Ben Axler · activist-deck
Monolithic Power Systems (MPWR)
95 pages · 3 arc beats · 3 loops
Monolithic Power Systems (MPWR)
Ben Axler · 2019-10 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 95 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 6 slides 100% 6/6 slides 100% 6/6 slides · 28 hits — 0/6 slides
33.3% 2/6 slides 16.7% 1/6 slides 100% 6/6 slides — 0/6 slides
Agitate (Make it worse) 34 slides 100% 34/34 slides 100% 34/34 slides · 245 hits — 0/34 slides
5.9% 2/34 slides 85.3% 29/34 slides · 30 hits 100% 34/34 slides 61.8% 21/34 slides Solution (Provide relief) 55 slides 100% 55/55 slides 100% 55/55 slides · 357 hits — 0/55 slides
3.6% 2/55 slides 76.4% 42/55 slides 100% 55/55 slides 14.5% 8/55 slides Slide inventory
95 every slide · same image gating as the playbook
01
The visual metaphor of 'damaged chips' and rats suggests operational or quality control issues at the company.front_matter
Open slide detailBeat · Problem (Identify pain)
03
The slide uses a case study approach to establish credibility for the firm's short-selling thesis regarding Chinese exposure.cite_precedent
Open slide detailBeat · Problem (Identify pain)
05
Standard Spruce Point Capital Management branding slide.front_matter
Open slide detailBeat · Problem (Identify pain)
06
The slide uses a two-column layout with callout boxes on the left and detailed bulleted evidence on the right.diagnose_problem
Open slide detailBeat · Problem (Identify pain)
07
The slide uses a two-part structure: suspicious guidance practices vs. signs of financial strain.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
08
The slide uses a three-part structure with callout boxes on the left and detailed bullet points on the right.summarize
Open slide detailBeat · Agitate (Make it worse)
09
The slide uses a two-part structure: capital allocation critique followed by valuation/analyst consensus critique.diagnose_problem
Open slide detailBeat · Agitate (Make it worse)
10
The slide uses a vertical process flow to establish credibility and rigor in the investigation.present_framework
Open slide detailBeat · Agitate (Make it worse)
11
The slide uses a 'discrepancy' framing to suggest potential financial misreporting or fraud.expose_contradiction
12
Uses a peer benchmark table to justify the adjustment assumptions applied to the financial model on the left.expose_contradiction
13
Uses a classic 'Street vs. Reality' contrast frame.expose_contradiction
14
The slide uses a callout-style layout to link specific sources to their critical commentary.expose_contradiction
15
Uses red arrows and callouts to highlight specific text in financial document excerpts.expose_contradiction
16
Includes Spruce Point Capital Management logo/branding element (the tree).front_matter
17
Uses a before-after framing to highlight the degradation of corporate transparency.expose_contradiction
18
Uses red circle annotations to highlight the change in signature from Brian McDonald to Jim Moyer (labeled as Jim Christoffersen in the document).expose_contradiction
19
Highlights key risk factors from the S-1 filing with red underlines and a callout box.diagnose_problem
20
Uses excerpts from SEC filings (8-K and NT-10Q) to contrast poor financial governance with executive compensation.expose_contradiction
21
Uses a testimonial from a former engineer to anchor the thesis of a diminishing moat.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
22
Uses historical 10-K data to contrast current warranty provision spikes against past disclosures claiming immateriality.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
23
Features the Spruce Point Capital Management logo (pine tree).frame_problem
Open slide detailBeat · Agitate (Make it worse)
24
The slide uses a classic 'investor narrative vs. reality' setup common in activist short reports.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
25
Uses a dialogue format to cast doubt on the sustainability or organic nature of the company's growth.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
26
The slide uses a callout-style layout to contrast executive statements with the premise of 'dodgy' disclosure.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
27
The slide uses a chronological list of 10-K disclosures to highlight the contradiction.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
28
Uses a timeline-style layout to show recurring vague claims by the CEO.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
29
The slide uses a table to contrast local tax filings with consolidated SEC filings to suggest potential financial misrepresentation.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)
30
The slide uses a two-part table structure: a revenue/inventory adjustment model on the left and a peer benchmark comparison on the right.quantify_opportunity
31
The slide uses a red box to highlight the subject company (Monolithic Power Systems) and an annotation to explain a spike in NXP Semi's data.compare_peers
32
The slide highlights Monolithic's upward trend in inventory compared to the relatively stable or fluctuating trends of its peers, with a specific annotation on compare_peers
33
The slide uses a specific historical case study to cast doubt on a target company's current inventory metrics.expose_contradiction
34
Spruce Point Capital Management activist short report slide.expose_contradiction
35
Uses a combination of corporate disclosure text and financial charts to imply accounting manipulation.expose_contradiction
36
The chart highlights a negative trend (rising inventory relative to revenue) to support an activist thesis.expose_contradiction
37
Uses red arrows to highlight the missing 'Raw materials' line item in the 2013 disclosure compared to the 2014 disclosure.expose_contradiction
38
The slide uses a table to highlight a specific inflection point in raw material inventory metrics.expose_contradiction
39
Uses a callout-style comparison to highlight the discrepancy between stated strategy and financial outcomes.expose_contradiction
40
The slide uses a yellow callout box to emphasize the specific text from the 10-Q that the activist is flagging as suspicious.expose_contradiction
41
Uses a combination of LinkedIn data and company financial reports to perform a 'bridge' analysis to isolate core consumer performance.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
42
The slide uses a red box to highlight the specific row in the table that supports the activist's thesis.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
43
Uses a chronological list of quotes to build a case of management inconsistency.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
44
The slide uses a combination of a stock chart and a table of text excerpts to draw a parallel between past and present financial disclosures.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
45
The slide uses a quote from an external report to undermine the growth narrative of the target company's consumer electronics business.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
46
Uses a series of quotes from company leadership to set up a contradiction with the subsequent data table.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
47
The slide uses primary source interviews with distributors to contradict or contextualize public financial reporting.summarize
