{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019f6b8f-1ee8-7619-8028-2f5330c04706",
  "slug": "jarvis-greenhill-wesco-financial-presentation-dec-2010",
  "title": "Greenhill Wesco Financial Presentation Dec 2010",
  "subtitle": "greenhill-wesco-financial-presentation-dec-2010 · 2010-12",
  "author": "greenhill-wesco-financial-presentation-dec-2010",
  "date": "2010-12-01 00:00:00",
  "pageCount": 65,
  "kind": "activist-deck",
  "document": {
    "id": "019f6b8f-1ee8-7619-8028-2f5330c04706",
    "slug": "jarvis-greenhill-wesco-financial-presentation-dec-2010",
    "title": "Greenhill Wesco Financial Presentation Dec 2010",
    "rawTitle": "Greenhill Wesco Financial Presentation Dec 2010",
    "authorId": "greenhill-wesco-financial-presentation-dec-2010",
    "authorName": null,
    "authorDisplay": "greenhill-wesco-financial-presentation-dec-2010",
    "kind": {
      "slug": "activist-deck",
      "label": "Activist deck"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "jarvis-greenhill-wesco-financial-presentation-dec-2010.pdf",
    "sourceUrl": "file://Jarvis_Resources/Greenhill-Wesco-Financial-Presentation-Dec-2010.pdf",
    "sourceDate": null,
    "presentationDate": "2010-12-01 00:00:00",
    "ingestedAt": "2026-07-16 15:32:49.593275+00",
    "status": "ready",
    "pageCount": 65,
    "orientation": null,
    "aspectRatio": null,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "corpus": "jarvis",
      "industry": null,
      "local_root": "/Users/miguelsuredasuau/Desktop/jarvis-staging/decks/jarvis-greenhill-wesco-financial-presentation-dec-2010",
      "image_width": 1995,
      "image_format": "jpg",
      "deck_type_raw": "activist",
      "deck_type_slug": null,
      "source_url_pattern": null
    }
  },
  "coverage": {
    "pageCount": 65,
    "pagesIndexed": 65,
    "pagesWithImages": 65,
    "pagesWithMetadata": 65,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 319,
    "chartCount": 41,
    "metricSlides": 0,
    "toolMatches": 24,
    "documentToolMatches": 0,
    "frameworkMatches": 35,
    "arcMatches": 1,
    "beatMatches": 7,
    "loopMatches": 3,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "evidence": "The deck structure and content resemble a Sequoia Pitch, with a focus on valuation analysis and financial data.",
        "isPrimary": true,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:19:54.247258+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 7,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 4,
        "name": "Problem",
        "beatId": "5aae5e26-67ec-4b57-9217-9558d70aef5b",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Problem",
          "slug": "sequoia-pitch-problem",
          "status": "active",
          "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation starts with an overview of Wesco and the offer background",
        "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": 0.7
      },
      {
        "to": 11,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 8,
        "name": "Market Size",
        "beatId": "b261cf99-7356-48ee-8f23-8a8c881c73d6",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Market Size",
          "slug": "sequoia-pitch-market-size",
          "status": "active",
          "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
          "version": 1,
          "description": null
        },
        "evidence": "The deck provides historical stock price performance and price-to-book multiples",
        "position": 1,
        "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": 0.7
      },
      {
        "to": 16,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 12,
        "name": "Solution",
        "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Solution",
          "slug": "sequoia-pitch-solution",
          "status": "active",
          "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.7
      },
      {
        "to": 20,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 17,
        "name": "Competition",
        "beatId": "3c634733-04c5-4a59-ac75-d51c3d5708ff",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Competition",
          "slug": "sequoia-pitch-competition",
          "status": "active",
          "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
          "version": 1,
          "description": null
        },
        "evidence": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC",
        "position": 3,
        "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": 0.7
      },
      {
        "to": 25,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 21,
        "name": "Financials",
        "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Financials",
          "slug": "sequoia-pitch-financials",
          "status": "active",
          "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
        "position": 4,
        "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": 0.7
      },
      {
        "to": 30,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 26,
        "name": "Team",
        "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "Team",
          "slug": "sequoia-pitch-team",
          "status": "active",
          "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
          "version": 1,
          "description": null
        },
        "evidence": "The deck provides regression analysis and combined ratio analysis",
        "position": 5,
        "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": 0.7
      },
      {
        "to": 35,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 31,
        "name": "The Ask",
        "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
        "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
        "beatType": {
          "name": "The Ask",
          "slug": "sequoia-pitch-the-ask",
          "status": "active",
          "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
        "position": 6,
        "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": 0.7
      }
    ],
    "loops": [
      {
        "to": 11,
        "from": 8,
        "loop": {
          "name": "06_zoom_in",
          "slug": "06-zoom-in",
          "status": "active",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "canonId": "019dd956-6846-74db-82be-dff5b058b072",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "description": "Start broad, then progressively focus on specific details that prove your point",
          "familyLabel": null,
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "matchId": "18da15e3-709e-486c-94f4-3c3687f64989",
        "evidence": "The deck provides a detailed analysis of Wesco's historical stock price performance",
        "position": 0,
        "objective": "What is Wesco's historical stock price performance?",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:19:54.567553+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 20,
        "from": 17,
        "loop": {
          "name": "10_iceberg",
          "slug": "10-iceberg",
          "status": "active",
          "bestFor": "Consulting, complex problem solving, organizational change",
          "canonId": "019dd956-69f4-738c-852a-643798da0899",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
          "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
          "familyLabel": null,
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "matchId": "66154903-eeec-4070-aa12-668f297f79d7",
        "evidence": "The presentation outlines the impact of consolidating shareholders' equity on valuation",
        "position": 1,
        "objective": "What are the implications of consolidating shareholders' equity?",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:19:54.608156+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 35,
        "from": 31,
        "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
        "evidence": "The deck provides additional value adjustments and analysis",
        "position": 2,
        "objective": "What are the implications of not adjusting for reserves and receivables?",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:19:54.648087+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "c7989cd9-2ef3-4101-a861-c7a166b9bac7",
        "evidence": "Financial Contribution table showing Revenue and Net Income by segment",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:34.779831+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 7,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "5ac95233-e3d4-4701-93ef-6c05974a9276",
        "evidence": "Historical stock price and volume chart",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:30.117859+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "2x2 matrix",
          "slug": "matrix-2x2",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
          "version": 1,
          "bodyDocId": null,
          "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "d4d681ce-e7ed-4657-b5f9-6d591469a77d",
        "evidence": "Comparison to Berkshire Class B and Reinsurance Composite",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 02:15:30.202795+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "14228e54-aea3-4ade-af08-d6d69f30a4d8",
        "evidence": "Historical Price-to-Book Multiples line chart with Wesco, Reinsurance Composite, Berkshire Class B",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:30.245899+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "e7e4d986-0703-40be-a510-1ea2119b82aa",
        "evidence": "Indexed Share Price and Price-to-Book Multiple chart",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:30.335299+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 11,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall / value bridge",
          "slug": "waterfall-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "871aa987-97e2-4e57-bcae-b5a205c30cd0",
        "evidence": "Waterfall chart showing equity bridge from 9/30/2010 to 6/30/2011E",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:30.506438+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Sum of parts",
          "slug": "sum-of-parts",
          "status": "active",
          "bestFor": "For breakup / spin-off theses",
          "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125",
          "version": 1,
          "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f",
          "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "092245b7-6a6e-4787-99fe-3f57200a206f",
        "evidence": "Sum-of-the-Parts Valuation table with segments",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For breakup / spin-off theses",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:30.634974+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 16,
        "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n  \"this company trades like X but owns Y, which trades at",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall / value bridge",
          "slug": "waterfall-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "5793b84a-535c-4301-aa6d-3c1526addb02",
        "evidence": "Waterfall chart of shareholders' equity",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:30.719505+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Sum of parts",
          "slug": "sum-of-parts",
          "status": "active",
          "bestFor": "For breakup / spin-off theses",
          "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125",
          "version": 1,
          "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f",
          "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "1bdd2562-6c0a-4020-88ba-ae60cf770206",
        "evidence": "Sum-of-the-Parts Valuation table with segments Wes-FIC, CORT, Precision Steel, MS Property",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For breakup / spin-off theses",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:30.805254+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n  \"this company trades like X but owns Y, which trades at",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "462676a0-6493-4a7d-b38c-d7cbe8d7cf04",
        "evidence": "chart/waterfall-bridge: Capital adequacy bridge showing current equity vs target",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 02:15:49.361757+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 21,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "41c76c68-9b0e-4c6a-95ea-a2efc55490cf",
        "evidence": "chart/waterfall-bridge: Waterfall chart showing equity bridge",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:55.985387+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 33,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "86bf86b3-3a1d-4cae-9044-93e298169234",
        "evidence": "chart/waterfall-bridge: Waterfall chart showing equity bridge",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:56.10645+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 35,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "1253fef0-bf86-4640-9577-38afeff9dec4",
        "evidence": "chart/waterfall-bridge: Waterfall chart showing equity adjustments and income",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:56.185156+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 36,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Valuation: Asset value",
          "slug": "asset-value",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-1f84-7107-aa39-74996f383a89",
          "version": 1,
          "bodyDocId": "019df269-1f62-72f6-8ebd-8252ef2f12a2",
          "description": "You value the target by summing the appraised or marked-to-market",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "ec711996-b4eb-447d-b701-e40190ec1731",
        "evidence": "Table showing Property, Asset Value, Appraised Value, and Difference columns.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:20.83571+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 45,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Valuation: DCF",
          "slug": "dcf",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2031-7273-9014-0c70beb91e11",
          "version": 1,
          "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
          "description": "You project free cash flows over an explicit forecast period (typically",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "4abe81cb-59c4-4c12-b5a1-a43d2cf25e64",
        "evidence": "Assumes tax rate of 35.0%",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 02:15:20.88102+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 45,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "0b7add49-eb1c-47e9-85d3-96d77c6f36ac",
        "evidence": "Company Overview details including business segments, investment strategy, employee count, and headquarters location.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 02:15:21.359255+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "1441e36f-522b-45d9-ae40-cd39f7ebb44b",
        "evidence": "Historical stock price line chart",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:34.642555+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 57,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "8c9ef408-fcde-4f3d-b98f-9492766c34b1",
        "evidence": "Historical P/B chart",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:34.729004+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 58,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "55006c7e-12ea-485f-8302-eefda9fc3e63",
        "evidence": "Historical Price-to-Tangible Book Multiple vs S&P 500",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:34.815702+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 59,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "6b9b2087-354b-4708-8154-1b6a6d562e50",
        "evidence": "Historical exchange ratio line chart",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:34.902638+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 60,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "bcab035f-f851-4f7b-9e7a-75f8519e9a1f",
        "evidence": "Quarterly Growth in Book Value per Share and Shareholder Dividends",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:35.037187+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "3b742668-0fb4-4cbd-8cb2-62874053d55e",
        "evidence": "Berkshire Class B Shares vs. Wesco Growth in Book Value Per Share and Dividends",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:34.993434+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "c58c5701-f1b6-400f-8573-1a642e582f21",
        "evidence": "Equity Research Analyst Ratings Distribution and Berkshire Class B Price Performance",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 02:15:35.130414+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 62,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "2x2 matrix",
          "slug": "matrix-2x2",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
          "version": 1,
          "bodyDocId": null,
          "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "da06cede-6727-4790-a484-9e7d7f83b62b",
        "evidence": "Valuation matrix table with columns for Share Price, Equity Value, NTM EPS, Reported Book Value, and Tangible Book Value.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 02:15:35.218068+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 63,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "390203e5-5dbd-4888-99de-825ba8371d9c",
        "evidence": "Compares Wesco's P/B ratio against peers over a 10-year period.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:18.499+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "e6ae6caa-38fb-4647-8940-bcfc2ce7ccf6",
        "evidence": "Outlines specific valuation methodologies used for financial analysis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:18.519+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 13,
        "frameworkName": "analytical-method"
      },
      {
        "matchId": "f2ffa38e-217d-4313-a0f4-7a4a942b7992",
        "evidence": "The chart visually bridges the gap between two equity values using intermediate adjustments.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:18.735+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "7d9cc9f2-9e30-4220-8a53-27f68f5d22c8",
        "evidence": "Comparison of multiple valuation methodologies to determine fair value.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:18.6+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 15,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "4a22f94d-f04e-492d-82b4-f5e2b8905030",
        "evidence": "Sum-of-the-parts valuation methodology",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:19.518+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 16,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "cdad2338-ca62-49cc-b7c7-45af9641e89c",
        "evidence": "The chart uses a waterfall structure to bridge individual business unit equity to a consolidated total.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:19.202+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "a9a3a385-7ee6-4eb9-bc83-4e28020a24d7",
        "evidence": "Sum-of-the-parts valuation methodology",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:19.262+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "dd3138d5-587a-43d6-bad9-377dd711cbca",
        "evidence": "Presents a structured valuation bridge from GAAP statistics to an implied offer price.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:20.755+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 21,
        "frameworkName": "valuation_table"
      },
      {
        "matchId": "6bc49cd5-9e6b-472f-aa39-126c315e5e36",
        "evidence": "Normalization of ROE to reflect underlying investment performance.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:20.751+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 22,
        "frameworkName": "capital-return"
      },
      {
        "matchId": "2439d056-5a14-4e99-87c3-16e278cad5e5",
        "evidence": "Comparing Wes-FIC yield against peer group median",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:21.792+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 23,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "01f2881e-dbec-4f33-b81d-288d56df9af7",
        "evidence": "Comparing Wesco multiples against a peer composite over a 10-year period.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:21.73+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 24,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "5d636d7d-bff2-4c7c-b97a-4d707b4e1dc9",
        "evidence": "Table comparing target company against industry peers across multiple financial metrics.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:21.645+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 25,
        "frameworkName": "peer_benchmark"
      },
      {
        "matchId": "9b0d3dd2-fe89-4c41-b850-64359ce5386c",
        "evidence": "Scatter plot with trendline and R-squared",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:22.072+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 26,
        "frameworkName": "regression-analysis"
      },
      {
        "matchId": "c09f8cd5-f260-4acd-8dff-17cd51d4742c",
        "evidence": "Analysis of capital adequacy ratios and excess capital relative to rating agency requirements.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:21.84+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 28,
        "frameworkName": "capital-allocation-framework"
      },
      {
        "matchId": "7099c5f7-31b0-45ac-8cf0-d4569328f862",
        "evidence": "Direct comparison of Wes-FIC performance against a peer composite.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:22.169+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 29,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "e671e8c0-c01b-49ee-b509-71752a040242",
        "evidence": "Side-by-side comparison of financial ratios between two entities.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:22.068+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 30,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "bf857a4d-d515-47d2-a0b4-cded80837661",
        "evidence": "The slide reconciles specific line items to a total adjustment value.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:22.221+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 32,
        "frameworkName": "valuation-bridge"
      },
      {
        "matchId": "86a673de-b9e0-4f0f-a94a-966bf60c8602",
        "evidence": "Calculates present value of future payments based on payout patterns and discount rates.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-07-16 19:24:24.061+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 33,
        "frameworkName": "dcf"
      },
      {
        "matchId": "0f293911-cda4-4b49-b6ce-cb575b060ff5",
        "evidence": "Bridge from base valuation to adjusted valuation",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:23.974+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 34,
        "frameworkName": "valuation-bridge"
      },
      {
        "matchId": "27d9d8fd-a881-4df4-916a-0aa5212c0789",
        "evidence": "The chart visually bridges a starting value to an ending value through intermediate adjustments.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:23.931+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 35,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "e5cf7231-06fc-4068-8863-ec1942811cac",
        "evidence": "The chart visually bridges a starting value to an ending value through a series of positive and negative adjustments.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:24.598+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 36,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "589adc84-735a-4ae3-a1f4-b3b958226d7a",
        "evidence": "Valuation summary using trading multiples and DCF",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:24.935+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 39,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "0649f2d7-a4b5-4e19-8056-4149b5dce9f2",
        "evidence": "DCF methodology listed as a valuation approach",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:24.935+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 39,
        "frameworkName": "dcf"
      },
      {
        "matchId": "de747337-44f5-4309-a562-5d1c34d653d0",
        "evidence": "DCF sensitivity tables for WACC and Perpetuity Growth Rate",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:25.003+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 40,
        "frameworkName": "dcf"
      },
      {
        "matchId": "506aed62-47e3-4adc-b69a-daea97a7ab1c",
        "evidence": "Valuation summary using trading and precedent transaction methodologies",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:24.886+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 42,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "6fd70066-afc1-44bc-a3dc-6d2394359fa7",
        "evidence": "The slide uses standard valuation methodologies (Trading and Precedent Transactions) to derive enterprise value.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:24.744+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 43,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "a2f539f7-cc5a-4eab-9808-3bdd615931d5",
        "evidence": "Comparison of book asset value vs appraised value to derive net value.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:25.81+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 45,
        "frameworkName": "asset-value"
      },
      {
        "matchId": "666d380d-4dc6-4457-b33b-55a995ac39a8",
        "evidence": "The chart visually bridges the gap between two valuation methodologies using a waterfall-like comparison.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:27.572+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 48,
        "frameworkName": "valuation_bridge"
      },
      {
        "matchId": "1030d2cd-ff21-40a0-8ed4-8771377a31c4",
        "evidence": "The slide presents a structured comparison of historical transaction data to establish valuation benchmarks.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:27.638+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 52,
        "frameworkName": "precedent-table"
      },
      {
        "matchId": "43869305-19b4-407d-b5e9-3e346536b122",
        "evidence": "The slide presents a structured list of historical financial transactions to establish market norms for minority buyouts.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:27.333+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 53,
        "frameworkName": "precedent_table"
      },
      {
        "matchId": "9ff1ee93-9b2d-447c-920d-37645449252b",
        "evidence": "Events are mapped chronologically against the stock price line chart.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-07-16 19:24:28.244+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 57,
        "frameworkName": "timeline"
      },
      {
        "matchId": "7fff9fc8-a0e0-46c0-a542-0442f4062725",
        "evidence": "Historical P/B multiple comparison",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:28.963+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 58,
        "frameworkName": "valuation_analysis"
      },
      {
        "matchId": "fc972d67-c651-49b5-a5a9-c518ac9fbab9",
        "evidence": "Historical multiple comparison",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 19:24:29.913+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 59,
        "frameworkName": "valuation_analysis"
      },
      {
        "matchId": "8d8b8bce-fa52-40eb-ab82-930903383882",
        "evidence": "Direct comparison of growth metrics between two entities over time.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 19:24:29.654+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "5062e41a-0f87-4d67-a2f0-fac32fdd12f2",
        "evidence": "Uses data visualization to support a narrative about low analyst coverage.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 19:24:30.429+00",
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 62,
        "frameworkName": "data-story-arc"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "title": "Includes Greenhill logo and WESCO Pasadena logo.",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/TwOUli2gr02v6813Q90BkCEoYJVIbcbAzBJJbKmkijc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtZ3JlZW5oaWxsLXdlc2NvLWZpbmFuY2lhbC1wcmVzZW50YXRpb24tZGVjLTIwMTAvcDAwMS5qcGc",
      "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": 14,
        "componentCount": 5,
        "textChars": 92,
        "nDataPoints": 0,
        "notes": "Includes Greenhill logo and WESCO Pasadena logo.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:16.106+00",
