439e92e81",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-319439e92e81#slide-2",
        "deckJson": "/decks/019dd923-622b-71dc-a6dd-319439e92e81.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "As shareholders, and as customers, we would like to see Nintendo develop and sell games for the iOS and Android platforms.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:56:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-f5d1-75b6-b07d-ec0f4bf8c584",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "annual EBITDA: 73 billion Yen",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:56:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-f5d1-75b6-b07d-f0e3f3172aa5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.125,
            "y": 0.075
          },
          "kind": "paragraph",
          "text": "Mr. Satoru Iwata June 11, 2013 Page 2 of 3",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.921+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "487f9b4b-00e2-475a-b92a-deb8ff55ed1a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.125,
            "y": 0.37
          },
          "kind": "paragraph",
          "text": "As shareholders, and as customers, we would like to see Nintendo develop and sell games for the iOS and Android platforms.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.921+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "986b5c41-c4b6-4758-aecc-f86876e311f8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.75,
            "x": 0.125,
            "y": 0.48
          },
          "kind": "paragraph",
          "text": "It is our estimate that if Nintendo were to release five titles for both iOS and Android with in-game purchasing options, this would translate into additional daily revenue of 500 million Yen, resulting in an additional 73 billion Yen per year in EBITDA.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.921+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2b811ea-4249-4eb1-a4fc-2a24993316af",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.125,
            "y": 0.68
          },
          "kind": "paragraph",
          "text": "As shareholders, we are not asking for a special dividend from the current 900 billion Yen of cash that Nintendo has in its warchest.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.921+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9ef929f-9f35-4592-8600-0db14b1e43fe",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 2,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Need",
          "beatId": "45398a7e-f75a-479d-9528-d750794ab722",
          "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "Letter to Mr. Satoru Iwata on page 2",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "title": "This is the final page of a formal letter.",
      "function": "closing_ask",
      "rawType": "closing_ask",
      "block": null,
      "metadata": {
        "slideType": "closing_ask",
        "slideTypeCanon": {
          "name": "Closing ask",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c",
          "version": 1,
          "description": null
        },
        "function": "closing_ask",
        "functionCanon": {
          "name": "Closing ask (contrarian)",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 29,
        "componentCount": 4,
        "textChars": 621,
        "nDataPoints": 0,
        "notes": "This is the final page of a formal letter.",
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:55:56.729+00",
          "seconds": 2.207,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622b-71dc-a6dd-319439e92e81/3",
        "deck": "/decks/019dd923-622b-71dc-a6dd-319439e92e81",
        "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-319439e92e81#slide-3",
        "deckJson": "/decks/019dd923-622b-71dc-a6dd-319439e92e81.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We look forward to the day when we can see Mario and Luigi on our smartphones, the same devices that we use to keep in touch with all our other old friends.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 22:56:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-f5d1-75b6-b07d-9e9463bd9064",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.4,
            "x": 0.13,
            "y": 0.35
          },
          "kind": "paragraph",
          "text": "Seth Fischer Chief Investment Officer Oasis Management Company Ltd.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.729+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a736203-5386-4604-9c34-433592f4a092",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.13,
            "y": 0.08
          },
          "kind": "paragraph",
          "text": "Mr. Satoru Iwata June 11, 2013 Page 3 of 3",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.729+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9f4591b-f2f7-4f3b-aa63-4322d1218fb7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.75,
            "x": 0.13,
            "y": 0.16
          },
          "kind": "paragraph",
          "text": "As shareholders, we look forward to participating in your current business and in your future success. We look forward to the day when we can see Mario and Luigi on our smartphones, the same devices that we use to keep in touch with all our other old friends. I would welcome the opportunity to meet with you and discuss our ideas further. Sincerely yours,",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:55:56.729+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fcf791a2-ac8b-496b-a313-143d7964c7e4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 3,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 3,
          "name": "Satisfaction",
          "beatId": "f9d3b7f8-9974-4525-b16a-2bfebbb2acb1",
          "matchId": "429748f5-1f32-4ed8-9550-d8165b19d8ba",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "Closing ask on page 3",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 1,
      "label": "Attention",
      "description": "CEO quote on page 1"
    },
    {
      "from": 2,
      "to": 2,
      "label": "Need",
      "description": "Letter to Mr. Satoru Iwata on page 2"
    },
    {
      "from": 3,
      "to": 3,
      "label": "Satisfaction",
      "description": "Closing ask on page 3"
    }
  ],
  "loops": []
}