Open slide detailBeat · Solution (Provide relief)
48
The slide uses a table of financial projections for MPWR and a text excerpt from SMTC's outlook to highlight a disconnect.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
49
The slide uses a callout-style layout to present multiple distinct quotes from a single source.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
51
Uses a callout box to highlight a quote from the company's 10-K as a counterpoint to the activist's thesis.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
52
The slide highlights Monolithic Power's unusually narrow guidance ranges compared to peers, suggesting potential manipulation or artificial precision.compare_peers
Open slide detailBeat · Solution (Provide relief)
53
The slide uses peer data to imply that the subject company's precision in gross margin guidance is suspicious or anomalous.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
54
The slide uses a 'too good to be true' argument to suggest potential earnings manipulation.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
55
The slide uses a callout box to frame the data as evidence of potential earnings manipulation.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
56
The slide uses sarcasm to imply that Monolithic's consistent performance is suspicious or manipulated.compare_peers
Open slide detailBeat · Solution (Provide relief)
58
The slide highlights Monolithic's outlier status in cash management relative to the industry average.compare_peers
Open slide detailBeat · Solution (Provide relief)
59
Uses a callout box to link the geographic revenue table to the foreign currency risk disclosure, pointing out the Bermuda entity.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
60
Uses SEC filing excerpts to contrast stated tax jurisdictions (Chengdu, Hangzhou, Switzerland) with the existence of a Bermuda subsidiary.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
61
Includes screenshots of financial statements with red arrows and callout boxes highlighting suspicious details.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
62
Uses a flow-chart style comparison to contrast standard capital allocation with the target's behavior.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
63
The red box highlights the total spending on land/real estate vs dividends and M&A.analyze_data
Open slide detailBeat · Solution (Provide relief)
64
The slide highlights a discrepancy between dividend payout ratios and EPS growth, implying that if earnings were real, the dividend should be higher.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
65
The table tracks square footage or similar capacity metrics for specific locations categorized by lease status over time.analyze_data
Open slide detailBeat · Solution (Provide relief)
66
Uses a sales history table and a civil plan document to prove the company flipped land instead of developing it.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
67
The slide uses a combination of narrative text, a direct quote from a 10-Q filing, and a news excerpt to build a case of potential financial impropriety.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
68
Uses investigative findings to cast doubt on company disclosures regarding property assets.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
69
The slide highlights that Monolithic Power has the highest square footage per employee, which the author uses to imply suspicious margin stability.compare_peers
Open slide detailBeat · Solution (Provide relief)
70
The slide uses a red box to highlight the specific rows being compared to create a sense of financial irrationality or overpayment.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
72
Uses PCAOB audit filings as evidence of changing audit scope.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
73
Uses visual callouts (red boxes and arrows) to highlight the contradiction between the company's claim and the regulatory record.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
74
Uses a screenshot of a PCAOB database search to link the two companies via a shared audit partner.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
75
Uses red underlining and callout boxes to emphasize specific connections between individuals and companies.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
76
The slide uses red text to highlight omissions in the director's biography, framing them as deceptive.introduce_nominees
Open slide detailBeat · Solution (Provide relief)
77
The slide presents historical stock performance for BCD Semiconductor, Oplink Communications, Vialta, and Marvell Technologies.analyze_data
Open slide detailBeat · Solution (Provide relief)
78
The slide uses a network diagram to imply illicit financial activity by linking an individual to an offshore entity.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
79
The slide uses a call-and-response format to frame the executive's testimony as evidence of poor corporate governance.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
80
Uses a callout to highlight the omission of the Sipex scandal in the subject's biography.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
81
The slide uses a red box to highlight the DIO row, emphasizing the 'bloated' figures.cite_precedent
Open slide detailBeat · Solution (Provide relief)
82
Uses red boxes to highlight the specific restated figures and a callout box to anchor the stock price drop to the news event.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
83
Uses a combination of biographical claims, legal excerpts, and stock performance to undermine the credibility of a board member.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
84
Uses red callouts to connect proxy statement text to the lack of clawback coverage for long-term incentives.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
85
The table highlights Monolithic Power (1) with a red border to emphasize the discrepancy.compare_peers
Open slide detailBeat · Solution (Provide relief)
86
Uses visual evidence (photos) and public records (sales history, FAA data) to build a narrative of executive enrichment.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
87
The slide uses red circles to draw attention to specific periods of insider selling activity.expose_contradiction
Open slide detailBeat · Solution (Provide relief)
89
Uses a red box to highlight the 'NO' presence for the most bullish analysts.expose_contradiction
90
The slide uses a 'valuation bridge' logic to argue that current multiples are disconnected from fundamental performance.show_valuation_bridge
91
The slide highlights that MPWR trades at a premium multiple compared to its peers, which the author argues is based on faulty assumptions.compare_peers
92
The slide highlights MPWR (in red) as an outlier compared to its peers (in blue) across four key financial metrics.compare_peers
93
The slide uses a conversational Q&A format styled as speech bubbles to present qualitative primary research.illustrate_case
94
The chart shows MPWR's valuation multiples across various metrics compared to the median of 44 completed semiconductor deals.quantify_opportunity
95
The slide uses a valuation bridge approach to adjust consensus figures for alleged accounting irregularities.quantify_opportunity