{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-4fb1214128dc", "slug": "f89da16be550", "title": "NRSRO Rating Agencies (Moody's, S&P, Fitch)", "subtitle": "Pershing Square Capital Management · 2010-05", "author": "Pershing Square Capital Management", "date": "2010-05-26 00:00:00", "pageCount": 12, "kind": "other", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "NRSRO Rating Agencies (Moody's, S&P, Fitch)", "document": { "id": "019dd923-622c-750b-8b9b-4fb1214128dc", "slug": "f89da16be550", "title": "NRSRO Rating Agencies (Moody's, S&P, Fitch)", "rawTitle": "Rating Agencies Presentation May 2010", "authorId": "01_Pershing_Square", "authorName": "Pershing Square Capital Management", "authorDisplay": "Pershing Square Capital Management", "kind": { "slug": "other", "label": "Other" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2010-05-Pershing-Square-Rating-Agencies-Presentation-May-2010.pdf", "sourceUrl": null, "sourceDate": "2010-05-26 00:00:00", "presentationDate": "2010-05-26 00:00:00", "ingestedAt": "2026-04-22 23:54:01+00", "status": "ready", "pageCount": 12, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "NRSRO Rating Agencies (Moody's, S&P, Fitch)", "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/f89da16be550", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 157.57419800758362 } }, "coverage": { "pageCount": 12, "pagesIndexed": 12, "pagesWithImages": 12, "pagesWithMetadata": 12, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 55, "chartCount": 0, "metricSlides": 0, "toolMatches": 0, "documentToolMatches": 0, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 4, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "evidence": "The document follows a structured approach to presenting a problem and solution, similar to the Consultant's Gambit narrative shape.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:29.167928+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem & Complication", "beatId": "6f5aa59b-3e92-427d-855b-76e97dab8446", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a clear problem statement and complication on pages 3-5.", "position": 0, "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": 0.8 }, { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Solution & Approach", "beatId": "7bcf19b6-fe59-460c-bd7b-2004d58812a2", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents a solution approach on pages 6-7.", "position": 1, "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": 0.8 }, { "to": 9, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Evidence & Proof", "beatId": "a1ba8a9e-92e2-4747-bc19-b7771c367aa8", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides evidence and proof on pages 8-9.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Impact & Next Steps", "beatId": "18635563-b413-42fa-b3a1-56eada9357ab", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document presents the impact and next steps on pages 10-12.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "3bd9c3c5-c403-4315-be1b-4e80a37cb349", "evidence": "The document emphasizes the importance of reforming rating agencies on pages 3-5.", "position": 0, "objective": "Highlight the costs of inaction in rating agency reform", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.353237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 7, "from": 6, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "bf713d62-e6ea-454f-a820-e1f9fd50668b", "evidence": "The document presents a structured solution approach on pages 6-7.", "position": 1, "objective": "Break down the solution into mutually exclusive and collectively exhaustive components", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:29.389396+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 10, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "49826ecc-80bd-417f-a80f-03db17bd885a", "evidence": "The document presents the implications of the proposed reforms on pages 10-12.", "position": 2, "objective": "Show the implications of the proposed reforms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.425495+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [], "frameworks": [ { "matchId": "06b874bc-4b94-4ca2-8d39-46dc54007c51", "evidence": "The slide explicitly contrasts an 'Old Paradigm' with a 'New Paradigm' to illustrate the impact of proposed changes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "before-after-framing" }, { "matchId": "08dcbdc2-f357-40b3-bdd5-5cc0d199d8eb", "evidence": "The slide explicitly contrasts an 'Old Paradigm' with a 'New Paradigm' to show the impact of proposed changes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "before-after-framing" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Atypical Pershing document: policy/regulatory reform deck (a suggested rider to the Restoring American Financial Stability Act of 2010), not an activist investment thesis on a specific company. No ticker, no valuation, no price target, no stake disclosed. No named human author on the cover — only the firm is credited. Target is the NRSRO industry as a class; named companies (MBI, ABK, FNM, FRE, AIG) are cited as examples of NRSRO rating failures rather than activist targets. Uses