          "seconds": 2.494,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/1",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-1",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.1,
            "x": 0.06,
            "y": 0.91
          },
          "kind": "image",
          "text": "Greenhill logo",
          "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": "2026-07-16 19:24:16.106+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c7b3bc4-5bf6-4cfe-9a67-23a5dea96a38",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.09,
            "x": 0.82,
            "y": 0.442
          },
          "kind": "image",
          "text": "WESCO Pasadena logo",
          "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": "2026-07-16 19:24:16.106+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "790de7df-57cb-4b81-b7b2-1ada12d77d7d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.11,
            "x": 0.305,
            "y": 0.66
          },
          "kind": "subtitle",
          "text": "December 16, 2010",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:16.106+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a88e7ba-0016-40db-92ad-609863ac96fe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.09,
            "x": 0.305,
            "y": 0.572
          },
          "kind": "subtitle",
          "text": "Project Rose",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:16.106+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "314b0398-339d-4c02-b3ea-179fb4d10a69",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.39,
            "x": 0.305,
            "y": 0.615
          },
          "kind": "title",
          "text": "Preliminary Valuation Analysis",
          "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": "2026-07-16 19:24:16.106+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be0f8c91-f165-43b6-a2cd-cf55732fc81d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/WYOO-SPI8gAZFY5SD9OOSN1yc_3PwRAwWIMLu5Texrc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtZ3JlZW5oaWxsLXdlc2NvLWZpbmFuY2lhbC1wcmVzZW50YXRpb24tZGVjLTIwMTAvcDAwMS5qcGc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/ZxYrPm9qyGcAe5rE0w_4YzceAUIUovmg_J6_6WOqXhw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtZ3JlZW5oaWxsLXdlc2NvLWZpbmFuY2lhbC1wcmVzZW50YXRpb24tZGVjLTIwMTAvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/tjBGcG2xF1oIyTOWqLTy2NcuVcUNq1C1tP8-AlM75Ak/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtZ3JlZW5oaWxsLXdlc2NvLWZpbmFuY2lhbC1wcmVzZW50YXRpb24tZGVjLTIwMTAvcDAwMS5wbmc"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "front_matter",
      "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": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 2,
        "textChars": 1400,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:16.536+00",
          "seconds": 2.843,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/2",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-2",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.35,
            "w": 0.6,
            "x": 0.304,
            "y": 0.245
          },
          "kind": "paragraph",
          "text": "This presentation has been prepared by Greenhill & Co., LLC (\"Greenhill\") for the use of the Special Committee of the Board of Directors of Wesco Financial Corporation (the \"Company\"), is for information only and may not be used for any purpose or disclosed to any other person without Greenhill's prior written consent. These materials are not intended to be and do not constitute a recommendation to any person or entity as to whether to acquire or dispose of or take any other action in respect of any securities of the Company or any other person. In preparing these analyses, Greenhill has relied on publicly available information and other information provided to it by the Company and its representatives and has assumed, without independent verification, the accuracy and completeness of all such information. Greenhill does not assume any responsibility or liability therefor. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information presented herein or its suitability for any particular purpose. Greenhill has not conducted any evaluation or appraisal of any assets or liabilities of the Company or any other person referred to in this presentation. Greenhill does not have any obligation to update the information in this presentation. For definitions of all capitalized terms contained herein, refer to Appendix.",
          "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": null,
            "framework": null
          },
          "subkind": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:16.536+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20487ac6-db5e-4695-8155-f561f5d42be7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.024,
            "w": 0.115,
            "x": 0.304,
            "y": 0.155
          },
          "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": "2026-07-16 19:24:16.536+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "23f9bd20-bdb5-4e4f-a46f-97141c709ac1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 5,
        "componentCount": 2,
        "textChars": 151,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:15.837+00",
          "seconds": 2.027,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/3",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-3",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.26,
            "w": 0.41,
            "x": 0.295,
            "y": 0.295
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n4. Berkshire Class B Share Considerations\n\nAppendix",
          "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": "2026-07-16 19:24:15.837+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "94db49e4-3e96-4993-b92d-7df8985de96d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.165,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:15.837+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1ed89db9-71ef-4944-b5a0-b0de1c2f6c97",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "appendix",
      "title": "This slide outlines the timeline of the acquisition offer and the engagement of advisors.",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 30,
        "componentCount": 2,
        "textChars": 1074,
        "nDataPoints": 0,
        "notes": "This slide outlines the timeline of the acquisition offer and the engagement of advisors.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:16.57+00",
          "seconds": 2.43,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/4",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-4",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.304,
            "y": 0.258
          },
          "kind": "list",
          "text": "On August 26, 2010, Berkshire made public its intent to acquire the 19.9% of Wesco that it does not already own. The Berkshire Offer is a fixed price offer that values Wesco according to an estimate of book value determined reasonably contemporaneously with the closing. Shareholders may elect cash or stock (Berkshire Class B shares), with no proration. The number of Berkshire Class B shares issued for each share of Wesco is to be determined by a VWAP over a period ending shortly before the special meeting. On September 1, 2010, Wesco formed a Special Committee comprised of Carolyn Carlburg, Bob Flaherty and Betty Peters to evaluate the Berkshire Offer. Shortly thereafter, the Special Committee hired Skadden as legal counsel. On October 5, 2010, the Special Committee hired Greenhill as financial advisor to assist in evaluating the Berkshire Offer and other potential alternatives. Greenhill has conducted due diligence on Wesco and each of its businesses, including on-site management meetings with the management teams of Wesco, Wes-FIC and CORT.",
          "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": "2026-07-16 19:24:16.57+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c34962db-4335-4a39-928e-5a57ee42a870",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.024,
            "w": 0.165,
            "x": 0.304,
            "y": 0.155
          },
          "kind": "title",
          "text": "Offer Background",
          "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": "2026-07-16 19:24:16.57+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2530e9c2-405e-489b-b5ab-b7bf27da7c55",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 7,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Problem",
          "beatId": "5aae5e26-67ec-4b57-9217-9558d70aef5b",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Problem",
            "slug": "sequoia-pitch-problem",
            "status": "active",
            "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of Wesco and the offer background",
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "The slide outlines the valuation methodology (book value per share) and the structure of the offer (cash or stock election).",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 63,
        "componentCount": 7,
        "textChars": 1119,
        "nDataPoints": 1,
        "notes": "The slide outlines the valuation methodology (book value per share) and the structure of the offer (cash or stock election).",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:17.463+00",
          "seconds": 3.285,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/5",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-5",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.65,
            "x": 0.305,
            "y": 0.82
          },
          "kind": "list",
          "text": "Exchange ratio for Berkshire Class B common stock is unspecified, but would be determined by dividing the cash price per share by the VWAP for Berkshire Class B common stock over an unspecified period ending shortly before the special meeting",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "079bf733-49fb-4877-afc3-2922d790bc1a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.65,
            "x": 0.305,
            "y": 0.255
          },
          "kind": "list",
          "text": "Berkshire's offer price is equal to an estimate of Wesco's \"book value\" per share based upon: Wesco's latest reported shareholders' equity; Estimate of retained earnings; Changes in the fair value of investment securities.",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "289f0850-9096-4c73-a067-4f01789165bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.65,
            "x": 0.305,
            "y": 0.645
          },
          "kind": "list",
          "text": "Structured as an election of cash or stock: Shareholders to elect either cash or Berkshire Class B common stock; If transaction is properly structured, receipt of Berkshire Class B common stock should be tax free to Wesco shareholders",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3af117f5-60ae-44f5-8818-d05b4e968be1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.65,
            "x": 0.305,
            "y": 0.515
          },
          "kind": "list",
          "text": "Accretion of interest or dividend income would be counted in retained earnings or changes in investment securities but not both",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "65eb1ad7-8712-4531-ab98-0e2f68a86172",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.65,
            "x": 0.305,
            "y": 0.58
          },
          "kind": "list",
          "text": "Per share value then would be obtained by dividing that amount by the number of shares of Wesco outstanding, assumed to be 7,119,807",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "942e6de4-57e4-4f41-80a5-44dfb6b4b899",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.22,
            "x": 0.06,
            "y": 0.255
          },
          "kind": "paragraph",
          "text": "This summary reflects information taken directly from Warren Buffett's letter to the Board of Directors of Wesco dated September 1, 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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca0de6fd-4858-46ef-9f8c-5744070b943d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.32,
            "x": 0.305,
            "y": 0.145
          },
          "kind": "title",
          "text": "Summary of Berkshire Offer",
          "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": "2026-07-16 19:24:17.463+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8be42a0f-aac1-4361-a235-9d27fb4acbe9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 7,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Problem",
          "beatId": "5aae5e26-67ec-4b57-9217-9558d70aef5b",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Problem",
            "slug": "sequoia-pitch-problem",
            "status": "active",
            "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of Wesco and the offer background",
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 5,
        "componentCount": 2,
        "textChars": 150,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:16.195+00",
          "seconds": 1.93,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/6",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-6",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.2,
            "w": 0.4,
            "x": 0.305,
            "y": 0.29
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:16.195+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3907484e-3a92-4b5d-929d-d876f481cfe1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:16.195+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "624002fd-3b1e-4626-a352-5cee032f72d0",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 7,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Problem",
          "beatId": "5aae5e26-67ec-4b57-9217-9558d70aef5b",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Problem",
            "slug": "sequoia-pitch-problem",
            "status": "active",
            "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of Wesco and the offer background",
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "setup",
      "title": "The slide uses a table to map segments to their subsidiaries and a separate table for financial performance.",
      "function": "summarize",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "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": 37,
        "componentCount": 6,
        "textChars": 403,
        "nDataPoints": 12,
        "notes": "The slide uses a table to map segments to their subsidiaries and a separate table for financial performance.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:17.145+00",
          "seconds": 2.867,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/7",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-7",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.035,
            "w": 0.25,
            "x": 0.295,
            "y": 0.875
          },
          "kind": "other",
          "text": "(1) As of 9/30/2010 (2) Represents after-tax contribution to GAAP net income Source: Company filings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10cc536d-94b1-4fcd-8972-4c3514505420",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.085,
            "w": 0.215,
            "x": 0.065,
            "y": 0.255
          },
          "kind": "paragraph",
          "text": "Incorporated in Delaware on March 19, 1959, Wesco engages in three principal businesses, Insurance, Furniture and Steel, through wholly-owned subsidiaries",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d1c8e1c9-2aeb-4fad-b5d0-85c3da2a8188",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.195,
            "x": 0.303,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Business Segment Overview",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7eaf3b1a-770a-4a8e-a235-cc1293a08558",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.255,
            "w": 0.245,
            "x": 0.06,
            "y": 0.558
          },
          "kind": "table",
          "text": "Financial Contribution table showing Revenue and Net Income by segment",
          "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": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76c45e56-26b8-4cb0-9318-1cb4d3e6b47c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.605,
            "w": 0.645,
            "x": 0.295,
            "y": 0.23
          },
          "kind": "table",
          "text": "Segment and Summary Description table",
          "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": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c93b1438-b93d-4a84-95fa-5a91b71bda34",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.028,
            "w": 0.235,
            "x": 0.303,
            "y": 0.155
          },
          "kind": "title",
          "text": "Overview of Wesco",
          "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": "2026-07-16 19:24:17.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aa11c9af-5638-4ddb-974c-b6727e1becee",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "c7989cd9-2ef3-4101-a861-c7a166b9bac7",
          "evidence": "Financial Contribution table showing Revenue and Net Income by segment",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:34.779831+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 7,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 7,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Problem",
          "beatId": "5aae5e26-67ec-4b57-9217-9558d70aef5b",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Problem",
            "slug": "sequoia-pitch-problem",
            "status": "active",
            "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation starts with an overview of Wesco and the offer background",
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "analysis",
      "title": "The slide highlights the lack of management projections and third-party analyst coverage for Wesco.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 8,
        "textChars": 543,
        "nDataPoints": 28,
        "notes": "The slide highlights the lack of management projections and third-party analyst coverage for Wesco.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:17.517+00",
          "seconds": 3.13,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/8",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-8",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.32,
            "x": 0.64,
            "y": 0.24
          },
          "kind": "chart",
          "text": "Book Value per Share",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b9ae626-8770-4dc2-96e9-e4bb95fca72b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.32,
            "x": 0.305,
            "y": 0.57
          },
          "kind": "chart",
          "text": "Total Revenues",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6017ec70-00c3-49bc-b5c3-36b4e1f20cd7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.32,
            "x": 0.64,
            "y": 0.57
          },
          "kind": "chart",
          "text": "Premiums Earned",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca78ed8d-a554-4eb1-ae89-3d9e12ff778e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.32,
            "x": 0.305,
            "y": 0.24
          },
          "kind": "chart",
          "text": "Net Income per Share",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cf103700-91f8-404b-8369-558713fa2746",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.305,
            "y": 0.91
          },
          "kind": "other",
          "text": "(1) LTM as of 9/30/2010 Source: Company filings, SNL Financial",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "657a588c-01c6-4de3-bc9a-7cf9e00ea659",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.23,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wesco management does not prepare financial projections in the ordinary course and declined to do so solely for purposes of the proposed transaction. However, CORT management prepared financial projections solely for the purposes of the proposed transaction. No research analysts follow Wesco and thus no third-party projections are available.",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2e258737-1484-4789-8af5-8d1be53a01a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.305,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Historical Consolidated Financial Information",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "67c9a12b-6e41-456d-96af-c2ecebe77e61",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Wesco Summary Financials",
          "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": "2026-07-16 19:24:17.517+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "971c97e1-8b01-4f01-911f-d0a526635ff2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 11,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Market Size",
          "beatId": "b261cf99-7356-48ee-8f23-8a8c881c73d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Market Size",
            "slug": "sequoia-pitch-market-size",
            "status": "active",
            "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides historical stock price performance and price-to-book multiples",
          "position": 1,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 11,
          "from": 8,
          "loop": {
            "name": "06_zoom_in",
            "slug": "06-zoom-in",
            "status": "active",
            "bestFor": "Technical deep-dives, case studies, detailed analysis",
            "canonId": "019dd956-6846-74db-82be-dff5b058b072",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
            "description": "Start broad, then progressively focus on specific details that prove your point",
            "familyLabel": null
          },
          "matchId": "18da15e3-709e-486c-94f4-3c3687f64989",
          "evidence": "The deck provides a detailed analysis of Wesco's historical stock price performance",
          "position": 0,
          "objective": "What is Wesco's historical stock price performance?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.567553+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 9,
      "type": "analysis",
      "title": "The chart shows stock price (line) and volume (bars) from 2000 to 2010.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 5,
        "textChars": 178,
        "nDataPoints": 15,
        "notes": "The chart shows stock price (line) and volume (bars) from 2000 to 2010.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.115+00",
          "seconds": 3.128,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/9",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-9",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.6,
            "x": 0.3,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Historical stock price and volume chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.115+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "12811f1f-2600-412c-8b42-883364b3be86",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.06,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.115+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b079dce0-ada0-4f68-a254-df88efad90dc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.3,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "10 Years Prior to Date of Berkshire Offer (8/26/2000 to 8/25/2010)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.115+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "88d60eac-948e-4dc8-abc0-bdb8d0fed539",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.22,
            "x": 0.06,
            "y": 0.48
          },
          "kind": "table",
          "text": "VWAP metrics table",
          "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": "2026-07-16 19:24:18.115+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "49c492f1-1f37-4df0-984d-f6ba6fa6bb71",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.3,
            "y": 0.15
          },
          "kind": "title",
          "text": "Wesco Historical Stock Price Performance",
          "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": "2026-07-16 19:24:18.115+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "164a5a8e-94c4-45f9-907b-9ab37fb32ec8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "5ac95233-e3d4-4701-93ef-6c05974a9276",
          "evidence": "Historical stock price and volume chart",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:30.117859+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 11,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Market Size",
          "beatId": "b261cf99-7356-48ee-8f23-8a8c881c73d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Market Size",
            "slug": "sequoia-pitch-market-size",
            "status": "active",
            "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides historical stock price performance and price-to-book multiples",
          "position": 1,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 11,
          "from": 8,
          "loop": {
            "name": "06_zoom_in",
            "slug": "06-zoom-in",
            "status": "active",
            "bestFor": "Technical deep-dives, case studies, detailed analysis",
            "canonId": "019dd956-6846-74db-82be-dff5b058b072",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
            "description": "Start broad, then progressively focus on specific details that prove your point",
            "familyLabel": null
          },
          "matchId": "18da15e3-709e-486c-94f4-3c3687f64989",
          "evidence": "The deck provides a detailed analysis of Wesco's historical stock price performance",
          "position": 0,
          "objective": "What is Wesco's historical stock price performance?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.567553+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 10,
      "type": "setup",
      "title": "The slide uses a line chart to demonstrate valuation trends relative to peers.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 49,
        "componentCount": 7,
        "textChars": 562,
        "nDataPoints": 3,
        "notes": "The slide uses a line chart to demonstrate valuation trends relative to peers.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.499+00",
          "seconds": 3.299,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/10",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-10",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.22,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "callout",
          "text": "Wesco common stock has traded, on average, at or above book value in the past 10 years",
          "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": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fa06a574-ef19-40f1-af84-0128064fb127",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.29,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Historical Price-to-Book Multiples line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4380b4db-4d20-4fbb-83f5-4f20ffba8b49",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.45,
            "y": 0.85
          },
          "kind": "legend",
          "text": "Wesco, Reinsurance Composite, Berkshire Class B",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6afacc1e-f96a-4ea3-93d6-61e2076cf98d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.65,
            "x": 0.3,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Note: Reinsurance Composite includes Alterra Capital, Aspen Insurance Holdings, Axis Capital, Endurance Specialty Holdings, Everest Re, Montpelier Re, PartnerRe, Platinum Underwriters, RenaissanceRe and Transatlantic Holdings. Source: FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e9743d06-2d7f-4de7-b481-4422114aa95e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.45,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Comparison to Berkshire Class B and Reinsurance Composite",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a0a942ab-cb94-441c-93cb-390271cc2238",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.28,
            "x": 0.06,
            "y": 0.66
          },
          "kind": "table",
          "text": "Pre-Offer Price-to-Book Average as of 8/26/10",
          "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": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3f62aeb7-45bd-4d0e-8009-c97746b2935e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Wesco Historical Price-to-Book Multiples",