two explicit 'Old Paradigm / New Paradigm' side-by-side comparison slides (PDF pages 9 and 11), which are the most reusable visual device in the deck. Document type set to 'other' since it is neither a campaign deck nor a conference/Sohn-style presentation — it is a legislative rider proposal. thesis_types set to 'other' because none of the enumerated investment thesis types fit a regulatory-reform argument. Villain_named = false because critique stays impersonal (no named CEO/board chair/auditor).", "kpisCited": [], "closingAsk": "Attach Pershing Square's proposed rider — new-issue moratorium, pay-over-time fees, Reg FD repeal, and mandatory NRSRO accountability — to the Restoring American Financial Stability Act of 2010.", "extraction": { "at": "2026-04-22 23:54:01+00", "model": "unknown-legacy", "runId": null, "seconds": 157.5742, "promptVersion": null }, "scqaReward": "Restored ratings integrity, emergence of 'Investor Pays' research, genuine buyside due diligence, and NRSRO compensation aligned with long-term rating performance rather than new-issue volume.", "thesisTypes": [ "other" ], "top3Reasons": [ "Inflated NRSRO ratings on structured finance and bond insurers (MBI, ABK, FNM, FRE, AIG) drove trillions in crisis losses", "The 'success fee' model pays agencies upfront by issuers, incentivizing grade inflation and underwriter-like behavior", "A 60-day new-issue moratorium plus pay-over-time fees aligns NRSROs with rating accuracy, not issuance volume" ], "scqaSituation": "NRSRO rating agencies sit at the center of credit markets, rating trillions of dollars of corporate debt, structured finance and bond insurers, with investors and regulators deferring to their grades under ratings-based mandates.", "thesisSummary": "Pershing Square argues that NRSRO rating agencies (Moody's, S&P, Fitch) materially contributed to the credit crisis by overstating ratings on structured finance securities and bond insurers like MBIA, Ambac, Fannie Mae, Freddie Mac and AIG. The root cause is the 'success fee' payment model, in which issuers pay upfront and agencies compete for business by inflating grades. As a rider to the Restoring American Financial Stability Act of 2010, Pershing proposes a 60-day New Issue Ratings Moratorium barring NRSROs from contact with issuers, underwriters or public comment on new securities, forcing investors to do their own diligence and opening space for an 'Investor Pays' research market. Ratings fees would be set aside and paid over time in base, ranking and performance tranches, aligning NRSRO compensation with rating accuracy, and the SEC would be required to revoke status from chronic underperformers.", "primaryDemands": [ "Impose a 60-day New Issue Ratings Moratorium barring NRSRO contact with issuers, underwriters and public commentary on new securities", "Allow non-NRSROs to publish during the moratorium to seed an 'Investor Pays' research market", "Require the SEC to revoke NRSRO status for chronic underperformance vs. peers", "Repeal the NRSRO exemption from Reg FD so rating agencies no longer enjoy material non-public information advantages", "Mandate prospectus disclosure of any information that could reasonably impact ratings", "Restructure ratings fees into Base, Ranking and Performance tranches paid over the life of the bond, with non-payment an 'Event of Default'", "Attach the proposal as a rider to the Restoring American Financial Stability Act of 2010" ], "scqaResolution": "Attach a rider to the Restoring American Financial Stability Act: impose a 60-day new-issue moratorium, pay ratings fees over time via base, ranking and performance tranches, repeal the NRSRO Reg FD exemption, and require the SEC to revoke NRSRO status for chronic underperformers.", "thesisOneLiner": "Rating agencies caused the credit crisis through conflicted 'success fee' incentives; a 60-day new-issue moratorium plus pay-over-time fee structure would restore ratings integrity and market discipline.", "precedentsCited": [], "scqaComplication": "Under the 'success fee' model, NRSROs are paid upfront by issuers and compete on grade inflation, causing them to overstate ratings on structured products and bond insurers like MBI, ABK, FNM, FRE and AIG, materially driving the credit crisis.", "narrativeInterest": 3, "notableSlidePages": [ 1, 3, 9, 11, 12 ], "peerCompaniesCited": [ "MBIA (MBI)", "Ambac (ABK)", "Fannie Mae (FNM)", "Freddie Mac (FRE)", "AIG" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/4V1TsFT-kqtJ3d-a4BVrth2Ur_GEZc94CvViG650UU8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODlkYTE2YmU1NTAvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 123, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "subtitle_text", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:18.395+00", "seconds": 4.609, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/1", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.3, "x": 0.08, "y": 0.78 }, "kind": "image", "text": "Pershing Square Capital Management, L.P.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f042fa6b-aafe-4a85-80fc-61b597f30f99", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.4, "y": 0.53 }, "kind": "paragraph", "text": "May 26, 2010", "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 20:05:18.