          "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": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e472efe9-4b88-4de7-a110-24fe8622113c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "2x2 matrix",
            "slug": "matrix-2x2",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
            "version": 1,
            "bodyDocId": null,
            "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "d4d681ce-e7ed-4657-b5f9-6d591469a77d",
          "evidence": "Comparison to Berkshire Class B and Reinsurance Composite",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 02:15:30.202795+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "14228e54-aea3-4ade-af08-d6d69f30a4d8",
          "evidence": "Historical Price-to-Book Multiples line chart with Wesco, Reinsurance Composite, Berkshire Class B",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:30.245899+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "390203e5-5dbd-4888-99de-825ba8371d9c",
          "evidence": "Compares Wesco's P/B ratio against peers over a 10-year period.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:18.499+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 11,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Market Size",
          "beatId": "b261cf99-7356-48ee-8f23-8a8c881c73d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Market Size",
            "slug": "sequoia-pitch-market-size",
            "status": "active",
            "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides historical stock price performance and price-to-book multiples",
          "position": 1,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 11,
          "from": 8,
          "loop": {
            "name": "06_zoom_in",
            "slug": "06-zoom-in",
            "status": "active",
            "bestFor": "Technical deep-dives, case studies, detailed analysis",
            "canonId": "019dd956-6846-74db-82be-dff5b058b072",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
            "description": "Start broad, then progressively focus on specific details that prove your point",
            "familyLabel": null
          },
          "matchId": "18da15e3-709e-486c-94f4-3c3687f64989",
          "evidence": "The deck provides a detailed analysis of Wesco's historical stock price performance",
          "position": 0,
          "objective": "What is Wesco's historical stock price performance?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.567553+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 11,
      "type": "analysis",
      "title": "Includes a dual-axis line chart showing indexed share price and P/B multiples, alongside summary tables for valuation metrics.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 64,
        "componentCount": 8,
        "textChars": 663,
        "nDataPoints": 35,
        "notes": "Includes a dual-axis line chart showing indexed share price and P/B multiples, alongside summary tables for valuation metrics.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.651+00",
          "seconds": 3.331,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/11",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-11",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.63,
            "x": 0.305,
            "y": 0.23
          },
          "kind": "chart",
          "text": "Indexed Share Price and Price-to-Book Multiple chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bed9181d-9f5b-45a0-8e4a-3c547486a93d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.63,
            "x": 0.305,
            "y": 0.59
          },
          "kind": "legend",
          "text": "Chart legend for Wesco and Berkshire Class B metrics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91bf5c2a-f3ab-486b-bf81-306204023324",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.63,
            "x": 0.305,
            "y": 0.91
          },
          "kind": "other",
          "text": "Note: As of 12/9/2010. Reinsurance Composite includes Altera Capital, Aspen Insurance Holdings, Axis Capital, Endurance Specialty Holdings, Everest Re, Montpelier Re, PartnerRe, Platinum Underwriters, RenaissanceRe and Transatlantic Holdings. Source: Bloomberg, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c6da8985-e5dc-4946-9484-15d01bbd730a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.22,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wesco's price-to-book multiple was 0.92x immediately prior to the Berkshire Offer and it has traded up to 1.01x following the announcement of the Berkshire Offer",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9a69502-ca56-473a-aa73-4dadf27f7a4a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.305,
            "y": 0.185
          },
          "kind": "subtitle",
          "text": "Post Berkshire Offer",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec0cceae-2c23-4570-8cd9-d25777ad214e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.63,
            "x": 0.305,
            "y": 0.68
          },
          "kind": "table",
          "text": "Wesco Since Offer Date table",
          "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": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "02e5c644-50d3-422e-8f6a-be0e75a59244",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.22,
            "x": 0.06,
            "y": 0.68
          },
          "kind": "table",
          "text": "Post-Offer Price-to-Book table",
          "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": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8a9badb3-3205-40cb-9f7e-780dab17a7b8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Stock Price Performance and Price-to-Book Multiples",
          "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": "2026-07-16 19:24:18.651+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20d31183-21c5-45b3-b7a6-fb2c1f9c2aae",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "e7e4d986-0703-40be-a510-1ea2119b82aa",
          "evidence": "Indexed Share Price and Price-to-Book Multiple chart",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:30.335299+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 11,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 11,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Market Size",
          "beatId": "b261cf99-7356-48ee-8f23-8a8c881c73d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Market Size",
            "slug": "sequoia-pitch-market-size",
            "status": "active",
            "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides historical stock price performance and price-to-book multiples",
          "position": 1,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 11,
          "from": 8,
          "loop": {
            "name": "06_zoom_in",
            "slug": "06-zoom-in",
            "status": "active",
            "bestFor": "Technical deep-dives, case studies, detailed analysis",
            "canonId": "019dd956-6846-74db-82be-dff5b058b072",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
            "description": "Start broad, then progressively focus on specific details that prove your point",
            "familyLabel": null
          },
          "matchId": "18da15e3-709e-486c-94f4-3c3687f64989",
          "evidence": "The deck provides a detailed analysis of Wesco's historical stock price performance",
          "position": 0,
          "objective": "What is Wesco's historical stock price performance?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.567553+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 12,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 7,
        "componentCount": 2,
        "textChars": 217,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.187+00",
          "seconds": 2.505,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/12",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-12",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.4,
            "w": 0.4,
            "x": 0.294,
            "y": 0.294
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n   A. Summary\n   B. Sum-of-the-Parts\n   C. Premiums Paid Analysis\n4. Berkshire Class B Share Considerations\n\nAppendix",
          "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": "2026-07-16 19:24:18.187+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d3b7ffc6-a2c7-473a-be1a-72d80519168d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.21,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:18.187+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84953fe2-f301-4954-81bc-3532305581c3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 16,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 12,
          "name": "Solution",
          "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Solution",
            "slug": "sequoia-pitch-solution",
            "status": "active",
            "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 13,
      "type": "analysis",
      "title": "The slide details the specific components and logic behind each valuation approach.",
      "function": "analyze_data",
      "rawType": "appendix_methodology",
      "block": null,
      "metadata": {
        "slideType": "appendix_methodology",
        "slideTypeCanon": {
          "name": "Appendix methodology",
          "slug": "appendix_methodology",
          "status": "active",
          "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 12,
        "componentCount": 4,
        "textChars": 216,
        "nDataPoints": 0,
        "notes": "The slide details the specific components and logic behind each valuation approach.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.519+00",
          "seconds": 2.596,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/13",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-13",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.45,
            "x": 0.294,
            "y": 0.915
          },
          "kind": "paragraph",
          "text": "Note: Valuations under each methodology are presented on an aggregate and per share basis",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.519+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "911f4722-4825-4130-9f14-fb8bdced2dc5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.265,
            "x": 0.304,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Description of Greenhill's Analyses",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.519+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fded7728-8b6b-4bce-9d2e-9feb3bdc37c8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.62,
            "w": 0.65,
            "x": 0.294,
            "y": 0.255
          },
          "kind": "table",
          "text": "Market Trading History, Sum-of-the-Parts Valuation, Premiums Paid Analysis",
          "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": "2026-07-16 19:24:18.519+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cce3ce71-bf77-4c46-bdb5-09add6322a69",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.235,
            "x": 0.304,
            "y": 0.155
          },
          "kind": "title",
          "text": "Valuation of Wesco",
          "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": "2026-07-16 19:24:18.519+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "288442cb-ef79-49c5-8f86-4dd89073d2ce",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e6ae6caa-38fb-4647-8940-bcfc2ce7ccf6",
          "evidence": "Outlines specific valuation methodologies used for financial analysis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:18.519+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 13,
          "frameworkName": "analytical-method"
        }
      ],
      "arcBeats": [
        {
          "to": 16,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 12,
          "name": "Solution",
          "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Solution",
            "slug": "sequoia-pitch-solution",
            "status": "active",
            "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 14,
      "type": "setup",
      "title": "The slide details the components of the valuation bridge including Wes-FIC income, non-insurance business income, tax adjustments, and dividends.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 4,
        "textChars": 398,
        "nDataPoints": 7,
        "notes": "The slide details the components of the valuation bridge including Wes-FIC income, non-insurance business income, tax adjustments, and dividends.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.735+00",
          "seconds": 2.802,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/14",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-14",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.3,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Waterfall chart showing equity bridge from 9/30/2010 to 6/30/2011E",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.735+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "482339ca-19d6-46bd-a323-85201a75b6db",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.88,
            "x": 0.06,
            "y": 0.75
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1)-(5) Detailed footnotes regarding methodology and assumptions.",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.735+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "54ed8bf7-bdc1-4c18-90ea-85f94d68ab15",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.28,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "According to the Berkshire Offer, “the price per Wesco share would be based on the per share shareholders’ equity of Wesco determined reasonably contemporaneous with the closing”",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.735+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5174766b-28af-41d2-9116-d92dc09ea480",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.42,
            "x": 0.29,
            "y": 0.15
          },
          "kind": "title",
          "text": "Berkshire Offer – Based on Estimated Book Value",
          "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": "2026-07-16 19:24:18.735+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "22f77bba-c25d-4566-82dd-4aff6eb572a2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall / value bridge",
            "slug": "waterfall-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "871aa987-97e2-4e57-bcae-b5a205c30cd0",
          "evidence": "Waterfall chart showing equity bridge from 9/30/2010 to 6/30/2011E",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:30.506438+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "f2ffa38e-217d-4313-a0f4-7a4a942b7992",
          "evidence": "The chart visually bridges the gap between two equity values using intermediate adjustments.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:18.735+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 16,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 12,
          "name": "Solution",
          "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Solution",
            "slug": "sequoia-pitch-solution",
            "status": "active",
            "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 15,
      "type": "setup",
      "title": "The slide uses a floating bar chart style to represent valuation ranges for equity and per-share values.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 22,
        "componentCount": 4,
        "textChars": 277,
        "nDataPoints": 24,
        "notes": "The slide uses a floating bar chart style to represent valuation ranges for equity and per-share values.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.6+00",
          "seconds": 2.641,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/15",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-15",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.29,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Valuation ranges for Equity Value and Per Share Value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Horizontal bar chart",
              "slug": "bar-horizontal",
              "status": "active",
              "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-horizontal",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.6+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7404e5f7-ad28-4851-bb99-386582936ec6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.88
          },
          "kind": "other",
          "text": "(1) Based on historical trading performance... (2) Excludes change in after-tax unrealized gain...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.6+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8edb6e05-1571-4ef8-a304-db2804e3b8c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.285
          },
          "kind": "table",
          "text": "Market Trading History, Sum-of-the-Parts Valuation, Premiums Paid Analysis, Berkshire Offer, Unaffected Price",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:18.6+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5e352d30-f2af-48fa-84dc-1edb67d78b87",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.39,
            "x": 0.305,
            "y": 0.145
          },
          "kind": "title",
          "text": "Valuation Summary",
          "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": "2026-07-16 19:24:18.6+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "810e2b38-fe76-40d8-ae28-bec1481385a8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "7d9cc9f2-9e30-4220-8a53-27f68f5d22c8",
          "evidence": "Comparison of multiple valuation methodologies to determine fair value.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:18.6+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 15,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [
        {
          "to": 16,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 12,
          "name": "Solution",
          "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Solution",
            "slug": "sequoia-pitch-solution",
            "status": "active",
            "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "type": "setup",
      "title": "The slide uses a hierarchical organizational chart to represent the valuation structure.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 44,
        "componentCount": 6,
        "textChars": 618,
        "nDataPoints": 14,
        "notes": "The slide uses a hierarchical organizational chart to represent the valuation structure.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:19.518+00",
          "seconds": 3.212,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/16",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-16",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.3,
            "y": 0.27
          },
          "kind": "diagram",
          "text": "Hierarchical structure of Wesco Financial Corporation and its subsidiaries",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Org chart",
              "slug": "org-chart",
              "status": "active",
              "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "org-chart",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2742bf2c-01d4-4d3c-b0a9-953dc362395a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.15,
            "x": 0.78,
            "y": 0.26
          },
          "kind": "legend",
          "text": "Holding Companies, Insurance, Furniture, Steel, Real Estate",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c9cd8974-ac67-4ba5-9101-68a3d87dc42f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.29,
            "y": 0.89
          },
          "kind": "other",
          "text": "Note: Financial data as of 9/30/2010 (1) Excludes $2.6 after-tax change in the unrealized gain position of the Wells Fargo common stock held by Precision Steel from 9/30/2010 to 12/9/2010 Source: Company materials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e3c457e1-e4c0-4653-9b3f-6481622896da",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "A sum-of-the-parts valuation consists of separate valuations for Wesco's operating segments and the shareholders' equity of the parent and intermediate holding companies",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6bc0518-89c3-4f3e-adf9-5a94847debe5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.295,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Shareholders' Equity and Net Debt of Holding Companies and Operating Segments",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "46b95b16-8d85-421a-be62-3793b4ff2112",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.295,
            "y": 0.155
          },
          "kind": "title",
          "text": "Sum-of-the-Parts Valuation",
          "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": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a0f98c69-1ed7-4fa0-9260-ab6ebd37e4d3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Sum of parts",
            "slug": "sum-of-parts",
            "status": "active",
            "bestFor": "For breakup / spin-off theses",
            "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125",
            "version": 1,
            "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f",
            "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "092245b7-6a6e-4787-99fe-3f57200a206f",
          "evidence": "Sum-of-the-Parts Valuation table with segments",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "For breakup / spin-off theses",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:30.634974+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 16,
          "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n  \"this company trades like X but owns Y, which trades at",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "4a22f94d-f04e-492d-82b4-f5e2b8905030",
          "evidence": "Sum-of-the-parts valuation methodology",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:19.518+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 16,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [
        {
          "to": 16,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 12,
          "name": "Solution",
          "beatId": "1058060d-8034-46be-88cc-42611eb215d6",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Solution",
            "slug": "sequoia-pitch-solution",
            "status": "active",
            "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines the valuation summary and sum-of-the-parts valuation",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "analysis",
      "title": "The chart illustrates how individual business unit equity sums up to the total consolidated equity after accounting for adjustments.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 37,
        "componentCount": 5,
        "textChars": 666,
        "nDataPoints": 6,
        "notes": "The chart illustrates how individual business unit equity sums up to the total consolidated equity after accounting for adjustments.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:19.202+00",
          "seconds": 2.847,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/17",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-17",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.305,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Waterfall chart of shareholders' equity",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c3fd1030-6396-495f-bbda-9e5d83899c32",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.15,
            "x": 0.05,
            "y": 0.75
          },
          "kind": "legend",
          "text": "Insurance, Furniture, Steel, Real Estate, Holding Companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eeab8e7e-f19e-41dd-81c0-938b8c1eb968",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.25,
            "x": 0.05,
            "y": 0.25
          },
          "kind": "list",
          "text": "Greenhill has verified the method by which to calculate total consolidated shareholders' equity through discussions with Wesco management. Wesco holding company carries a $328 million retained loss primarily due to (i) shareholder dividends paid previously; and (ii) capitalized interest owed to its subsidiaries",
          "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": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "831540ba-7a9d-4f59-83a3-db60ca981a3a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.5,
            "x": 0.305,
            "y": 0.88
          },
          "kind": "other",
          "text": "Note: All financial data as of 9/30/2010. (1) Includes Midwest shareholders' equity of $113.7 and Retained Loss & Capitalized Interest at HoldCo Plus Other Adjustments of $(328.2) as of 9/30/2010. Source: Company materials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0356c267-9f8e-4105-898e-231f30cdf684",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Consolidating Shareholders' Equity",
          "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": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9afd41a0-d3eb-4568-986f-228655603975",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall / value bridge",
            "slug": "waterfall-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "5793b84a-535c-4301-aa6d-3c1526addb02",
          "evidence": "Waterfall chart of shareholders' equity",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:30.719505+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "cdad2338-ca62-49cc-b7c7-45af9641e89c",
          "evidence": "The chart uses a waterfall structure to bridge individual business unit equity to a consolidated total.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:19.202+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Competition",
          "beatId": "3c634733-04c5-4a59-ac75-d51c3d5708ff",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Competition",
            "slug": "sequoia-pitch-competition",
            "status": "active",
            "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC",
          "position": 3,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 20,
          "from": 17,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "66154903-eeec-4070-aa12-668f297f79d7",
          "evidence": "The presentation outlines the impact of consolidating shareholders' equity on valuation",
          "position": 1,
          "objective": "What are the implications of consolidating shareholders' equity?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.608156+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 18,
      "type": "setup",
      "title": "Includes detailed footnotes regarding debt, cash, and adjustments.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 31,
        "componentCount": 5,
        "textChars": 400,
        "nDataPoints": 36,
        "notes": "Includes detailed footnotes regarding debt, cash, and adjustments.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:19.262+00",
          "seconds": 2.602,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/18",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-18",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.64,
            "x": 0.305,
            "y": 0.82
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1)-(6) footnotes.",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dae215bf-4a5d-4f4c-93c7-030cef7b5260",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.15,
            "x": 0.06,
            "y": 0.83
          },
          "kind": "legend",
          "text": "Insurance, Furniture, Steel, Real Estate, Holding Companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a364b2f-d2f7-46e3-8bb1-d31600e98fce",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.23,
            "x": 0.06,
            "y": 0.24
          },
          "kind": "paragraph",
          "text": "Greenhill has formed a preliminary view on a sum-of-the-parts valuation based on the sum of the individual valuations for each Wesco business",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c66bf537-8cfa-4119-b68f-72c3eece921a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.64,
            "x": 0.305,
            "y": 0.23
          },
          "kind": "table",
          "text": "SOTP valuation table with segments Wes-FIC, CORT, Precision Steel, MS Property, and Consolidating Adjustments.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "93727336-ac51-4658-8012-57803af934f6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.39,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Sum-of-the-Parts Valuation (1)",
          "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": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "90ccf419-1f1f-4a86-98ba-66bfe720fc03",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Sum of parts",