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f057705-68dc-4cfb-b27d-39bdea6ae600", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "title", "text": "Wait to Rate: How To Save The Rating Agencies (and the Capital Markets)", "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 20:05:18.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55de8aa3-7696-4eee-9b40-ce820c50f17d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/AbuYmIvtwRfQHsBm3zoTw38wjFun3rz68v-2IiD6x9I/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODlkYTE2YmU1NTAvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/fpLKHTxq1MkmYWmZ0f-7U0DZt1SPBtoKofNP0RCiO90/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODlkYTE2YmU1NTAvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/2CnCd4-m97zDFCb3U5Hy0iODWrnF4ODet1aNUBwxvZo/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODlkYTE2YmU1NTAvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 2, "textChars": 2055, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:20.885+00", "seconds": 7.028, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/2", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.655, "w": 0.833, "x": 0.083, "y": 0.228 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential information in the possession of the companies discussed in the presentation that could lead these companies to disagree with Pershing Square’s conclusions. This presentation and the information contained herein is not a recommendation or solicitation to buy or sell any securities.\n\nThe analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies, access to capital markets and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results contained herein.\n\nFunds managed by Pershing Square and its affiliates have invested in long and short positions in various securities and financial instruments. Pershing Square manages funds that are in the business of actively trading – buying and selling – securities and financial instruments. Pershing Square may currently or in the future change its position regarding any of the securities it owns. Pershing Square reserves the right to buy, sell, cover or otherwise change the form of its investment in any company for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.", "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 20:05:20.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7465eac1-703c-471c-9114-970780b95fdc", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.163, "x": 0.083, "y": 0.138 }, "kind": "title", "text": "Disclaimer", "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 20:05:20.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc7dbef1-d5c7-4af7-849d-f6008333a649", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "tension", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 573, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:16.781+00", "seconds": 2.552, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/3", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.218, "w": 0.833, "x": 0.083, "y": 0.218 }, "kind": "callout", "text": "Rating agencies were material contributors to the credit crisis as their inaccurate ratings allowed for the issuance of trillions of dollars of securities and derivatives which generated trillions of dollars of losses globally", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd931deb-aa73-4ec9-a856-32b52c2e0a59", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.38, "x": 0.101, "y": 0.5 }, "kind": "list", "text": "Rating agencies are generally good at rating the debts of corporate issuers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f596798-6132-4e94-bbec-237548e44e1e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.38, "x": 0.543, "y": 0.5 }, "kind": "list", "text": "Rating agencies overstated the ratings of structured finance securities and bond insurers like MBI, ABK, FNM, FRE and AIG", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "637285ed-2713-41d7-8008-4c4a28c0418d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.833, "x": 0.083, "y": 0.735 }, "kind": "paragraph", "text": "Various proposals have been floated to address the problem. As currently proposed, we believe that none will succeed as comprehensive reform", "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 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11fb3f88-21f9-410d-9bf4-53ad7c2c7aef", "parentComponentId": null }, { "bbox": { "h": 0.062, "w": 0.288, "x": 0.083, "y": 0.125 }, "kind": "title", "text": "The Context", "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 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e6030b6-93cc-43fa-a499-1511eb8b52ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "6f5aa59b-3e92-427d-855b-76e97dab8446", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a clear problem statement and complication on pages 3-5.", "position": 0, "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": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3bd9c3c5-c403-4315-be1b-4e80a37cb349", "evidence": "The document emphasizes the importance of reforming rating agencies on pages 3-5.", "position": 0, "objective": "Highlight the costs of inaction in rating agency reform", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.353237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 6, "textChars": 603, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:17.183+00", "seconds": 2.922, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/4", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.225 }, "kind": "callout", "text": "Problems are caused by corrupting incentives at the original issuance of a security or derivative by an issuer", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0f182c2-e5b5-4aba-9bfe-da1e1536e579", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.36 }, "kind": "list", "text": "Investors – Overly relied on ratings rather than their own due diligence and are often subject to ratings-based investment limitations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e21272b-26a7-49c4-9f29-aa7d7a09ec0b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.495 }, "kind": "list", "text": "Issuers/Banks – Are incentivized to get highest ratings with highest yielding (riskiest) assets", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94956596-754f-460b-a2b7-bb1606ff5aeb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.63 }, "kind": "list", "text": "NRSROs – Are conflicted by how they are paid; without high ratings, agencies do not earn fees on new issue transactions", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd2782fd-c178-4078-a9c4-114507641496", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.735 }, "kind": "list", "text": "“Success Fee” model leads to competition and grade inflation among NRSROs for new issuers and new product ratings", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd70bf4b-663e-4a7e-bc6e-0d1e5ef4d9e5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "What Are the Principal Problems?", "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 20:05:17.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5c83894-ba86-4593-a155-5e7a8cb4d088", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "6f5aa59b-3e92-427d-855b-76e97dab8446", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a clear problem statement and complication on pages 3-5.", "position": 0, "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": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3bd9c3c5-c403-4315-be1b-4e80a37cb349", "evidence": "The document emphasizes the importance of reforming rating agencies on pages 3-5.", "position": 0, "objective": "Highlight the costs of inaction in rating agency reform", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.353237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 3, "textChars": 724, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:16.781+00", "seconds": 2.413, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/5", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.833, "x": 0.083, "y": 0.218 }, "kind": "callout", "text": "Regulators and investors with ratings-based mandates have been ill-served by the NRSROs before and throughout the credit crisis", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9081370b-c968-45ee-9cae-514ae42581b4", "parentComponentId": null }, { "bbox": { "h": 0.415, "w": 0.833, "x": 0.083, "y": 0.363 }, "kind": "list", "text": "Rating agencies have failed to meet expectations:\nAct as Underwriters – in substance, have acted as part of the underwriting team for new issues\nAre Slow to Downgrade – are incentivized to keep ratings stable so new issues can continue to be sold and rated\nAre Loath to Pass Judgment on Themselves – did initially forbear from downgrading financial guarantors (e.g., MBI, ABK, FNM, FRE, AIG), as simultaneous downgrades would be triggered on thousands of other securities, putting NRSROs in the uncomfortable position of questioning their own prior ratings", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ef86de4-2fda-4829-a76d-3e195d37366d", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.465, "x": 0.083, "y": 0.135 }, "kind": "title", "text": "What Are the Principal Problems? (Cont'd)", "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 20:05:16.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c97f160-5d8c-47cb-93d9-f2f17c8daeb3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "6f5aa59b-3e92-427d-855b-76e97dab8446", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a clear problem statement and complication on pages 3-5.", "position": 0, "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": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3bd9c3c5-c403-4315-be1b-4e80a37cb349", "evidence": "The document emphasizes the importance of reforming rating agencies on pages 3-5.", "position": 0, "objective": "Highlight the costs of inaction in rating agency reform", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.353237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "appendix", "title": "The slide outlines specific legal constraints and exceptions for NRSROs (Nationally Recognized Statistical Rating Organizations).", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 7, "textChars": 1055, "nDataPoints": 