            "slug": "sum-of-parts",
            "status": "active",
            "bestFor": "For breakup / spin-off theses",
            "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125",
            "version": 1,
            "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f",
            "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "1bdd2562-6c0a-4020-88ba-ae60cf770206",
          "evidence": "Sum-of-the-Parts Valuation table with segments Wes-FIC, CORT, Precision Steel, MS Property",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "For breakup / spin-off theses",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:30.805254+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n  \"this company trades like X but owns Y, which trades at",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "a9a3a385-7ee6-4eb9-bc83-4e28020a24d7",
          "evidence": "Sum-of-the-parts valuation methodology",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:19.262+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Competition",
          "beatId": "3c634733-04c5-4a59-ac75-d51c3d5708ff",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Competition",
            "slug": "sequoia-pitch-competition",
            "status": "active",
            "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC",
          "position": 3,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 20,
          "from": 17,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "66154903-eeec-4070-aa12-668f297f79d7",
          "evidence": "The presentation outlines the impact of consolidating shareholders' equity on valuation",
          "position": 1,
          "objective": "What are the implications of consolidating shareholders' equity?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.608156+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 19,
      "type": "setup",
      "function": "summarize",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 8,
        "componentCount": 2,
        "textChars": 291,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:18.799+00",
          "seconds": 2.116,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/19",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-19",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.41,
            "x": 0.295,
            "y": 0.29
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n   A. Summary\n   B. Sum-of-the-Parts\n      a. Insurance\n      b. Non-Insurance\n      c. Common Equity Portfolio\n   C. Premiums Paid Analysis\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:18.799+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a730251-897e-4d4f-9672-3bade6c22f98",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.21,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:18.799+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7eda1876-4084-4dde-8f46-6dc69b74bf63",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Competition",
          "beatId": "3c634733-04c5-4a59-ac75-d51c3d5708ff",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Competition",
            "slug": "sequoia-pitch-competition",
            "status": "active",
            "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC",
          "position": 3,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 20,
          "from": 17,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "66154903-eeec-4070-aa12-668f297f79d7",
          "evidence": "The presentation outlines the impact of consolidating shareholders' equity on valuation",
          "position": 1,
          "objective": "What are the implications of consolidating shareholders' equity?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.608156+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 20,
      "type": "setup",
      "title": "The slide explains why standard forward-looking valuation methods (DCF, forward multiples) were not used.",
      "function": "present_framework",
      "rawType": "appendix_methodology",
      "block": null,
      "metadata": {
        "slideType": "appendix_methodology",
        "slideTypeCanon": {
          "name": "Appendix methodology",
          "slug": "appendix_methodology",
          "status": "active",
          "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7",
          "version": 1,
          "description": null
        },
        "function": "present_framework",
        "functionCanon": {
          "name": "Present framework",
          "slug": "present_framework",
          "status": "active",
          "canonId": "019de52d-1403-7667-9100-d2ac6709f750",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 78,
        "componentCount": 9,
        "textChars": 1559,
        "nDataPoints": 0,
        "notes": "The slide explains why standard forward-looking valuation methods (DCF, forward multiples) were not used.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.716+00",
          "seconds": 4.297,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/20",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-20",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.3,
            "y": 0.28
          },
          "kind": "diagram",
          "text": "Market Trading Multiples breakdown",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Process flow",
              "slug": "process",
              "status": "active",
              "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "process",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "66b96b16-893e-43b2-99b5-7492995fe2cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.5,
            "y": 0.28
          },
          "kind": "list",
          "text": "Market multiples applied to reported GAAP statistics for Wes-FIC; Shareholders' equity as of 9/30/2010; LTM net income as of 9/30/2010; Sensitivity to normalized investment income",
          "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": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4a721a5e-1216-4711-941d-5eb8d465fd75",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.5,
            "y": 0.43
          },
          "kind": "list",
          "text": "Market multiples applied to adjusted shareholders' equity and adjusted net income; Excess capital over A.M. Best's A++ target rating valued separately dollar-for-dollar; Sensitivity to normalized investment income",
          "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": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d8b39c38-3e15-484f-8685-ebb7de5e46c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.45,
            "x": 0.5,
            "y": 0.58
          },
          "kind": "list",
          "text": "Additional Value Adjustments consist of: Discounting of loss, loss adjustment expense and unearned premium reserves and adjustment for agent's balances receivable; Valuation differential for GS Warrants from 9/30/2010 through illustrative signing date of 12/9/2010; Appreciation of common equity portfolio from 9/30/2010 through illustrative signing date of 12/9/2010",
          "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": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "de080f7b-65e4-4c44-8423-5950d2c34521",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.5,
            "y": 0.78
          },
          "kind": "list",
          "text": "Estimated book value as of 6/30/2011 before change in unrealized gains from illustrative signing date of 12/9/2010 through illustrative closing date of 6/30/2011; Based on estimate of net income from 9/30/2010 through 6/30/2011; Includes Additional Value Adjustments",
          "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": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f8def0a5-7a86-4f61-81c4-b38348d7aad1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.25,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wes-FIC management does not prepare financial projections in the ordinary course and declined to produce projections solely for the purposes of the proposed transaction. Furthermore, Wesco is not covered by any third-party research analysts and thus no third-party projections are available. As a result, Greenhill has not valued Wes-FIC using either (i) forward valuation multiples or (ii) a discounted cash flow analysis",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92abd2bb-b3c0-4bc1-b2f4-bea6b51f41a2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.3,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "edf640a7-0225-4cd9-bb13-663a21f57008",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.3,
            "y": 0.17
          },
          "kind": "subtitle",
          "text": "Description of Greenhill's Analyses",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "99778b33-b4b5-419c-b8ac-8f96ce80ffec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.35,
            "x": 0.3,
            "y": 0.12
          },
          "kind": "title",
          "text": "Valuation of Wes-FIC",
          "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": "2026-07-16 19:24:21.716+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8e4aad8-53a4-4282-b3bb-1659c3d1b660",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Competition",
          "beatId": "3c634733-04c5-4a59-ac75-d51c3d5708ff",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Competition",
            "slug": "sequoia-pitch-competition",
            "status": "active",
            "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC",
          "position": 3,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 20,
          "from": 17,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "66154903-eeec-4070-aa12-668f297f79d7",
          "evidence": "The presentation outlines the impact of consolidating shareholders' equity on valuation",
          "position": 1,
          "objective": "What are the implications of consolidating shareholders' equity?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.608156+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 21,
      "type": "setup",
      "title": "Includes detailed footnotes explaining adjustments and valuation methodology.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 353,
        "nDataPoints": 48,
        "notes": "Includes detailed footnotes explaining adjustments and valuation methodology.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:20.755+00",
          "seconds": 2.981,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/21",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-21",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.185,
            "w": 0.892,
            "x": 0.054,
            "y": 0.775
          },
          "kind": "disclaimer",
          "text": "Footnotes (1) through (5) detailing adjustments, exclusions, and valuation assumptions.",
          "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": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c1a36785-e6fa-4f8e-bbed-f979068a4dff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.12,
            "x": 0.06,
            "y": 0.91
          },
          "kind": "image",
          "text": "Greenhill",
          "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": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7f81561e-2ee3-474b-b87f-1c70041407ad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.022,
            "w": 0.075,
            "x": 0.304,
            "y": 0.198
          },
          "kind": "subtitle",
          "text": "Wes-FIC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fc2a661a-c356-4b08-8ff6-fd00c692063b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.117,
            "w": 0.892,
            "x": 0.054,
            "y": 0.645
          },
          "kind": "table",
          "text": "Implied Multiple sensitivity table for Equity Value and Illustrative Estimate of 6/30/2011E.",
          "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": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d0bf18e4-91d0-4b8d-8b3a-c9d68b3a6c7f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.535,
            "w": 0.892,
            "x": 0.054,
            "y": 0.227
          },
          "kind": "table",
          "text": "Valuation table showing Reported GAAP, Adjusted GAAP, Additional Adjustments, Illustrative Estimate, Selected Range, and Berkshire Offer.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1aaa0bf4-0a95-4cb9-99b5-bad61a7b80c7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.392,
            "x": 0.304,
            "y": 0.153
          },
          "kind": "title",
          "text": "Valuation Summary (1)",
          "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": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb8a2f90-f110-4911-8f29-9a93a5ac1dfd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "462676a0-6493-4a7d-b38c-d7cbe8d7cf04",
          "evidence": "chart/waterfall-bridge: Capital adequacy bridge showing current equity vs target",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 02:15:49.361757+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 21,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "dd3138d5-587a-43d6-bad9-377dd711cbca",
          "evidence": "Presents a structured valuation bridge from GAAP statistics to an implied offer price.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:20.755+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 21,
          "frameworkName": "valuation_table"
        }
      ],
      "arcBeats": [
        {
          "to": 25,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 21,
          "name": "Financials",
          "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
          "position": 4,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "analysis",
      "title": "The slide argues that the company's true performance is higher than reported when adjusting for specific accounting and market factors.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 5,
        "textChars": 426,
        "nDataPoints": 3,
        "notes": "The slide argues that the company's true performance is higher than reported when adjusting for specific accounting and market factors.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:20.751+00",
          "seconds": 2.866,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/22",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-22",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.305,
            "y": 0.23
          },
          "kind": "chart",
          "text": "Bar chart showing 3.7%, 3.0%, and 5.8% ROE values.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a4986c39-27f8-4e21-896f-75af565e441b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.22,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wes-FIC's return on equity is unique relative to market competitors given its total return investment strategy. Including the change in unrealized gains and excluding the effects of the financial crisis of 2008, Wes-FIC's return on equity from 1/1/2007 to 9/30/2010 would be 5.8%.",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "989a1199-6dbb-4419-b812-7683220be72f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.295,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company management, SNL Financial",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7cbd8415-beb1-496a-95b9-fc1d2519a7e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.06,
            "x": 0.305,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Wes-FIC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ed567c99-071b-4d64-a80c-c86ad64332de",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.65,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Return on Equity Normalized for Unrealized Gains",
          "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": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4453ac5a-1af0-4e1b-8542-01bd21b5f4b6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "6bc49cd5-9e6b-472f-aa39-126c315e5e36",
          "evidence": "Normalization of ROE to reflect underlying investment performance.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:20.751+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 22,
          "frameworkName": "capital-return"
        }
      ],
      "arcBeats": [
        {
          "to": 25,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 21,
          "name": "Financials",
          "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
          "position": 4,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 23,
      "type": "setup",
      "title": "The chart highlights Wes-FIC's superior yield performance relative to the peer median.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 512,
        "nDataPoints": 10,
        "notes": "The chart highlights Wes-FIC's superior yield performance relative to the peer median.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.792+00",
          "seconds": 3.491,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/23",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-23",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.6,
            "x": 0.305,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Bar chart showing Wes-FIC at 4.96% vs peers ranging from 4.20% to 2.72%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20a33ff8-f3a2-4c82-bc1a-b7adb316d5a7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.6,
            "x": 0.305,
            "y": 0.84
          },
          "kind": "other",
          "text": "(1) Median excludes Wes-FIC. (2) Per Wes-FIC management... (3) Represents annualized pre-tax yield... (4) Represents annualized net earned yield...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0512d5b0-7c96-4304-a1c2-742fa840abaf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.305,
            "y": 0.92
          },
          "kind": "other",
          "text": "Source: Public filings, Company management",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fd0fd785-c356-4dd0-a1b2-d87b2a40ef1a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.22,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Market competitors currently generate a 3.7% pre-tax yield on fixed income investment portfolios. Wes-FIC generates a 4.96% pre-tax yield on its fixed income investment portfolio.",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6e9aaaba-7d10-4cf7-9895-769a0d75cda8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.305,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Wes-FIC vs. Reinsurance Comparables",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2ee7335-d72c-4af4-acd1-c3c00c0f1569",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Book Yield on Fixed Income Investments",
          "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": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "281db8c6-6be0-451e-bb91-c9e71739f884",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "2439d056-5a14-4e99-87c3-16e278cad5e5",
          "evidence": "Comparing Wes-FIC yield against peer group median",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:21.792+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 23,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 25,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 21,
          "name": "Financials",
          "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
          "position": 4,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 24,
      "type": "setup",
      "title": "Includes a table of historical ROAE for the Reinsurance Composite.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "dense",
        "densityScore": 55,
        "componentCount": 7,
        "textChars": 614,
        "nDataPoints": 30,
        "notes": "Includes a table of historical ROAE for the Reinsurance Composite.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.73+00",
          "seconds": 3.362,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/24",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-24",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.68,
            "x": 0.28,
            "y": 0.23
          },
          "kind": "chart",
          "text": "Historical P/B and P/TBV multiples chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63fee3b7-0c20-4379-a2ff-25727738c326",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.22,
            "x": 0.06,
            "y": 0.255
          },
          "kind": "paragraph",
          "text": "Publicly-traded reinsurers are currently trading at an average discount of 38% to their average price-to-book value multiple over the last 10 years",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bf17d332-cc1c-46ef-ac00-0862489bc466",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.68,
            "x": 0.28,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Note: Reinsurance Composite includes Alterra Capital, Aspen Insurance Holdings, Axis Capital, Endurance Specialty Holdings, Everest Re, Montpelier Re, PartnerRe, Platinum Underwriters, RenaissanceRe and Transatlantic Holdings. Source: FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b0abe7e5-b219-48da-94b5-0a59f0b3f989",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "subtitle",
          "text": "Wesco vs. Reinsurance Composite",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d1ec2db-8cd1-4594-93da-376de9e82d7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.5,
            "x": 0.46,
            "y": 0.235
          },
          "kind": "table",
          "text": "Post-Offer and Pre-Offer valuation multiples table",
          "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": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92012503-8fd9-4870-b3d7-ccc5e2990075",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.23,
            "x": 0.05,
            "y": 0.565
          },
          "kind": "table",
          "text": "Historical Reinsurance Composite Operating ROAE",
          "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": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ac6c9a8a-ebe1-4517-a76a-9968b9ac6b6e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.65,
            "x": 0.305,
            "y": 0.115
          },
          "kind": "title",
          "text": "Historical Price-to-Book and Price-to-Tangible Book Value",
          "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": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "da7cf002-1fce-4c19-9bb4-e0aba3a5193b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "01f2881e-dbec-4f33-b81d-288d56df9af7",
          "evidence": "Comparing Wesco multiples against a peer composite over a 10-year period.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:21.73+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 24,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 25,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 21,
          "name": "Financials",
          "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
          "position": 4,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 25,
      "type": "setup",
      "title": "Includes specific red-circled highlights on valuation multiples and growth metrics.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": 269,
        "nDataPoints": 120,
        "notes": "Includes specific red-circled highlights on valuation multiples and growth metrics.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.645+00",
          "seconds": 2.868,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/25",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-25",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.65,
            "x": 0.29,
            "y": 0.83
          },
          "kind": "paragraph",
          "text": "Note: Price, market capitalization and 2011E operating return on equity estimate data as of 12/9/2010, except where otherwise indicated.",
          "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": null,
            "framework": null
          },
          "subkind": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.645+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f1ab160b-39ed-4c1b-b04d-ff086321d87b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.3,
            "y": 0.2
          },
          "kind": "subtitle",
          "text": "Comparable Reinsurance Companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.645+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b4ce9e9a-fd6a-41b7-aa67-202b73621d84",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.23
          },
          "kind": "table",
          "text": "Table containing financial metrics for Wesco and 10 peer reinsurers.",
          "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": "2026-07-16 19:24:21.645+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "242cb5b0-267a-4970-a2b9-bf40d34694bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.42,
            "x": 0.29,
            "y": 0.15
          },
          "kind": "title",
          "text": "Reinsurer Market Trading Analysis",
          "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": "2026-07-16 19:24:21.645+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7127690c-5ec9-4488-9afe-516ee94a1cc1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "5d636d7d-bff2-4c7c-b97a-4d707b4e1dc9",
          "evidence": "Table comparing target company against industry peers across multiple financial metrics.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:21.645+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 25,
          "frameworkName": "peer_benchmark"
        }
      ],
      "arcBeats": [
        {
          "to": 25,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 21,
          "name": "Financials",
          "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
          "position": 4,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 26,
      "type": "setup",
      "title": "Includes regression equation and R-squared value. Wesco is explicitly called out as an outlier above the regression line.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 49,
        "componentCount": 7,
        "textChars": 469,
        "nDataPoints": 15,
        "notes": "Includes regression equation and R-squared value. Wesco is explicitly called out as an outlier above the regression line.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:22.072+00",
          "seconds": 3.169,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/26",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-26",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.22,
            "x": 0.06,
            "y": 0.255
          },
          "kind": "callout",
          "text": "Wesco trades at a significant premium to its regression-implied price-to-book value multiple",
          "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": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "15d4e3d9-df82-45ab-ac14-f392d2b050f0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.29,
            "y": 0.24
          },
          "kind": "chart",
          "text": "Regression plot of ROAE vs P/B",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Scatter plot",
              "slug": "scatter",
              "status": "active",
              "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scatter",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f58975aa-4863-44d8-837d-dd411e76d203",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.18,
            "x": 0.36,
            "y": 0.48
          },
          "kind": "other",
          "text": "Wesco Unaffected Price (1) Operating ROAE = 3.4% Price-to-Book 0.92x Regression-Implied 0.45x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "annotation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "263e2743-85e5-4919-b049-682c0eafd0e3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.29,
            "y": 0.89
          },
          "kind": "other",
          "text": "(1) Represents Wesco's unaffected return on equity and price-to-book value multiple as of 8/25/2010... Source: FactSet, SNL, Company filings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b6877f44-7464-4dce-81d4-1b01799e91a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.55,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "2011E Operating Return On Average Equity and Price-to-Book Value Multiples",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e5307e57-d8ed-4bc0-9e35-a486b6b79944",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.22,
            "x": 0.06,
            "y": 0.54
          },
          "kind": "table",
          "text": "Regression data table",