0, "notes": "The slide outlines specific legal constraints and exceptions for NRSROs (Nationally Recognized Statistical Rating Organizations).", "elementsJson": [ "headline_text", "callout_box", "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:18.012+00", "seconds": 3.579, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/6", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.21 }, "kind": "callout", "text": "Our suggested rider to the Restoring American Financial Stability Act of 2010", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66c72208-6fb1-4cf1-a0fe-7cf436a603fc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "New Issue Ratings Moratorium. Prior to the date 60 days after the issuance of a new fixed income security, it shall be unlawful for any NRSRO to:", "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": "2026-04-23 02:35:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-c3cb580aa3da", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.14, "y": 0.66 }, "kind": "list", "text": "(a) Conduct due diligence based solely on publicly available information of the issuer or otherwise related to the security in respect of future ratings for such issuer or security, and\n(b) At all times broadly publish their ratings standards, procedures and methodologies.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62e0e463-af4d-4b4d-a5a9-ba6b46557e0b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.14, "y": 0.38 }, "kind": "list", "text": "(1) Have any contact with issuers, sponsors, servicers, trustees or underwriters of such security during such period,\n(2) Comment publicly on, or issue ratings regarding, any such security, or\n(3) Otherwise participate in the structuring, underwriting, offering or sale of such securities during such period.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3454c37-d521-4ab5-b273-594961aa872c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.29 }, "kind": "paragraph", "text": "“New Issue Ratings Moratorium. Prior to the date 60 days after the issuance of a new fixed income security, it shall be unlawful for any NRSRO to:", "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 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3469313b-58fa-46e0-b556-c536f091fa05", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.08, "y": 0.61 }, "kind": "paragraph", "text": "Notwithstanding the foregoing, NRSROs shall at all times be permitted to:", "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 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4820c5e7-ee28-4c30-ae7c-8497817f6388", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "How Do You Solve These Problems?", "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 20:05:18.012+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05fe05de-a844-4b1c-a8ae-cffa895132ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Solution & Approach", "beatId": "7bcf19b6-fe59-460c-bd7b-2004d58812a2", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents a solution approach on pages 6-7.", "position": 1, "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": 0.8 } ], "loops": [ { "to": 7, "from": 6, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "bf713d62-e6ea-454f-a820-e1f9fd50668b", "evidence": "The document presents a structured solution approach on pages 6-7.", "position": 1, "objective": "Break down the solution into mutually exclusive and collectively exhaustive components", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:29.389396+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "appendix", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 7, "textChars": 1072, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:21.816+00", "seconds": 7.28, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/7", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.766, "x": 0.095, "y": 0.825 }, "kind": "callout", "text": "Buyside analysts will develop into credible alternatives and even new NRSROs", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "329789af-25a6-49dc-874c-2291f7470de6", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.788, "x": 0.128, "y": 0.378 }, "kind": "list", "text": "Creates incentive for the development of an “Investor Pays” model for non-NRSRO rating agencies who will seek to fill the ratings void left by the New Issue Ratings Moratorium on NRSROs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57d7b38c-b894-4262-8427-9e90059e69de", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.788, "x": 0.128, "y": 0.678 }, "kind": "list", "text": "Bright line rules requiring the exercise of that power after material consistent underperformance could address the breakdown caused by the SEC’s past regulatory forbearance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a3aa1c8-d61c-4c0d-bc6c-aec9d2663a29", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.832, "x": 0.084, "y": 0.223 }, "kind": "list", "text": "Allow Non-NRSROs to Publish During New Issue Moratorium – Firms can (1) apply to be qualified as NRSROs and be subject to the new issue ratings moratorium or (2) choose to be non-NRSROs and compete for business from investors during the moratorium on the basis of the quality of their research", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64d16f83-bf6b-48ee-b40b-1005c2791295", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.788, "x": 0.084, "y": 0.508 }, "kind": "list", "text": "Insist on NRSRO Accountability – The SEC should be required to revoke a ratings agency’s NRSRO status if it consistently underperforms its peers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d5afbbf-0ce8-4e6d-b824-1379cc77ff78", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.788, "x": 0.128, "y": 0.603 }, "kind": "list", "text": "While the SEC currently has the power to revoke NRSRO status, it has failed to exercise that power likely because of the lack of credible alternatives to NRSROs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c33ff6a3-61dd-434e-bbb8-06957396a70f", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.535, "x": 0.084, "y": 0.135 }, "kind": "title", "text": "How Do You Solve These Problems? (Cont'd)", "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 20:05:21.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f555bc17-afde-436c-a039-3c94b254f69a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Solution & Approach", "beatId": "7bcf19b6-fe59-460c-bd7b-2004d58812a2", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents a solution approach on pages 6-7.", "position": 1, "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": 0.8 } ], "loops": [ { "to": 7, "from": 6, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "bf713d62-e6ea-454f-a820-e1f9fd50668b", "evidence": "The document presents a structured solution approach on pages 6-7.", "position": 1, "objective": "Break down the solution into mutually exclusive and collectively exhaustive components", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:29.389396+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "appendix", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 4, "textChars": 1057, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:17.837+00", "seconds": 3.055, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/8", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.834, "x": 0.083, "y": 0.22 }, "kind": "callout", "text": "Repealing NRSRO legal exemptions will mitigate undue reliance on ratings", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0beac445-0ac0-4d48-8ae2-29827bd24e78", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.82, "x": 0.095, "y": 0.295 }, "kind": "list", "text": "Re-Thinking Reg FD – The SEC should repeal the NRSRO exemption from fair disclosure rules that currently allow rating agencies access to issuers’ material non-public information. Investors justified their over-reliance on ratings in large part on account of NRSRO information advantages. Repeal of the SEC’s Reg FD exemption would reduce reliance premised on information asymmetries.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a858be9-562e-4863-ad71-fc5f8322a9a0", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.82, "x": 0.095, "y": 0.565 }, "kind": "list", "text": "Prospectus Delivery Requirements – Each issuer that seeks an NRSRO rating should be required to include in its bond offering prospectus all information that a reasonable investor would need to form an investment decision. Any information that could reasonably be expected to impact ratings should be viewed – by definition – as material and therefore should be disclosed in prospectuses and in on-going public disclosures. Improved disclosure requirements would improve the accuracy of fundamental analysis and level the playing field among market participants.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6725169-0954-458b-bc4c-2e06a90ea346", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.095, "y": 0.135 }, "kind": "title", "text": "How Do You Solve These Problems? (Cont'd)", "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 20:05:17.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15afc9d3-8e78-42e3-b920-3a5b2b12c439", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 8, "name": "Evidence & Proof", "beatId": "a1ba8a9e-92e2-4747-bc19-b7771c367aa8", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides evidence and proof on pages 8-9.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 4, "textChars": 236, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:16.898+00", "seconds": 2.103, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/9", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.64, "w": 0.39, "x": 0.52, "y": 0.28 }, "kind": "list", "text": "New Paradigm points: Investors, Issuers/Banks, NRSROs, Investor Pay Research", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b864d05-ca1a-4616-ade0-94d7f55d7e85", "parentComponentId": null }, { "bbox": { "h": 0.64, "w": 0.39, "x": 0.09, "y": 0.28 }, "kind": "list", "text": "Old Paradigm points: Investors, Issuers/Banks, NRSROs, Investor Pay Research", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b77907b-92a2-4776-979e-303f25972584", "parentComponentId": null }, { "bbox": { "h": 0.71, "w": 0.82, "x": 0.09, "y": 0.21 }, "kind": "table", "text": "Old Paradigm vs New Paradigm comparison", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62ff7db0-9b90-4e74-ae4b-0795275638dd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "What Are the Impacts of Our Proposed Changes?", "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 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44847c4b-e13a-4aa7-9e15-223ecad9e1c1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "06b874bc-4b94-4ca2-8d39-46dc54007c51", "evidence": "The slide explicitly contrasts an 'Old Paradigm' with a 'New Paradigm' to illustrate the impact of proposed changes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:05:16.