          "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": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c244c346-996e-4630-b229-0c120aa991a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.23,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Regression Analysis",
          "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": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "224907c6-412f-4d50-a1d7-97acf0656682",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "9b0d3dd2-fe89-4c41-b850-64359ce5386c",
          "evidence": "Scatter plot with trendline and R-squared",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:22.072+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 26,
          "frameworkName": "regression-analysis"
        }
      ],
      "arcBeats": [
        {
          "to": 30,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 26,
          "name": "Team",
          "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides regression analysis and combined ratio analysis",
          "position": 5,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 27,
      "type": "analysis",
      "title": "Includes specific valuation multiples for Reported GAAP Equity and Tangible GAAP Equity.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 27,
        "componentCount": 4,
        "textChars": 428,
        "nDataPoints": 30,
        "notes": "Includes specific valuation multiples for Reported GAAP Equity and Tangible GAAP Equity.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.345+00",
          "seconds": 2.441,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/27",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-27",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.045,
            "w": 0.41,
            "x": 0.293,
            "y": 0.875
          },
          "kind": "source-note",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1) Assumes 100% of investment portfolio comprised of fixed income investments yielding 4.964% pre-tax (2) Excludes LTM net income-based valuations Source: Company materials, SNL Financial, Greenhill estimates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.345+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91bd89a7-a7fc-455d-b3cd-554b1d9a496b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.235,
            "x": 0.303,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Based on Reported GAAP Statistics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.345+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a3ed1c83-656a-4cfe-acd4-7b959ae20d7b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.875,
            "x": 0.063,
            "y": 0.26
          },
          "kind": "table",
          "text": "Market trading multiples table showing data, ranges, and indicative values for three financial metrics.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.345+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "23cb2c21-14c1-490c-83fe-979d388b8ab7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.403,
            "x": 0.303,
            "y": 0.155
          },
          "kind": "title",
          "text": "Wes-FIC Market Trading Multiples Analysis",
          "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": "2026-07-16 19:24:21.345+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ceb8a635-5787-4be8-9368-31e7efe233b8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 30,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 26,
          "name": "Team",
          "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides regression analysis and combined ratio analysis",
          "position": 5,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 28,
      "type": "analysis",
      "title": "Uses a waterfall-style bridge to illustrate excess capital over the 175% BCAR threshold.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 29,
        "componentCount": 5,
        "textChars": 431,
        "nDataPoints": 6,
        "notes": "Uses a waterfall-style bridge to illustrate excess capital over the 175% BCAR threshold.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.84+00",
          "seconds": 2.921,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/28",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-28",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.6,
            "x": 0.303,
            "y": 0.23
          },
          "kind": "chart",
          "text": "Capital adequacy bridge showing current equity vs target",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c20014f2-33d5-4b97-88c0-e0fc1405bcf7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.25,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wes-FIC carries capital of approximately $1,657.5 million in excess of the minimum amount for a A++ rating by A.M. Best",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a88694c7-0e48-4ad4-ac7e-5d247765efab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.303,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "(1) Per Wesco management analysis (2) Calculated based on $238 million of net premiums written for nine-month period ended 9/30/2010 and then annualized Source: A.M. Best, Company materials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ac4ded3a-a189-4845-9ce6-1bd25faacd47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.25,
            "x": 0.06,
            "y": 0.575
          },
          "kind": "table",
          "text": "A.M. Best Published Guidelines",
          "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": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6bb4c71d-b735-41ed-bb94-7c83c681a10c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.303,
            "y": 0.155
          },
          "kind": "title",
          "text": "Wes-FIC Illustrative Capital Analysis",
          "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": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bcd07c57-eeeb-4047-9fee-28629e3d42ed",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c09f8cd5-f260-4acd-8dff-17cd51d4742c",
          "evidence": "Analysis of capital adequacy ratios and excess capital relative to rating agency requirements.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:21.84+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 28,
          "frameworkName": "capital-allocation-framework"
        }
      ],
      "arcBeats": [
        {
          "to": 30,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 26,
          "name": "Team",
          "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides regression analysis and combined ratio analysis",
          "position": 5,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 29,
      "type": "setup",
      "title": "The slide uses a bar chart to compare industry median ROE against Wes-FIC's actual and adjusted ROE.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 39,
        "componentCount": 6,
        "textChars": 513,
        "nDataPoints": 6,
        "notes": "The slide uses a bar chart to compare industry median ROE against Wes-FIC's actual and adjusted ROE.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:22.169+00",
          "seconds": 3.153,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/29",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-29",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.5,
            "w": 0.6,
            "x": 0.305,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Comparison of Reinsurance Composite vs Wes-FIC ROE",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1c711f5-7f73-4186-95a9-61abf2cdc674",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.2,
            "x": 0.72,
            "y": 0.24
          },
          "kind": "legend",
          "text": "Wes-FIC Return on Equity including excess capital; Wes-FIC Return on Equity assuming that $1,657.5 million of excess capital is released",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "00f0c090-4e8f-422c-8ec3-a06f521988c3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.6,
            "x": 0.305,
            "y": 0.82
          },
          "kind": "other",
          "text": "(1) Reinsurance Composite includes... (2) Adjusted net income calculated as...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2dd72111-eb54-497a-819f-8842a6465de2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.23,
            "x": 0.06,
            "y": 0.245
          },
          "kind": "paragraph",
          "text": "Wes-FIC's annualized return on equity over the trailing 9-months ended 9/30/2010 was 5.0%, excluding excess capital above the Target Capital and normalized for a fixed income investment yield",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "954c4dc4-c1c7-4361-b75b-59934a8cf8a1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Wes-FIC vs. Reinsurance Composite",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c43370f-ab84-4a00-b2ed-54318d296630",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Return on Equity Analysis",
          "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": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca45aed8-d646-4580-8ea0-c316c7de0e10",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "7099c5f7-31b0-45ac-8cf0-d4569328f862",
          "evidence": "Direct comparison of Wes-FIC performance against a peer composite.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:22.169+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 29,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 30,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 26,
          "name": "Team",
          "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides regression analysis and combined ratio analysis",
          "position": 5,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 30,
      "type": "setup",
      "title": "The chart uses a split-axis approach to compare two different entities side-by-side.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 36,
        "componentCount": 6,
        "textChars": 412,
        "nDataPoints": 6,
        "notes": "The chart uses a split-axis approach to compare two different entities side-by-side.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:22.068+00",
          "seconds": 2.943,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/30",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-30",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.6,
            "x": 0.304,
            "y": 0.215
          },
          "kind": "chart",
          "text": "Combined ratio bar chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bd53283e-1846-42bc-8dd7-9b7034f4c1ae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.55,
            "x": 0.304,
            "y": 0.875
          },
          "kind": "other",
          "text": "(1) Source: Wes-FIC management (2) Source: Historical data from company filings. Projected data based upon median estimates of sell-side analyst research consisting of: Citigroup (11/15/2010), Deutsche Bank (11/05/2010) and JP Morgan (11/05/2010)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e133bef5-78f9-4552-889d-f6f0ea3e5b5c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.565,
            "y": 0.815
          },
          "kind": "other",
          "text": "Swiss Re P&C Actual and Projected Combined Ratio (2)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "65c96704-de59-4e85-942c-b97094cbc524",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.22,
            "x": 0.304,
            "y": 0.815
          },
          "kind": "other",
          "text": "Wes-FIC Actual Combined Ratio (1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b89fd93-c396-4590-b5e1-c88d064bde66",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.265,
            "x": 0.304,
            "y": 0.163
          },
          "kind": "subtitle",
          "text": "Wes-FIC vs. Swiss Re's P&C Results",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "529f5fd6-357a-4423-a9c0-16f2aa4abcd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.335,
            "x": 0.304,
            "y": 0.118
          },
          "kind": "title",
          "text": "Combined Ratio Analysis",
          "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": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "414bb610-0dde-45db-a584-a02eda75e830",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e671e8c0-c01b-49ee-b509-71752a040242",
          "evidence": "Side-by-side comparison of financial ratios between two entities.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:22.068+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 30,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 30,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 26,
          "name": "Team",
          "beatId": "724b0f67-e150-420a-830f-241cad6b964c",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The deck provides regression analysis and combined ratio analysis",
          "position": 5,
          "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": 0.7
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 31,
      "type": "analysis",
      "title": "Includes detailed footnotes regarding excess capital and tax rate assumptions.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 4,
        "textChars": 329,
        "nDataPoints": 32,
        "notes": "Includes detailed footnotes regarding excess capital and tax rate assumptions.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:21.918+00",
          "seconds": 2.422,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/31",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-31",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.88,
            "x": 0.06,
            "y": 0.82
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1) Represents 9/30/2010 book value... (2) Adjusted net income... (3) Excludes LTM net-income based valuation (4) Excess capital...",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.918+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c616d9a7-a815-4c2e-b3ef-1ce7a579fb9f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.29,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Based on Adjusted GAAP Statistics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.918+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e6f7273-7eea-4c90-bb57-6f0752f0a6d2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.06,
            "y": 0.26
          },
          "kind": "table",
          "text": "Market trading multiples table for Adjusted Book Value and Adjusted LTM Net Income",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:21.918+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec99030f-5afb-4f3e-bfdb-accd5bf3132b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.42,
            "x": 0.29,
            "y": 0.15
          },
          "kind": "title",
          "text": "Wes-FIC Market Trading Multiples Analysis",
          "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": "2026-07-16 19:24:21.918+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f1c14064-a10d-48b1-88b2-8b488dd8fed8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 35,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 31,
          "name": "The Ask",
          "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "The Ask",
            "slug": "sequoia-pitch-the-ask",
            "status": "active",
            "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
          "position": 6,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 35,
          "from": 31,
          "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
          "evidence": "The deck provides additional value adjustments and analysis",
          "position": 2,
          "objective": "What are the implications of not adjusting for reserves and receivables?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.648087+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 32,
      "type": "setup",
      "title": "The slide uses a bridge-style logic to reconcile book value to adjusted value.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 4,
        "textChars": 519,
        "nDataPoints": 12,
        "notes": "The slide uses a bridge-style logic to reconcile book value to adjusted value.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:22.221+00",
          "seconds": 2.626,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/32",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-32",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.73,
            "x": 0.21,
            "y": 0.28
          },
          "kind": "list",
          "text": "Details of adjustments including loss reserves, Goldman Sachs warrants, and equity portfolio appreciation.",
          "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": "2026-07-16 19:24:22.221+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7938ecf5-5984-4bdb-9dc6-d3a7aea0067b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.44,
            "x": 0.28,
            "y": 0.88
          },
          "kind": "other",
          "text": "(1) Based on loss reserve payout patterns provided by Wes-FIC (2) Bloomberg implied volatility as of 12/9/2010 for January 2013 call option (3) Berkshire utilizes 'NYU Damodaran' Black-Scholes warrant model (4) Berkshire assumed an illiquidity discount",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.221+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea0ed8c8-9ce4-48b2-9c27-dca583fd5a28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.88,
            "x": 0.06,
            "y": 0.22
          },
          "kind": "table",
          "text": "Adjustments to Reserves and Receivables, Level III Assets, Appreciation of Common Equity Portfolio, Total (After-Tax): $184.3 million",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:22.221+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c039e1f1-6b93-4b9a-8b71-ce3555f7abae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.44,
            "x": 0.28,
            "y": 0.15
          },
          "kind": "title",
          "text": "Additional Value Adjustments",
          "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": "2026-07-16 19:24:22.221+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "feeffd82-4e3b-4d5a-a71c-1581fac70abd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "bf857a4d-d515-47d2-a0b4-cded80837661",
          "evidence": "The slide reconciles specific line items to a total adjustment value.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:22.221+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 32,
          "frameworkName": "valuation-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 35,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 31,
          "name": "The Ask",
          "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "The Ask",
            "slug": "sequoia-pitch-the-ask",
            "status": "active",
            "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
          "position": 6,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 35,
          "from": 31,
          "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
          "evidence": "The deck provides additional value adjustments and analysis",
          "position": 2,
          "objective": "What are the implications of not adjusting for reserves and receivables?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.648087+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 33,
      "type": "setup",
      "title": "The slide demonstrates the impact of discounting on specific balance sheet items to arrive at a more accurate economic value.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 62,
        "componentCount": 7,
        "textChars": 945,
        "nDataPoints": 6,
        "notes": "The slide demonstrates the impact of discounting on specific balance sheet items to arrive at a more accurate economic value.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.061+00",
          "seconds": 4.224,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/33",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-33",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.12,
            "x": 0.76,
            "y": 0.45
          },
          "kind": "callout",
          "text": "- $2.6 million After-Tax Difference",
          "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": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5ba80939-d45f-45dd-9d25-0ec7a32944a0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.12,
            "x": 0.56,
            "y": 0.46
          },
          "kind": "callout",
          "text": "+ $11.1 million After-Tax Difference",
          "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": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "96aacdfd-2138-40d2-ac96-5c0d1f24693c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.12,
            "x": 0.37,
            "y": 0.23
          },
          "kind": "callout",
          "text": "+ $40.3 million After-Tax Difference",
          "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": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f760b38a-e05c-4e63-b34a-a0ff5920b2a8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.3,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Comparison of balance sheet values vs present values for three categories.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb5d743e-1236-45ce-b07a-c8614bddf17b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.06,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1) Present value calculated using discount rate of 3.23% (10-year U.S. Treasury rate as of 12/9/2010). Analysis based on loss reserve payout patterns received from Wes-FIC management. (2) Present value per Wes-FIC management. Source: Company materials, SNL Financial, Greenhill estimates",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "13373081-5cd2-44bd-8ec9-5b2ff6fb4248",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.25,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Wes-FIC carries its loss and unearned premium reserves (under its GAAP accounts) on an undiscounted basis. The following analysis has calculated the present value of future payments based on loss reserve payout patterns received from Wes-FIC management. The following analysis also reflects a nine-month lag that Wes-FIC experiences in receiving cash for its agent's balances receivable account.",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f971c68-2071-4bf9-adfb-d3af07df1054",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.42,
            "x": 0.29,
            "y": 0.15
          },
          "kind": "title",
          "text": "Adjustments to Reserves and Receivables",
          "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": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8898a12-e53e-4078-a415-c02adc2a4bd0",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "41c76c68-9b0e-4c6a-95ea-a2efc55490cf",
          "evidence": "chart/waterfall-bridge: Waterfall chart showing equity bridge",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:55.985387+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 33,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "86a673de-b9e0-4f0f-a94a-966bf60c8602",
          "evidence": "Calculates present value of future payments based on payout patterns and discount rates.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-07-16 19:24:24.061+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 33,
          "frameworkName": "dcf"
        }
      ],
      "arcBeats": [
        {
          "to": 35,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 31,
          "name": "The Ask",
          "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "The Ask",
            "slug": "sequoia-pitch-the-ask",
            "status": "active",
            "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
          "position": 6,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 35,
          "from": 31,
          "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
          "evidence": "The deck provides additional value adjustments and analysis",
          "position": 2,
          "objective": "What are the implications of not adjusting for reserves and receivables?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.648087+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 34,
      "type": "setup",
      "title": "The slide bridges from a base valuation range to an adjusted range, then calculates implied P/B multiples based on reported and tangible GAAP equity.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 25,
        "componentCount": 4,
        "textChars": 384,
        "nDataPoints": 20,
        "notes": "The slide bridges from a base valuation range to an adjusted range, then calculates implied P/B multiples based on reported and tangible GAAP equity.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:23.974+00",
          "seconds": 2.942,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/34",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-34",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.7,
            "x": 0.15,
            "y": 0.82
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1) After-tax adjustment of $48.8... (2) Goldman Sachs Warrant Adjustment... (3) Adjustment of $113.2 for change in after-tax unrealized gain...",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.974+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f21759a9-fac3-42d0-b995-99b40b7101c0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.86,
            "x": 0.07,
            "y": 0.55
          },
          "kind": "table",
          "text": "Multiples table showing Reported and Tangible GAAP Equity multiples for 9/30/2010 and 6/30/2011E",
          "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": "2026-07-16 19:24:23.974+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "17bed606-2df7-41ce-8632-2b38ed2917b6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.86,
            "x": 0.07,
            "y": 0.25
          },
          "kind": "table",
          "text": "Bridge table showing base range, adjustments, and final range",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.974+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6339c4fc-8607-48a3-9e2a-0d5423796b9a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.25,
            "y": 0.15
          },
          "kind": "title",
          "text": "Wes-FIC Market Trading Multiples Analysis",
          "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": "2026-07-16 19:24:23.974+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d5287134-adae-4e5e-b356-cb486a48d94f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "0f293911-cda4-4b49-b6ce-cb575b060ff5",
          "evidence": "Bridge from base valuation to adjusted valuation",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:23.974+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 34,
          "frameworkName": "valuation-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 35,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 31,
          "name": "The Ask",
          "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "The Ask",
            "slug": "sequoia-pitch-the-ask",
            "status": "active",
            "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
          "position": 6,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 35,
          "from": 31,
          "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
          "evidence": "The deck provides additional value adjustments and analysis",
          "position": 2,
          "objective": "What are the implications of not adjusting for reserves and receivables?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.648087+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 35,
      "type": "analysis",
      "title": "The chart uses a waterfall bridge to reconcile equity changes over a nine-month period.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 5,
        "textChars": 384,
        "nDataPoints": 5,
        "notes": "The chart uses a waterfall bridge to reconcile equity changes over a nine-month period.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:23.931+00",
          "seconds": 2.807,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/35",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-35",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.86,
            "x": 0.07,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Waterfall chart showing equity bridge",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b0b1898-4fc0-4bb1-83d5-c7e0b99480ee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.86,
            "x": 0.07,
            "y": 0.78
          },
          "kind": "disclaimer",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1) Excludes change in after-tax unrealized gain... (2) Adjustment of $128.5... (3) Assumes combined ratio... (4) Assumes after-tax net investment income...",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "60c532db-d1e0-441a-8dd5-213adf762bdd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.07,
            "y": 0.91
          },
          "kind": "other",
          "text": "Source: Company materials, SNL Financial, Greenhill estimates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c6278b75-068d-4ce9-aee6-739243663f9c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.305,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Illustrative Estimate as of 6/30/2011E",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5058f2c6-c369-4504-823d-d47cf81d7804",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.55,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Illustrative Wes-FIC GAAP Shareholders' Equity (1)",
          "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": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ef4edd91-6c26-4c94-847f-63e0f7a103d9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "86bf86b3-3a1d-4cae-9044-93e298169234",
          "evidence": "chart/waterfall-bridge: Waterfall chart showing equity bridge",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:56.10645+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 35,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "27d9d8fd-a881-4df4-916a-0aa5212c0789",
          "evidence": "The chart visually bridges a starting value to an ending value through intermediate adjustments.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:23.931+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 35,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 35,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 31,
          "name": "The Ask",
          "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
          "matchId": "35179ca1-b0c7-4a2a-aa45-124d848818b2",
          "beatType": {
            "name": "The Ask",
            "slug": "sequoia-pitch-the-ask",
            "status": "active",
            "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
          "position": 6,
          "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": 0.7
        }
      ],
      "loops": [
        {
          "to": 35,
          "from": 31,
          "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": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
          "evidence": "The deck provides additional value adjustments and analysis",
          "position": 2,
          "objective": "What are the implications of not adjusting for reserves and receivables?",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:19:54.648087+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 36,
      "type": "analysis",
      "title": "The chart uses a waterfall bridge to reconcile equity adjustments and income over a nine-month period.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 27,
        "componentCount": 5,
        "textChars": 345,
        "nDataPoints": 6,
        "notes": "The chart uses a waterfall bridge to reconcile equity adjustments and income over a nine-month period.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.598+00",
          "seconds": 3.046,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/36",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-36",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.76,
            "x": 0.12,
            "y": 0.23
          },
          "kind": "chart",
          "text": "Waterfall chart showing equity adjustments and income",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aba41be3-0725-443a-b2f1-eba8af0d316e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.12,
            "y": 0.915
          },
          "kind": "other",
          "text": "Source: Company materials, SNL Financial, Greenhill estimates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "68d80011-eacd-4ded-812d-148038c0f990",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.76,
            "x": 0.12,
            "y": 0.715
          },
          "kind": "paragraph",
          "text": "Note: Analysis assumes tax rate of 35.0%. (1)-(5) Detailed footnotes explaining the adjustments.",
          "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": null,
            "framework": null
          },
          "subkind": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b95adac-bc7a-4b5b-8278-b0f3146a8b85",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.392,
            "x": 0.304,
            "y": 0.198
          },
          "kind": "subtitle",
          "text": "Illustrative Estimate as of 6/30/2011E Including Additional Value Adjustments",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7e2129cc-7d64-48eb-b1ae-a8f8af365e01",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.392,
            "x": 0.304,
            "y": 0.158
          },
          "kind": "title",
          "text": "Illustrative Wes-FIC Adjusted GAAP Shareholders' Equity(1)",
          "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": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9795624-80d9-4901-af73-e5ccf70ac082",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "1253fef0-bf86-4640-9577-38afeff9dec4",
          "evidence": "chart/waterfall-bridge: Waterfall chart showing equity adjustments and income",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:56.185156+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 36,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "e5cf7231-06fc-4068-8863-ec1942811cac",
          "evidence": "The chart visually bridges a starting value to an ending value through a series of positive and negative adjustments.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:24.598+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 36,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 37,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 2,
        "textChars": 291,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:23.841+00",
          "seconds": 1.905,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/37",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-37",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.538,
            "w": 0.412,
            "x": 0.294,
            "y": 0.294
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n   A. Summary\n   B. Sum-of-the-Parts\n      a. Insurance\n      b. Non-Insurance\n      c. Common Equity Portfolio\n   C. Premiums Paid Analysis\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:23.841+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a79d964b-44e8-4552-af1f-baa596abc2fd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.033,
            "w": 0.217,
            "x": 0.304,
            "y": 0.153
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:23.841+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9ab3a71-6aa2-48c8-89ff-0f4a778d6705",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 38,
      "type": "analysis",
      "title": "Includes CAGR calculations for the 2010-2015E period across all four metrics.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 7,
        "textChars": 330,
        "nDataPoints": 56,
        "notes": "Includes CAGR calculations for the 2010-2015E period across all four metrics.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:25.057+00",
          "seconds": 2.993,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/38",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-38",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.42,
            "x": 0.08,
            "y": 0.55
          },
          "kind": "chart",
          "text": "Adjusted EBITDA",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82ff621d-6292-4f6e-bf20-bd48e0352d74",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.42,
            "x": 0.55,
            "y": 0.55
          },
          "kind": "chart",
          "text": "Adjusted Unlevered Free Cash Flow",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8bb5c41b-ee19-4284-8e88-3cde84211fd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.42,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Revenue",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e6ae2dc4-1392-4e12-a8f0-64cdd2a9a67c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.42,
            "x": 0.55,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Adjusted Standalone Net Income",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f476fe83-00cc-4b19-a041-9c21dbbc2f34",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.3,
            "x": 0.08,
            "y": 0.85
          },
          "kind": "disclaimer",
          "text": "Note: (1) Figures adjusted to exclude extraordinary expenses where data is available (2) Does not add back rental depreciation Source: Company financial reports and management projections",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "276ecd5b-af2c-42db-b781-5aab88f209b4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.08,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Historical and Projected Financials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "869fb429-faf8-41a8-bfe4-75568f741a16",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.08,
            "y": 0.15
          },
          "kind": "title",
          "text": "CORT Summary Financials",
          "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": "2026-07-16 19:24:25.057+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "933f9e5f-4023-42d9-966c-5d8a7dcdf257",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 39,
      "type": "setup",
      "title": "Includes a valuation bridge table at the bottom showing the relationship between Enterprise Value, Implied Equity Value, and implied multiples.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 26,
        "componentCount": 4,
        "textChars": 414,
        "nDataPoints": 24,
        "notes": "Includes a valuation bridge table at the bottom showing the relationship between Enterprise Value, Implied Equity Value, and implied multiples.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.935+00",
          "seconds": 2.821,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/39",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-39",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.32,
            "x": 0.06,
            "y": 0.85
          },
          "kind": "disclaimer",
          "text": "Note: Enterprise value includes net debt of $380.1 million ($333.1 million intercompany debt + $49.3 million third-party debt - $2.4 million of cash and equivalents) Source: Company financial reports and management projections",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "78c2189c-4b87-40b3-bb02-04b01d4d0992",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.55,
            "x": 0.35,
            "y": 0.8
          },
          "kind": "table",
          "text": "Enterprise Value, Implied Equity Value, Implied 2011 EV/Revenue, Implied 2011 EV/EBITDA",
          "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": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb9ad381-eb79-4b36-9cda-2b57f74ccbf4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.22,
            "y": 0.22
          },
          "kind": "table",
          "text": "Valuation Methodology and Enterprise Value ranges for Trading Valuation and DCF",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "552946c4-277c-440a-8152-c381b01af0e7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.42,
            "x": 0.29,
            "y": 0.15
          },
          "kind": "title",
          "text": "CORT Valuation Summary",
          "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": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "691c01c4-5e2b-40fd-9200-0b88070593bf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "589adc84-735a-4ae3-a1f4-b3b958226d7a",
          "evidence": "Valuation summary using trading multiples and DCF",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 39,
          "frameworkName": "asset-value"
        },
        {
          "matchId": "0649f2d7-a4b5-4e19-8056-4149b5dce9f2",
          "evidence": "DCF methodology listed as a valuation approach",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:24.935+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 39,
          "frameworkName": "dcf"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 40,
      "type": "setup",
      "title": "Includes sensitivity analysis for DCF with specific highlighted values.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 25,
        "componentCount": 4,
        "textChars": 339,
        "nDataPoints": 60,
        "notes": "Includes sensitivity analysis for DCF with specific highlighted values.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:25.003+00",
          "seconds": 2.85,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/40",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-40",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.28,
            "y": 0.895
          },
          "kind": "other",
          "text": "Note: (1) Net debt of $380.1 million... (2) Does not add back rental depreciation. Source: Company financial reports and management projections",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.003+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e2c02df6-2c31-4c81-bd57-168d25ce2a23",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.265,
            "w": 0.87,
            "x": 0.066,
            "y": 0.615
          },
          "kind": "table",
          "text": "DCF sensitivity analysis table for Enterprise Value and Implied Terminal EBITDA Multiple.",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.003+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c12210c-718f-4c7d-91d8-b8f1a1737469",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.36,
            "w": 0.87,
            "x": 0.066,
            "y": 0.22
          },
          "kind": "table",
          "text": "Trading Valuation table showing EV/EBITDA and P/E multiples and implied values.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.003+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0325f479-3621-4f0d-bf93-3ef58705218f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.028,
            "w": 0.392,
            "x": 0.304,
            "y": 0.155
          },
          "kind": "title",
          "text": "CORT Valuation Methodologies",
          "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": "2026-07-16 19:24:25.003+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "78ad5d81-7ac0-4209-8d14-e27d334892ba",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "de747337-44f5-4309-a562-5d1c34d653d0",
          "evidence": "DCF sensitivity tables for WACC and Perpetuity Growth Rate",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:25.003+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 40,
          "frameworkName": "dcf"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 41,
      "type": "analysis",
      "title": "Includes footnotes regarding LTM figures, environmental remediation, and Wells Fargo securities gain.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 48,
        "componentCount": 7,
        "textChars": 371,
        "nDataPoints": 45,
        "notes": "Includes footnotes regarding LTM figures, environmental remediation, and Wells Fargo securities gain.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:25.191+00",
          "seconds": 3.007,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/41",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-41",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.65,
            "x": 0.3,
            "y": 0.22
          },
          "kind": "chart",
          "text": "Revenue by Facility",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8cdf80b7-4e02-483d-9acd-8e394eb634df",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.3,
            "x": 0.65,
            "y": 0.55
          },
          "kind": "chart",
          "text": "Net Income / Net Income Margin",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ac3f8063-33e0-45d2-aba9-77168263e3fb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.3,
            "x": 0.3,
            "y": 0.55
          },
          "kind": "chart",
          "text": "EBITDA / EBITDA Margin",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "da6bcbd2-d2c4-45c9-8d10-fef17b895ad2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.3,
            "x": 0.05,
            "y": 0.8
          },
          "kind": "other",
          "text": "Note: (1) Median of 2006, 2007, 2008, 2009 and LTM figures... Source: Company financial reports",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0eed5d8f-993c-4238-bf5f-0d1dbd2e13c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.25,
            "x": 0.05,
            "y": 0.55
          },
          "kind": "table",
          "text": "Net Debt Calculation: Total Debt $0.0, Less Cash/Equivalents/Securities/Gain, Net Debt ($28.1)",
          "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": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1fdb4b43-274c-4168-9c11-0f96d992221e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.05,
            "y": 0.22
          },
          "kind": "table",
          "text": "Normalized Figures: Revenue $60.9, EBITDA Margin 3.3%, EBITDA $2.0",
          "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": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "351908c0-325f-4d06-870a-0c1aa8a5ed5e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Precision Steel Historical Summary Financials",
          "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": "2026-07-16 19:24:25.191+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c30def20-da6a-498d-9368-42672274b545",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 42,
      "type": "setup",
      "title": "The slide uses a floating bar chart style to represent valuation ranges against a common enterprise value axis.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 27,
        "componentCount": 5,
        "textChars": 301,
        "nDataPoints": 12,
        "notes": "The slide uses a floating bar chart style to represent valuation ranges against a common enterprise value axis.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.886+00",
          "seconds": 2.597,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/42",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-42",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.5,
            "w": 0.6,
            "x": 0.25,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Valuation ranges for Trading Valuation and Precedent Transactions",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Horizontal bar chart",
              "slug": "bar-horizontal",
              "status": "active",
              "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-horizontal",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c69b8fe9-88da-4521-81e2-d42544b8fa6f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.2,
            "x": 0.05,
            "y": 0.75
          },
          "kind": "disclaimer",
          "text": "Note: (1) Enterprise value excludes $28.1million of cash and cash equivalents and investments...",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af574cdb-abe0-4d50-8a59-8b05868c2c1f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "other",
          "text": "Source: Company financial reports",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bbce6951-1237-4d11-b877-8c724f27da93",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.5,
            "x": 0.35,
            "y": 0.75
          },
          "kind": "table",
          "text": "Enterprise Value, Implied Equity Value, and Implied EV/LTM Revenue metrics",
          "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": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5c3735f-7d9f-49e7-a390-85b9863b0756",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.25,
            "y": 0.12
          },
          "kind": "title",
          "text": "Precision Steel Valuation Summary",
          "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": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d896cde-fe8d-46d5-888c-a2d21f768abe",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "506aed62-47e3-4adc-b69a-daea97a7ab1c",
          "evidence": "Valuation summary using trading and precedent transaction methodologies",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:24.886+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 42,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 43,
      "type": "setup",
      "title": "The slide presents a standard valuation output table comparing different methodologies.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 18,
        "componentCount": 3,
        "textChars": 269,
        "nDataPoints": 24,
        "notes": "The slide presents a standard valuation output table comparing different methodologies.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.744+00",
          "seconds": 2.374,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/43",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-43",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.32,
            "y": 0.88
          },
          "kind": "other",
          "text": "Note: (1) Median of 2006, 2007, 2008, 2009 and LTM figures (2) LTM as of September 30, 2010 Source: Company financial reports",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.744+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "123cee88-053a-4f2b-aa5f-9316537f8f9e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.81,
            "x": 0.095,
            "y": 0.245
          },
          "kind": "table",
          "text": "Trading Valuation and Precedent Transaction Valuation table with multiples and implied enterprise values.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:24.744+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "58fc0d5b-bb7e-40c9-947b-bf3fbed9e93e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.41,
            "x": 0.295,
            "y": 0.145
          },
          "kind": "title",
          "text": "Precision Steel Valuation Methodologies",
          "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": "2026-07-16 19:24:24.744+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "67e25b89-4cad-458b-9775-1aa294943b63",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "6fd70066-afc1-44bc-a3dc-6d2394359fa7",
          "evidence": "The slide uses standard valuation methodologies (Trading and Precedent Transactions) to derive enterprise value.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:24.744+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 43,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 44,
      "type": "appendix",
      "title": "Slide 44 of a Greenhill presentation.",
      "function": "appendix",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 56,
        "componentCount": 9,
        "textChars": 237,
        "nDataPoints": 14,
        "notes": "Slide 44 of a Greenhill presentation.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:25.74+00",
          "seconds": 3.264,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/44",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-44",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.157,
            "w": 0.229,
            "x": 0.101,
            "y": 0.711
          },
          "kind": "image",
          "text": "Montana I",
          "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": "Photo",
              "slug": "photo",
              "status": "active",
              "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "photo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b2b9e87-ffef-4e82-8eae-21efcf94d13a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.157,
            "w": 0.229,
            "x": 0.101,
            "y": 0.484
          },
          "kind": "image",
          "text": "Citibank Building",
          "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": "Photo",
              "slug": "photo",
              "status": "active",
              "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "photo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1eca55f6-e8b8-4ef3-bf9e-67a746522a7a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.307,
            "x": 0.294,
            "y": 0.655
          },
          "kind": "list",
          "text": "Condominium Building (Montana I) details",
          "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": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a172ce3c-aa8f-4752-9f77-9cd2d48d5450",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.307,
            "x": 0.635,
            "y": 0.615
          },
          "kind": "list",
          "text": "Other Properties details",
          "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": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d1a694aa-1633-4007-87e1-9da5f95d21f3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.307,
            "x": 0.635,
            "y": 0.245
          },
          "kind": "list",
          "text": "Upland Town & Country Center details",
          "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": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e8c1af75-77cf-4d32-ba02-9e3fcb7b1810",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.307,
            "x": 0.294,
            "y": 0.245
          },
          "kind": "list",
          "text": "Commercial Office Building and Garage details",
          "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": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f2df2e3a-940b-4fd3-aadf-4db0d53c9479",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.294,
            "y": 0.915
          },
          "kind": "source-note",
          "text": "Source: Company information",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10729387-86e4-4104-850e-a3be61c859d2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.165,
            "x": 0.294,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Real Estate Overview",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "57a67b19-6b67-4792-a38e-cfd62ef886cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.315,
            "x": 0.294,
            "y": 0.148
          },
          "kind": "title",
          "text": "MS Property Company",
          "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": "2026-07-16 19:24:25.74+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "25ca6dd5-5906-4915-9f8e-defccff6d6bd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 45,
      "type": "setup",
      "title": "The slide highlights a discrepancy between book value and appraised value for specific real estate assets.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 6,
        "textChars": 502,
        "nDataPoints": 20,
        "notes": "The slide highlights a discrepancy between book value and appraised value for specific real estate assets.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:25.81+00",
          "seconds": 3.277,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/45",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-45",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.04,
            "w": 0.07,
            "x": 0.87,
            "y": 0.81
          },
          "kind": "callout",
          "text": "$1,850,812",
          "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": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b399dc69-29e1-421d-a004-b0ee15d92698",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.295,
            "y": 0.88
          },
          "kind": "other",
          "text": "Notes: (1) Cushman & Wakefield appraisal provided on December 10, 2010 (2) Assumes tax rate of 35.0% Source: Company financial statements, Cushman & Wakefield appraisal provided on December 10, 2010",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e846b224-04af-4ee5-8973-c6ffcbee0be8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.22,
            "x": 0.06,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Cushman & Wakefield delivered an appraisal value of $68.6 million for the real estate assets in MS Property. Cushman & Wakefield's appraisal value excludes the empty lot in Brea, CA",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0c0301e1-e3d3-4f12-b0d0-59d880cf3ea5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.295,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Real Estate Value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84d6773f-9416-4b6a-8d7b-aa8c193bbbf9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.65,