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 9, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 8, "name": "Evidence & Proof", "beatId": "a1ba8a9e-92e2-4747-bc19-b7771c367aa8", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides evidence and proof on pages 8-9.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "appendix", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 6, "textChars": 921, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:18.485+00", "seconds": 3.368, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/10", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Ratings fees should be \"set aside\" and paid over time by issuers to NRSROs and failure to pay fees would be deemed an \"Event of Default\" for issuers", "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": "2026-04-23 02:35:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-f6de5197bf10", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.833, "x": 0.083, "y": 0.225 }, "kind": "list", "text": "New Fee Arrangements – Ratings fees should be “set aside” and paid over time by issuers to NRSROs and failure to pay fees would be deemed an “Event of Default” for issuers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00260eba-6a8c-4032-9c45-699c956e67a5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.791, "x": 0.125, "y": 0.575 }, "kind": "list", "text": "Ranking Fee – a portion of the remaining set aside will be paid in annual increments based on investor-determined annual rankings of each NRSRO", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b8357ef-60a1-469d-9876-6a9a69f7a99d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.791, "x": 0.125, "y": 0.72 }, "kind": "list", "text": "Performance Fee – the remaining set aside will be paid in annual increments to the NRSROs based on the performance of the bond relative to the ratings designated by each participating NRSRO", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad8778cb-9c8e-4acf-94f7-8c524751bd37", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.791, "x": 0.125, "y": 0.38 }, "kind": "list", "text": "Base Fee – a minimum fee will be paid in quarterly increments over the life of the bond to those NRSROs that pre-commit to rate a new bond after the 60-day moratorium and to continue to update those ratings over the bond’s life", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1500c4e-f837-4a33-af0f-83a4ff47219d", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.833, "x": 0.083, "y": 0.135 }, "kind": "title", "text": "How Should Ratings Agencies Be Compensated?", "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 20:05:18.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a145b2e-e872-45d4-a119-f6cde860acc0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 10, "name": "Impact & Next Steps", "beatId": "18635563-b413-42fa-b3a1-56eada9357ab", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document presents the impact and next steps on pages 10-12.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 10, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null }, "matchId": "49826ecc-80bd-417f-a80f-03db17bd885a", "evidence": "The document presents the implications of the proposed reforms on pages 10-12.", "position": 2, "objective": "Show the implications of the proposed reforms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.425495+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "title": "The slide uses a side-by-side comparison to highlight the shift from an issuer-pay model to an investor-pay model.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 253, "nDataPoints": 0, "notes": "The slide uses a side-by-side comparison to highlight the shift from an issuer-pay model to an investor-pay model.", "elementsJson": [ "headline_text", "comparison_table", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:17.857+00", "seconds": 2.593, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/11", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.4, "x": 0.53, "y": 0.31 }, "kind": "list", "text": "New Paradigm points: Investors, Issuers/Banks, NRSROs, Investor Pay Research", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0023af1f-ad50-4461-a26e-7289d1cd2d06", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.4, "x": 0.09, "y": 0.31 }, "kind": "list", "text": "Old Paradigm points: Investors, Issuers/Banks, NRSROs, Investor Pay Research", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0ab71b6-6bd8-4613-81f9-a37a956be40a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.84, "x": 0.08, "y": 0.22 }, "kind": "table", "text": "Old Paradigm vs New Paradigm comparison of NRSRO impacts", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": null, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "150ddf8b-a187-404c-bf39-a71e8c967102", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "What Are the Impacts of Our Proposed Changes?", "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 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fabf973a-5321-4a12-959e-723ada1a15a5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "08dcbdc2-f357-40b3-bdd5-5cc0d199d8eb", "evidence": "The slide explicitly contrasts an 'Old Paradigm' with a 'New Paradigm' to show the impact of proposed changes.