            "x": 0.295,
            "y": 0.23
          },
          "kind": "table",
          "text": "Table showing Property, Asset Value, Appraised Value, and Difference columns.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8365e13c-e26c-4adf-bc45-f9e3a5efa4b9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.295,
            "y": 0.15
          },
          "kind": "title",
          "text": "MS Property Company",
          "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": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0df7a5a7-e8d0-4931-8228-692d82e26b16",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Valuation: Asset value",
            "slug": "asset-value",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-1f84-7107-aa39-74996f383a89",
            "version": 1,
            "bodyDocId": "019df269-1f62-72f6-8ebd-8252ef2f12a2",
            "description": "You value the target by summing the appraised or marked-to-market",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "ec711996-b4eb-447d-b701-e40190ec1731",
          "evidence": "Table showing Property, Asset Value, Appraised Value, and Difference columns.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:20.83571+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 45,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Valuation: DCF",
            "slug": "dcf",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2031-7273-9014-0c70beb91e11",
            "version": 1,
            "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
            "description": "You project free cash flows over an explicit forecast period (typically",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "4abe81cb-59c4-4c12-b5a1-a43d2cf25e64",
          "evidence": "Assumes tax rate of 35.0%",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 02:15:20.88102+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 45,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "a2f539f7-cc5a-4eab-9808-3bdd615931d5",
          "evidence": "Comparison of book asset value vs appraised value to derive net value.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:25.81+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 45,
          "frameworkName": "asset-value"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 46,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 2,
        "textChars": 291,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:24.531+00",
          "seconds": 1.991,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/46",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-46",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.42,
            "x": 0.29,
            "y": 0.29
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n   A. Summary\n   B. Sum-of-the-Parts\n      a. Insurance\n      b. Non-Insurance\n      c. Common Equity Portfolio\n   C. Premiums Paid Analysis\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:24.531+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10f8ae5b-a261-4a75-92b3-43191b1873ab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.21,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:24.531+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "981231d8-f75f-4888-b291-16568352cee4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 47,
      "type": "analysis",
      "title": "The slide includes a pie chart for portfolio composition and a detailed data table for Wes-FIC and Precision Steel holdings.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 31,
        "componentCount": 5,
        "textChars": 362,
        "nDataPoints": 77,
        "notes": "The slide includes a pie chart for portfolio composition and a detailed data table for Wes-FIC and Precision Steel holdings.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.464+00",
          "seconds": 3.497,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/47",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-47",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.35,
            "w": 0.27,
            "x": 0.06,
            "y": 0.245
          },
          "kind": "chart",
          "text": "Equity Portfolio Composition",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Pie chart",
              "slug": "pie",
              "status": "active",
              "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pie",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.464+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dcb9bcae-69ae-4f44-9a6f-9be9ba0f2d83",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.295,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "(1) Assumes number of shares of each security held by Wesco is unchanged from 9/30/2010 (2) Assumes tax rate of 35.0% (3) As of 12/9/2010. Excludes Goldman Sachs warrants Source: Capital IQ, Company management",
          "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": "disclaimer",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.464+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "695208d9-0750-4882-a20e-7389781e44f5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.455,
            "x": 0.303,
            "y": 0.185
          },
          "kind": "subtitle",
          "text": "Change in After-Tax Unrealized Gain from 9/30/2010 to 12/9/2010",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.464+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be3bc6cc-a29b-4bd1-8906-2fbcb8f228ff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.65,
            "x": 0.295,
            "y": 0.245
          },
          "kind": "table",
          "text": "Detailed portfolio holdings table",
          "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": "2026-07-16 19:24:27.464+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "97166d87-da5f-41ed-b894-3750a4b497d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.435,
            "x": 0.303,
            "y": 0.153
          },
          "kind": "title",
          "text": "Wesco Common Equity Portfolio",
          "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": "2026-07-16 19:24:27.464+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b7912c37-74ab-499c-b5f1-8475d206a41c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 48,
      "type": "setup",
      "title": "The slide illustrates the impact of illiquidity discounts and different volatility assumptions on warrant valuation.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 560,
        "nDataPoints": 4,
        "notes": "The slide illustrates the impact of illiquidity discounts and different volatility assumptions on warrant valuation.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.572+00",
          "seconds": 3.312,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/48",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-48",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.2,
            "x": 0.505,
            "y": 0.25
          },
          "kind": "callout",
          "text": "$22.3 million After-Tax Difference",
          "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": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "853597f2-a23b-4758-bca7-602411d146af",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.6,
            "x": 0.305,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Comparison of warrant valuations excluding and including a 10% discount across two time periods/methodologies.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b54ba4e-20e4-45f2-8511-3abc90fbed90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.305,
            "y": 0.91
          },
          "kind": "other",
          "text": "Note: Analysis assumes tax rate of 35.0%. Source: Wesco Management analysis, Berkshire management, Bloomberg",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "85b4876f-af71-4852-8fd0-a545d238dd54",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.23,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "Greenhill has made no adjustments to the carrying value of Wes-FIC's interests... However, Greenhill has adjusted the carrying value of the Goldman Sachs Warrants based on the utilization of the Bloomberg Black-Scholes warrant model...",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7d1f9741-523b-430b-b519-9f2bee0db131",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.55,
            "x": 0.305,
            "y": 0.115
          },
          "kind": "title",
          "text": "Goldman Sachs Warrants Valuation Analysis",
          "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": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9ebfaa68-5bbd-4f6d-9762-2cab99d0eddd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Potential Valuation Differential",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e213395-7109-4151-94e8-a1ff19616dc6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "666d380d-4dc6-4457-b33b-55a995ac39a8",
          "evidence": "The chart visually bridges the gap between two valuation methodologies using a waterfall-like comparison.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:27.572+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 48,
          "frameworkName": "valuation_bridge"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 49,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 6,
        "componentCount": 2,
        "textChars": 216,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:26.32+00",
          "seconds": 2.047,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/49",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-49",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.3,
            "w": 0.41,
            "x": 0.295,
            "y": 0.295
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n   A. Summary\n   B. Sum-of-the-Parts\n   C. Premiums Paid Analysis\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:26.32+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ef510b01-b90e-4d0c-a20b-f5b80e7ef016",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.16,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:26.32+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6e4b94c9-48a0-4d49-b785-ae5960ea1ae3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 50,
      "type": "setup",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 18,
        "componentCount": 4,
        "textChars": 222,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:26.95+00",
          "seconds": 2.478,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/50",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-50",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.6,
            "x": 0.305,
            "y": 0.225
          },
          "kind": "chart",
          "text": null,
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:26.95+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7f0a0628-fdd2-47c7-bfa9-400fc54f0de5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.43,
            "x": 0.47,
            "y": 0.8
          },
          "kind": "other",
          "text": "Price-to-Book Multiples",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:26.95+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1df2a02f-e66b-4a77-88c8-8351fffc3731",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.22,
            "x": 0.06,
            "y": 0.255
          },
          "kind": "paragraph",
          "text": "The Berkshire Offer values Wesco at 1.00x book value, compared to Wesco's unaffected book value multiple of 0.92x (on August 25, 2010), which implies an 8.6% premium",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:26.95+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d80f3701-c582-407f-af60-d64b370ec6bf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Implied Premium in Berkshire Offer",
          "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": "2026-07-16 19:24:26.95+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eca81199-e4d3-42c2-ba14-2c5a3297faa4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 51,
      "type": "analysis",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 30,
        "componentCount": 4,
        "textChars": 520,
        "nDataPoints": 48,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.214+00",
          "seconds": 2.559,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/51",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-51",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.58,
            "x": 0.295,
            "y": 0.875
          },
          "kind": "other",
          "text": "(1) Expressed as a percentage premium... (5) Data set consists of insurance minority buyout transactions since 2000 globally, involving targets with less than 25% of shares publicly traded. Source: Company filings, Thomson, Capital IQ, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.214+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9bb6f5d-60d9-4b92-bae1-f908c2176b70",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.26,
            "w": 0.87,
            "x": 0.065,
            "y": 0.225
          },
          "kind": "table",
          "text": "Minority Buyout Premiums table with rows for U.S. Targets, U.S. Targets <25% float, Insurance Targets, and Insurance Targets <25% float.",
          "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": "2026-07-16 19:24:27.214+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cf8cefd7-02e7-4009-8334-f505dc9eed24",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.23,
            "w": 0.87,
            "x": 0.065,
            "y": 0.635
          },
          "kind": "table",
          "text": "Implied Equity Value Per Share table showing premiums from 0% to 30% applied to Unaffected and 1-Week prices.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.214+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "58953515-0194-4180-ac67-cd7a11db9522",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.392,
            "x": 0.304,
            "y": 0.154
          },
          "kind": "title",
          "text": "Premiums Paid Valuation Analysis",
          "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": "2026-07-16 19:24:27.214+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "80599c78-baf6-4682-a380-0294b89ede2b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 52,
      "type": "evidence",
      "title": "The table compares initial vs final premiums across 1-day, 1-week, and 1-month timeframes.",
      "function": "cite_precedent",
      "rawType": "precedent_table",
      "block": null,
      "metadata": {
        "slideType": "precedent_table",
        "slideTypeCanon": {
          "name": "Precedent table",
          "slug": "precedent_table",
          "status": "active",
          "canonId": "019de52d-115e-757e-a38f-486981054171",
          "version": 1,
          "description": null
        },
        "function": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 29,
        "componentCount": 5,
        "textChars": 297,
        "nDataPoints": 48,
        "notes": "The table compares initial vs final premiums across 1-day, 1-week, and 1-month timeframes.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.638+00",
          "seconds": 2.683,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/52",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-52",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.305,
            "y": 0.89
          },
          "kind": "other",
          "text": "Source: Company filings, Thomson, Capital IQ, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b58b51c6-0312-4886-8852-15e218554567",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.305,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "Greenhill has evaluated precedent data on initial premiums offered and final premiums paid in precedent minority buyout transactions",
          "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": null,
            "framework": null
          },
          "subkind": "description",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "64d90cfd-f94b-4eec-8edc-1951c176932e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.08,
            "x": 0.305,
            "y": 0.19
          },
          "kind": "subtitle",
          "text": "Premiums",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0498e448-7922-46ff-9698-5cd43d52a2a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.88,
            "x": 0.06,
            "y": 0.4
          },
          "kind": "table",
          "text": "Comparison table of premiums for U.S. targets vs low-float targets",
          "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": "precedent",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "01dc10db-1b3a-40b7-a22b-e92bf1fcf033",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Precedent Minority Buyout Transactions",
          "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": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1f08488-d8ed-48e6-82f2-8ece75c0e424",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "1030d2cd-ff21-40a0-8ed4-8771377a31c4",
          "evidence": "The slide presents a structured comparison of historical transaction data to establish valuation benchmarks.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:27.638+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 52,
          "frameworkName": "precedent-table"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 53,
      "type": "evidence",
      "title": "Includes mean and median calculations at the bottom of the table.",
      "function": "cite_precedent",
      "rawType": "precedent_table",
      "block": null,
      "metadata": {
        "slideType": "precedent_table",
        "slideTypeCanon": {
          "name": "Precedent table",
          "slug": "precedent_table",
          "status": "active",
          "canonId": "019de52d-115e-757e-a38f-486981054171",
          "version": 1,
          "description": null
        },
        "function": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 21,
        "componentCount": 3,
        "textChars": 313,
        "nDataPoints": 144,
        "notes": "Includes mean and median calculations at the bottom of the table.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.333+00",
          "seconds": 2.346,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/53",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-53",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.06,
            "y": 0.91
          },
          "kind": "other",
          "text": "Note: Data set consists of insurance minority buyout transactions since 2000 globally. Source: Company filings, Thomson, Capital IQ, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.333+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "32566706-a118-4f82-ac79-7bbbc7af729f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.88,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "table",
          "text": "Table of 12 insurance minority buyout transactions with columns for Date, Target, Acquiror, % Shares, Value, P/B, Prices, and Premiums.",
          "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": "2026-07-16 19:24:27.333+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f5e3d0f6-c5ad-4c5a-8449-779a5c42e462",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.41,
            "x": 0.295,
            "y": 0.15
          },
          "kind": "title",
          "text": "Insurance Minority Buyout Transactions",
          "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": "2026-07-16 19:24:27.333+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5656810d-35f7-4d97-9b88-8b56f35b0670",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "43869305-19b4-407d-b5e9-3e346536b122",
          "evidence": "The slide presents a structured list of historical financial transactions to establish market norms for minority buyouts.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:27.333+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 53,
          "frameworkName": "precedent_table"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 54,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 5,
        "componentCount": 2,
        "textChars": 150,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.11+00",
          "seconds": 1.9,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/54",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-54",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.45,
            "x": 0.295,
            "y": 0.28
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n4. Berkshire Class B Share Considerations\nAppendix",
          "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": "2026-07-16 19:24:27.11+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0f622e92-6c53-4e76-b5ca-9d233ff641be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.18,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:27.11+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "124d2bbd-2128-4334-88e7-969de4e51fd1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 55,
      "type": "setup",
      "title": "Includes valuation multiples, management bios, and portfolio breakdown.",
      "function": "summarize",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "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": 43,
        "componentCount": 6,
        "textChars": 539,
        "nDataPoints": 35,
        "notes": "Includes valuation multiples, management bios, and portfolio breakdown.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:28.317+00",
          "seconds": 3.072,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/55",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-55",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.28,
            "x": 0.305,
            "y": 0.24
          },
          "kind": "list",
          "text": "Company Overview details including business segments, investment strategy, employee count, and headquarters location.",
          "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": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c56a3b9a-2398-4951-acab-86f6b8f0bcae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.63,
            "x": 0.305,
            "y": 0.88
          },
          "kind": "other",
          "text": "Notes: (1) Calculated as pre-tax fair value less taxes on capital gain... Source: Company Filings, IBES consensus estimates, Bloomberg",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4214b756-d96d-48bc-8a5a-e130e6a16fb0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.27,
            "x": 0.06,
            "y": 0.51
          },
          "kind": "table",
          "text": "Summary Market Statistics including share prices, market cap, debt, cash, and valuation multiples.",
          "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": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53ad1edb-906e-4735-abfa-002d0e945913",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.33,
            "x": 0.605,
            "y": 0.24
          },
          "kind": "table",
          "text": "Senior Management table listing key executives, their ages, and positions.",
          "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": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7647f974-fd0c-4d18-97ff-ae6601fa7d0f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.33,
            "x": 0.605,
            "y": 0.51
          },
          "kind": "table",
          "text": "Investment Portfolio and Derivative Contract tables showing asset allocation and YTD gains/losses.",
          "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": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c1b2e5b1-c7a3-4048-92a6-48406eb317b4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.39,
            "x": 0.305,
            "y": 0.145
          },
          "kind": "title",
          "text": "Berkshire Overview",
          "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": "2026-07-16 19:24:28.317+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5a77b778-bd8a-493f-b769-883e1e941272",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "0b7add49-eb1c-47e9-85d3-96d77c6f36ac",
          "evidence": "Company Overview details including business segments, investment strategy, employee count, and headquarters location.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 02:15:21.359255+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 56,
      "type": "analysis",
      "title": "Includes CAGR annotations for historical (04A-'09A) and projected (10E-'12E) periods.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 44,
        "componentCount": 7,
        "textChars": 230,
        "nDataPoints": 36,
        "notes": "Includes CAGR annotations for historical (04A-'09A) and projected (10E-'12E) periods.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:27.989+00",
          "seconds": 2.684,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/56",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-56",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.2,
            "w": 0.3,
            "x": 0.305,
            "y": 0.235
          },
          "kind": "chart",
          "text": "Net Earnings per Class B Share",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3f5f90e2-0520-4165-b045-9d45dc2aa23c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.3,
            "x": 0.305,
            "y": 0.57
          },
          "kind": "chart",
          "text": "Total Revenues",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "676ad7fa-2a95-434e-83e6-9ee685f5d911",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.3,
            "x": 0.63,
            "y": 0.57
          },
          "kind": "chart",
          "text": "Net Earnings Attributable to Berkshire",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86d93201-8035-4564-8df9-636de0538c94",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.3,
            "x": 0.63,
            "y": 0.235
          },
          "kind": "chart",
          "text": "Book Value per Class B Share",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aef75e88-498f-4188-8706-622e5418616b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.25,
            "x": 0.305,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company Filings, IBES consensus estimates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "24f735fd-ba60-41eb-96ee-fea5e781acc9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.33,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Historical and Projected Summary Financials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b5651444-6ae1-4f5b-bf06-9ae8f584c6d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.475,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Berkshire Summary Financials",
          "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": "2026-07-16 19:24:27.989+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f655fe0-f1cc-480a-a09d-6578da891e26",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 57,
      "type": "appendix",
      "title": "The slide uses a timeline-annotated line chart to correlate stock performance with specific company events.",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 4,
        "textChars": 390,
        "nDataPoints": 12,
        "notes": "The slide uses a timeline-annotated line chart to correlate stock performance with specific company events.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:28.244+00",
          "seconds": 2.842,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/57",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-57",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.635,
            "x": 0.278,
            "y": 0.258
          },
          "kind": "chart",
          "text": "Historical stock price line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.244+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "977a9706-13f5-4787-9a68-84f1ce6134fa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.6,
            "x": 0.32,
            "y": 0.25
          },
          "kind": "framework",
          "text": "Annotations of key events on the stock price timeline",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Framework",
              "slug": "framework",
              "status": "active",
              "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa",
              "version": 1,
              "description": "Named conceptual framework instance."