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:05:17.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 10, "name": "Impact & Next Steps", "beatId": "18635563-b413-42fa-b3a1-56eada9357ab", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document presents the impact and next steps on pages 10-12.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 10, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null }, "matchId": "49826ecc-80bd-417f-a80f-03db17bd885a", "evidence": "The document presents the implications of the proposed reforms on pages 10-12.", "position": 2, "objective": "Show the implications of the proposed reforms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.425495+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "resolution", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 4, "textChars": 705, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:05:18.37+00", "seconds": 2.835, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/12", "deck": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json" }, "components": [ { "bbox": { "h": 0.118, "w": 0.832, "x": 0.084, "y": 0.223 }, "kind": "callout", "text": "The combination of increased buyside due diligence coupled with mitigation of conflicts of interest and a new payment scheme can restore the integrity of ratings", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5baba3fb-a95f-49b5-bffb-ef317910f84e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.832, "x": 0.084, "y": 0.388 }, "kind": "list", "text": "The steps toward regaining confidence are deceptively simple: Exclude the NRSRO rating agencies from the initial offering and underwriting process; Create incentives for fundamental research and valuation analysis by investors; Create the market opportunity for “Investor Pays” research and ratings to develop; Create a payment regime that focuses on NRSRO performance and the quality of their ratings over time and aligns their interest with investors", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:05:18.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "332ca859-395b-485d-a79e-b8b39982fc51", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.084, "y": 0.825 }, "kind": "paragraph", "text": "Failure to address fundamental flaws in the legacy ratings system is not an option", "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 20:05:18.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9be55d7e-2652-44d3-8773-047264b39ddb", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.167, "x": 0.084, "y": 0.135 }, "kind": "title", "text": "Conclusion", "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 20:05:18.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dee7d6e-afc1-417a-9c9e-a18faa276bb4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 10, "name": "Impact & Next Steps", "beatId": "18635563-b413-42fa-b3a1-56eada9357ab", "matchId": "b92cca74-9a6a-4eb6-9031-3d9ea0ad2fe0", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document presents the impact and next steps on pages 10-12.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 10, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)", "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion", "familyLabel": null }, "matchId": "49826ecc-80bd-417f-a80f-03db17bd885a", "evidence": "The document presents the implications of the proposed reforms on pages 10-12.", "position": 2, "objective": "Show the implications of the proposed reforms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:29.425495+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 3, "to": 5, "label": "Problem & Complication", "description": "The document presents a clear problem statement and complication on pages 3-5." }, { "from": 6, "to": 7, "label": "Solution & Approach", "description": "The document presents a solution approach on pages 6-7." }, { "from": 8, "to": 9, "label": "Evidence & Proof", "description": "The document provides evidence and proof on pages 8-9." }, { "from": 10, "to": 12, "label": "Impact & Next Steps", "description": "The document presents the impact and next steps on pages 10-12." } ], "loops": [ { "from": 3, "to": 5, "label": "Cost Of Inaction", "description": "Highlight the costs of inaction in rating agency reform" }, { "from": 6, "to": 7, "label": "Mece Breakdown", "description": "Break down the solution into mutually exclusive and collectively exhaustive components" }, { "from": 10, "to": 12, "label": "So What Cascade", "description": "Show the implications of the proposed reforms" } ] }