            },
            "tool": null,
            "subkind": {
              "name": "Framework instance",
              "slug": "instance",
              "status": "active",
              "canonId": "019de52d-05a2-72af-be0b-7edc60708a03",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "instance",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.244+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cdbaea68-ce6e-44ec-85d5-6d6fa5ba065b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.25,
            "x": 0.05,
            "y": 0.565
          },
          "kind": "list",
          "text": "Summary of Share Structure: Corporation authorized to issue 1,650,000 Class A shares and 3,225,000,000 Class B shares. Each Class A share may be converted into 1,500 Class B shares. Class A current price of $120,750.00. Class B current price of $80.49.",
          "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": "2026-07-16 19:24:28.244+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "33d2eb9a-d32d-4d6b-8f81-3c23eed3b60e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.605,
            "x": 0.305,
            "y": 0.148
          },
          "kind": "title",
          "text": "Berkshire Class B Historical Stock Price Performance",
          "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": "2026-07-16 19:24:28.244+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca333caf-b4e2-4c36-858e-c3e1a46ea184",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "1441e36f-522b-45d9-ae40-cd39f7ebb44b",
          "evidence": "Historical stock price line chart",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:34.642555+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 57,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "9ff1ee93-9b2d-447c-920d-37645449252b",
          "evidence": "Events are mapped chronologically against the stock price line chart.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:24:28.244+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 57,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 58,
      "type": "analysis",
      "title": "The slide uses a dual-axis chart to show absolute P/B and relative P/B performance.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 48,
        "componentCount": 6,
        "textChars": 728,
        "nDataPoints": 15,
        "notes": "The slide uses a dual-axis chart to show absolute P/B and relative P/B performance.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:28.963+00",
          "seconds": 3.446,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/58",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-58",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.6,
            "x": 0.3,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Historical P/B chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c393e409-0e6e-4587-b232-5289af77ffdd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.3,
            "y": 0.92
          },
          "kind": "other",
          "text": "Source: SNL Financial, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e88097b-b741-410c-a283-b25e94d79c44",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.25,
            "x": 0.05,
            "y": 0.24
          },
          "kind": "paragraph",
          "text": "Price-to-book is an imperfect valuation metric for the S&P 500 given that a number of the companies in the S&P 500 do not trade on book value and have artificially high price-to-book multiples. That said, Berkshire's current price-to-book multiple is 60.9% of the S&P 500's current price-to-book multiple compared to 57.9% over the last 10 years. Berkshire is currently valued at a 1.33x price-to-book multiple relative to a 1.60x average over the last 10 years",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0dd7c0e0-fb66-4c8f-9111-e9c967f446a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.3,
            "y": 0.2
          },
          "kind": "subtitle",
          "text": "Actual and Relative (to the S&P) Price-to-Book Value Multiples",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b33c65f7-53f0-4bf7-a258-65d39462cec1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.2,
            "x": 0.05,
            "y": 0.68
          },
          "kind": "table",
          "text": "10-Year Average: 1.60x, 5-Year Average: 1.48x, 3-Year Average: 1.42x, 1-Year Average: 1.35x, Current: 1.33x",
          "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": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b6649d4-0ffb-4227-93b6-8c4ede4ae432",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.3,
            "y": 0.15
          },
          "kind": "title",
          "text": "Berkshire Class B Historical Valuation Multiples",
          "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": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b1eaab4-0a76-4327-8e97-91a9aead9a2d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "8c9ef408-fcde-4f3d-b98f-9492766c34b1",
          "evidence": "Historical P/B chart",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:34.729004+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 58,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "7fff9fc8-a0e0-46c0-a542-0442f4062725",
          "evidence": "Historical P/B multiple comparison",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:28.963+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 58,
          "frameworkName": "valuation_analysis"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 59,
      "type": "setup",
      "title": "The slide includes a disclaimer about the limitations of price-to-tangible book as a valuation metric for the S&P 500.",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 67,
        "componentCount": 8,
        "textChars": 819,
        "nDataPoints": 10,
        "notes": "The slide includes a disclaimer about the limitations of price-to-tangible book as a valuation metric for the S&P 500.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:29.913+00",
          "seconds": 3.765,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/59",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-59",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.305,
            "y": 0.85
          },
          "kind": "annotation",
          "text": "Source: SNL Financial, Capital IQ",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Annotation",
              "slug": "annotation",
              "status": "deprecated",
              "canonId": "019de52c-fa68-7188-a17b-7ee103bb6a9e",
              "version": 1,
              "description": "Legend, indicator or chart annotation."
            },
            "tool": null,
            "subkind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "019de52d-0552-777e-ab29-4c9a3e577794",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "552de86d-a66e-4990-b095-a7e64d40f30e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.305,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Historical Price-to-Tangible Book Multiple vs S&P 500",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6e017e4-012b-4935-8f3d-c9a799d77578",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.23,
            "x": 0.06,
            "y": 0.45
          },
          "kind": "paragraph",
          "text": "Berkshire is currently valued at a 1.98x price-to-tangible book multiple relative to a 2.32x average over the last 10 years",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0234f74f-f785-4ebb-b255-6cf0622c714b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.23,
            "x": 0.06,
            "y": 0.36
          },
          "kind": "paragraph",
          "text": "That said, Berkshire's current price-to-tangible book multiple is 43.3% of the S&P 500's current price-to-tangible book multiple compared to 44.9% over the last 10 years",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f22d78f-b3d0-42a8-9256-0f6e4f6bfb11",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.23,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "Price-to-tangible book is an imperfect valuation metric for the S&P 500 given that a number of the companies in the S&P 500 do not trade on tangible book value and have artificially high price-to-tangible book multiples.",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d8f86481-e004-409d-a7e1-a7cab52ef1c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.65,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Actual and Relative (to the S&P) Price-to-Tangible Book Value Multiples",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e3d2bb21-5fdc-4474-89cb-93f74cd3e327",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.23,
            "x": 0.06,
            "y": 0.53
          },
          "kind": "table",
          "text": "10-Year Average 2.32x; 5-Year Average 2.09x; 3-Year Average 2.02x; 1-Year Average 1.96x; Current 1.98x",
          "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": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8500412e-f2f7-4d2a-9c73-a5de51785a2d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.65,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Berkshire Class B Historical Valuation Multiples",
          "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": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "80263587-0928-4a49-afa0-253cbdbfc520",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "55006c7e-12ea-485f-8302-eefda9fc3e63",
          "evidence": "Historical Price-to-Tangible Book Multiple vs S&P 500",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:34.815702+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 59,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "fc972d67-c651-49b5-a5a9-c518ac9fbab9",
          "evidence": "Historical multiple comparison",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 19:24:29.913+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 59,
          "frameworkName": "valuation_analysis"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 60,
      "type": "analysis",
      "title": "Includes beta values for Wesco and Berkshire Class B shares.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 6,
        "textChars": 316,
        "nDataPoints": 12,
        "notes": "Includes beta values for Wesco and Berkshire Class B shares.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:28.984+00",
          "seconds": 2.786,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/60",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-60",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.65,
            "x": 0.305,
            "y": 0.27
          },
          "kind": "chart",
          "text": "Historical exchange ratio line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ecf6ebd5-5b46-4aec-a816-be1456e10126",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.305,
            "y": 0.89
          },
          "kind": "other",
          "text": "(1) Berkshire Class B shares began trading on 5/9/1996 (2) Represents Bloomberg Raw Beta calculated for the period from 5/9/1996 to 12/9/2010 Source: FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ce4e7eaf-189f-49f6-91d8-b6b8831e5407",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.305,
            "y": 0.195
          },
          "kind": "subtitle",
          "text": "Berkshire Class B Shares per Wesco Share",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "33aea241-4d8f-40f9-9d74-8069ae3f73a9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.35,
            "x": 0.59,
            "y": 0.29
          },
          "kind": "table",
          "text": "Historical Average Exchange Ratio table",
          "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": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "21e9be3b-6b76-49da-8398-246066f8b94a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.27,
            "x": 0.05,
            "y": 0.78
          },
          "kind": "table",
          "text": "Beta table",
          "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": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cc0cea93-bcb9-49dc-8faa-053133a1fbc9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.305,
            "y": 0.155
          },
          "kind": "title",
          "text": "Historical Exchange Ratio Analysis",
          "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": "2026-07-16 19:24:28.984+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "265887c3-7e64-4d28-9c47-b6a8f1cc2180",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "6b9b2087-354b-4708-8154-1b6a6d562e50",
          "evidence": "Historical exchange ratio line chart",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:34.902638+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 60,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 61,
      "type": "setup",
      "title": "The chart demonstrates Berkshire's superior growth performance compared to Wesco over the specified period.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "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": "balanced",
        "densityScore": 37,
        "componentCount": 6,
        "textChars": 421,
        "nDataPoints": 8,
        "notes": "The chart demonstrates Berkshire's superior growth performance compared to Wesco over the specified period.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:29.654+00",
          "seconds": 3.202,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/61",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-61",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.565,
            "x": 0.304,
            "y": 0.235
          },
          "kind": "chart",
          "text": "Quarterly Growth in Book Value per Share and Shareholder Dividends",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b004dae5-2b89-499a-8e4a-0031524587d8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.14,
            "x": 0.528,
            "y": 0.845
          },
          "kind": "legend",
          "text": "Wesco (green), Berkshire (blue)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a13aefd-abbb-40b3-ab0b-db28e2d01cd3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.45,
            "x": 0.304,
            "y": 0.89
          },
          "kind": "other",
          "text": "(1) Measures increase in sum of book value per share and dividends from Q2 1996 to Q3 2010. Source: SNL Financial",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f65daaa7-22a7-42b2-ab44-f3914aedc2ec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.018,
            "w": 0.565,
            "x": 0.304,
            "y": 0.192
          },
          "kind": "subtitle",
          "text": "Berkshire Class B Shares vs. Wesco Growth in Book Value Per Share and Dividends",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce",
              "version": 1,
              "description": "Header-zone supporting text near the title (= ex body.description with bbox)."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0a8a074-5649-47e8-8a1e-aeb5f85abe96",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.105,
            "w": 0.435,
            "x": 0.37,
            "y": 0.295
          },
          "kind": "table",
          "text": "Absolute Increase, 14.25-Year CAGR in BVPS, 14.25-Year CAGR in Sum of BVPS and Dividends for Wesco and Berkshire",
          "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": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4fc6365e-06ec-4462-9d99-43925f21fc94",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.028,
            "w": 0.265,
            "x": 0.304,
            "y": 0.148
          },
          "kind": "title",
          "text": "Growth in Book Value",
          "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": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "22e26a23-56de-406c-a1cb-be05528f1a1a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "bcab035f-f851-4f7b-9e7a-75f8519e9a1f",
          "evidence": "Quarterly Growth in Book Value per Share and Shareholder Dividends",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:35.037187+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "3b742668-0fb4-4cbd-8cb2-62874053d55e",
          "evidence": "Berkshire Class B Shares vs. Wesco Growth in Book Value Per Share and Dividends",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:34.993434+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "8d8b8bce-fa52-40eb-ab82-930903383882",
          "evidence": "Direct comparison of growth metrics between two entities over time.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 19:24:29.654+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 62,
      "type": "analysis",
      "title": "The chart uses a dual-axis approach to overlay analyst sentiment (stacked area) with stock price (line).",
      "function": "analyze_data",
      "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": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 39,
        "componentCount": 6,
        "textChars": 458,
        "nDataPoints": 12,
        "notes": "The chart uses a dual-axis approach to overlay analyst sentiment (stacked area) with stock price (line).",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:30.429+00",
          "seconds": 3.261,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/62",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-62",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.55,
            "x": 0.35,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Equity Research Analyst Ratings Distribution and Berkshire Class B Price Performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked area chart",
              "slug": "area-stacked",
              "status": "active",
              "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "area-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ccc1aa48-b144-4442-a0bf-054b7e2adb1b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.45,
            "y": 0.85
          },
          "kind": "legend",
          "text": "Buy, Hold, Sell, Share Price",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "545d95c4-01a1-45b5-b616-151808a7e4e2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.305,
            "y": 0.91
          },
          "kind": "other",
          "text": "(1) Excludes Edward Jones and EVA Dimensions. Source: Bloomberg, FactSet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a6be04e-4046-4ba2-9364-aeff7acd1842",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.25,
            "x": 0.07,
            "y": 0.25
          },
          "kind": "paragraph",
          "text": "Berkshire Hathaway is covered by six analysts, while firms in the Dow Jones Industrial Average are covered by 29 analysts on average",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d7b9d8f8-6346-413a-8cd0-094fa2e51de9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.29,
            "x": 0.05,
            "y": 0.55
          },
          "kind": "table",
          "text": "Ratings Summary table showing Date, Firm Name, Recommendation, and Class B Price for 6 analysts.",
          "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": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4210707b-8430-46e7-8053-c5ad9107fe72",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.6,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Equity Research Perspectives on Class B Shares",
          "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": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8db22157-081b-40f1-ba27-90cc20c9dd14",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "c58c5701-f1b6-400f-8573-1a642e582f21",
          "evidence": "Equity Research Analyst Ratings Distribution and Berkshire Class B Price Performance",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 02:15:35.130414+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 62,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "5062e41a-0f87-4d67-a2f0-fac32fdd12f2",
          "evidence": "Uses data visualization to support a narrative about low analyst coverage.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 19:24:30.429+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 62,
          "frameworkName": "data-story-arc"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 63,
      "type": "setup",
      "title": "Includes color-coded legend for specific share price benchmarks (52-week low/high, current price, consensus target, and 10-year average multiples).",
      "function": "show_valuation_bridge",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "show_valuation_bridge",
        "functionCanon": {
          "name": "Show valuation bridge",
          "slug": "show_valuation_bridge",
          "status": "active",
          "canonId": "019de52d-1883-716e-9dec-4981e70b840a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 26,
        "componentCount": 4,
        "textChars": 354,
        "nDataPoints": 120,
        "notes": "Includes color-coded legend for specific share price benchmarks (52-week low/high, current price, consensus target, and 10-year average multiples).",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:30.145+00",
          "seconds": 2.912,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/63",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-63",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.25,
            "x": 0.05,
            "y": 0.565
          },
          "kind": "legend",
          "text": "Color-coded legend for share price benchmarks.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "legend",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "276016e2-2439-457f-bf4b-6fdca8a4a540",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.45,
            "x": 0.303,
            "y": 0.915
          },
          "kind": "other",
          "text": "(1) Equity Value calculated as Class B Share Price multiplied by weighted average Class B Shares Outstanding. Source: FactSet, SNL Financial, Capital IQ",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b7e70d5-b82a-4600-b217-f595f559bd23",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.65,
            "x": 0.303,
            "y": 0.233
          },
          "kind": "table",
          "text": "Valuation matrix table with columns for Share Price, Equity Value, NTM EPS, Reported Book Value, and Tangible Book Value.",
          "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": "Valuation table",
              "slug": "valuation",
              "status": "active",
              "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "valuation",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:30.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2d68a0f-13ad-4716-afec-dca8f4dbb333",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.394,
            "x": 0.303,
            "y": 0.155
          },
          "kind": "title",
          "text": "Valuation Matrix for Class B Shares",
          "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": "2026-07-16 19:24:30.145+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af8a98f7-aafc-414a-8ec6-718f492aed11",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "2x2 matrix",
            "slug": "matrix-2x2",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
            "version": 1,
            "bodyDocId": null,
            "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "da06cede-6727-4790-a484-9e7d7f83b62b",
          "evidence": "Valuation matrix table with columns for Share Price, Equity Value, NTM EPS, Reported Book Value, and Tangible Book Value.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 02:15:35.218068+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 63,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 64,
      "type": "setup",
      "function": "front_matter",
      "rawType": "table_of_contents",
      "block": null,
      "metadata": {
        "slideType": "table_of_contents",
        "slideTypeCanon": {
          "name": "Table of contents",
          "slug": "table_of_contents",
          "status": "active",
          "canonId": "019de52d-0643-721b-9b85-69676bb85cf8",
          "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": 7,
        "componentCount": 3,
        "textChars": 149,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:29.39+00",
          "seconds": 1.944,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/64",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-64",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.16,
            "w": 0.41,
            "x": 0.295,
            "y": 0.29
          },
          "kind": "list",
          "text": "1. Offer Background\n2. Wesco Summary Information\n3. Preliminary Valuation of Wesco\n4. Berkshire Class B Share Considerations",
          "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": "2026-07-16 19:24:29.39+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3935150c-d7d5-41cb-bf93-5e086a6165e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.08,
            "x": 0.295,
            "y": 0.52
          },
          "kind": "paragraph",
          "text": "Appendix",
          "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": null,
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.39+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eafc9f53-3dc5-46c3-a8c2-0bd0ec3d2fb3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.21,
            "x": 0.305,
            "y": 0.15
          },
          "kind": "title",
          "text": "Table of Contents",
          "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": "2026-07-16 19:24:29.39+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a689409-9055-4d7b-a478-8f53e7b2a82c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 65,
      "type": "setup",
      "function": "front_matter",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "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": 15,
        "componentCount": 3,
        "textChars": 448,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview",
          "runId": null,
          "at": "2026-07-16 19:24:29.967+00",
          "seconds": 2.387,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/65",
        "deck": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
        "deckAnchor": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-65",
        "deckJson": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.05,
            "y": 0.88
          },
          "kind": "other",
          "text": "(1) The term \"Berkshire Offer\" includes and incorporates by reference the entirety of the letter, and all terms defined therein, dated 9/1/2010 from Warren E. Buffett to the Board of Directors of Wesco Financial Corporation indicating Berkshire Hathaway, Inc.'s written proposal to acquire the 19.9% of Wesco Financial Corporation shares that Berkshire Hathaway, Inc. does not already own",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "source-note",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-07-16 19:24:29.967+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7c5041ad-32a9-40f0-8f83-eea5f801eb96",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.25
          },
          "kind": "table",
          "text": "Glossary table with Term and Definition columns",
          "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": "2026-07-16 19:24:29.967+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "395f3412-f3ed-4b64-b7b0-43ef25ea6473",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.3,
            "x": 0.35,
            "y": 0.15
          },
          "kind": "title",
          "text": "Defined Terms",
          "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": "2026-07-16 19:24:29.967+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6b96b8e6-42b5-4818-b0dc-21677167fda9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 4,
      "to": 7,
      "label": "Problem",
      "description": "The presentation starts with an overview of Wesco and the offer background"
    },
    {
      "from": 8,
      "to": 11,
      "label": "Market Size",
      "description": "The deck provides historical stock price performance and price-to-book multiples"
    },
    {
      "from": 12,
      "to": 16,
      "label": "Solution",
      "description": "The presentation outlines the valuation summary and sum-of-the-parts valuation"
    },
    {
      "from": 17,
      "to": 20,
      "label": "Competition",
      "description": "The deck provides data on consolidating shareholders' equity and valuation of Wes-FIC"
    },
    {
      "from": 21,
      "to": 25,
      "label": "Financials",
      "description": "The presentation includes return on equity analysis and book yield on fixed income investments"
    },
    {
      "from": 26,
      "to": 30,
      "label": "Team",
      "description": "The deck provides regression analysis and combined ratio analysis"
    },
    {
      "from": 31,
      "to": 35,
      "label": "The Ask",
      "description": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis"
    }
  ],
  "loops": [
    {
      "from": 8,
      "to": 11,
      "label": "Zoom In",
      "description": "What is Wesco's historical stock price performance?"
    },
    {
      "from": 17,
      "to": 20,
      "label": "Iceberg",
      "description": "What are the implications of consolidating shareholders' equity?"
    },
    {
      "from": 31,
      "to": 35,
      "label": "Cost Of Inaction",
      "description": "What are the implications of not adjusting for reserves and receivables?"
    }
  ]
}