{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 1976, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "disclaimer", "function": "front_matter", "notes": null, "imagePath": "https://imgproxy.kitesheet.com/BLA9qK5mkjnZbpHBEIqXdtisvMZ0kvoWV9yUdjM6fFE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGZmY2M1OWY2ZTQvcDAwMS5qcGc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/1", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-1", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": "https://imgproxy.kitesheet.com/3umUNuRWoAQzy5kPAuRTZkJoShuyyfmIV88IPGVG1x4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGZmY2M1OWY2ZTQvcDAwMS5wbmc", "thumbSrc": "https://imgproxy.kitesheet.com/8AulCW0_tfMxR7XNcoV1okgjImloX_PMJIHcJU7I-W4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGZmY2M1OWY2ZTQvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/QFx38A00XRUygAI-44ny1Xo_q5aLVEJithJIzy_RznU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGZmY2M1OWY2ZTQvcDAwMS5wbmc" }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "other", "function": "frame_situation", "notes": "This is the first page of the actual letter content, serving as the primary thesis statement for the short report.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/2", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-2", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This is a page from a short-seller report (Muddy Waters) attacking Lemonade's security posture.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/3", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-3", "loopMatches": [ { "to": 5, "from": 3, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "130e79d4-df07-4e5c-ae3e-b30d424d1029", "evidence": "The document reveals the vulnerability and provides steps to reproduce", "position": 0, "objective": "Reveal the vulnerability and coordinated disclosure", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.7, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 4, "from": 3, "beatId": "643e463f-b2de-48f1-ab9b-1cd839dacd1e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster (Problem)", "beatSlug": "overcoming-monster-the-monster", "evidence": "Description of the Lemonade.com Vulnerability", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "villain_critique", "function": "name_villain", "notes": "This appears to be a page from a security research report or a short-seller disclosure document rather than a traditional corporate shareholder letter.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/4", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-4", "loopMatches": [ { "to": 5, "from": 3, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "130e79d4-df07-4e5c-ae3e-b30d424d1029", "evidence": "The document reveals the vulnerability and provides steps to reproduce", "position": 0, "objective": "Reveal the vulnerability and coordinated disclosure", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.7, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 4, "from": 3, "beatId": "643e463f-b2de-48f1-ab9b-1cd839dacd1e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster (Problem)", "beatSlug": "overcoming-monster-the-monster", "evidence": "Description of the Lemonade.com Vulnerability", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "appendix_disclosure", "function": "diagnose_problem", "notes": "This appears to be a page from a vulnerability disclosure report or a short-seller report exposing a security flaw.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/5", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-5", "loopMatches": [ { "to": 5, "from": 3, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "130e79d4-df07-4e5c-ae3e-b30d424d1029", "evidence": "The document reveals the vulnerability and provides steps to reproduce", "position": 0, "objective": "Reveal the vulnerability and coordinated disclosure", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.7, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 5, "from": 5, "beatId": "7d3bb7d6-5dc0-4c79-9433-cf4821ee30ad", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Steps to Reproduce Vulnerability", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "slideType": "filler", "function": "filler", "notes": "Likely a placeholder for an image or chart that was redacted or not yet inserted.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/6", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-6", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 7, "slideType": "filler", "function": "filler", "notes": "Likely a placeholder for an image or chart to be inserted later.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/7", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-7", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 8, "slideType": "filler", "function": "filler", "notes": "The slide contains no text other than the page number '7'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/8", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-8", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 9, "slideType": "filler", "function": "filler", "notes": "Likely a placeholder for an image or chart to be inserted.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/9", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-9", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2bce5eee365a", "docSlug": "68ffcc59f6e4", "documentTitle": "Lemonade, Inc. (LMND)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "slideType": "closing_ask", "function": "summarize", "notes": "The slide contains a large blacked-out area, likely a redacted image or chart.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2bce5eee365a/10", "deckHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2bce5eee365a#slide-10", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 10, "beatId": "52a30e49-1394-490b-a7c6-c6e5caacc8f7", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2470eb4c9746", "docSlug": "c3545970c5c4", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "disclaimer", "function": "front_matter", "notes": "Page 1 of 5", "imagePath": "https://imgproxy.kitesheet.com/2tWN8bbKqxPsdfGLQWZPE9hTFkdZtL6TxgW7RVG6uP0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzU0NTk3MGM1YzQvcDAwMS5qcGc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2470eb4c9746/1", "deckHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746#slide-1", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": "https://imgproxy.kitesheet.com/hWncAp8WZWNRaM6RCCp7j8Eg4hVvZzeS_IRod6kTCyk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzU0NTk3MGM1YzQvcDAwMS5wbmc", "thumbSrc": "https://imgproxy.kitesheet.com/KutNIRNR65cCPKjBgEyiUW9RwhGuMRx8i3mS3KkGNIg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzU0NTk3MGM1YzQvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/x_npMCmYot9twd0asit-46iE-ZA0oSU4r267rNTcFjM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzU0NTk3MGM1YzQvcDAwMS5wbmc" }, { "docId": "019dd923-622c-750b-8b97-2470eb4c9746", "docSlug": "c3545970c5c4", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "executive_summary", "function": "expose_contradiction", "notes": "The slide uses a confrontational tone typical of short-seller research notes, framing the company's silence on specific points as an admission of guilt.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2470eb4c9746/2", "deckHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746#slide-2", "loopMatches": [ { "to": 5, "from": 2, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "ee1c27da-894e-4fe7-a84a-c33faf292481", "evidence": "The document builds up to a conclusion that the company's valuation is not justified", "position": 0, "objective": "Is XL Fleet's valuation justified?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "9ce16844-929b-4db9-b185-a9a7e04e701a", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The executive summary presents the problem and complication", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2470eb4c9746", "docSlug": "c3545970c5c4", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide functions as a rebuttal tracker, listing specific allegations and the company's denial status.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2470eb4c9746/3", "deckHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746#slide-3", "loopMatches": [ { "to": 5, "from": 2, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "ee1c27da-894e-4fe7-a84a-c33faf292481", "evidence": "The document builds up to a conclusion that the company's valuation is not justified", "position": 0, "objective": "Is XL Fleet's valuation justified?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" }, { "to": 4, "from": 3, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "46467b9e-62b8-4804-898c-842d12b1a549", "evidence": "The document presents claims of misrepresentation beneath the surface", "position": 1, "objective": "Are there indications of misrepresentation?", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.6, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 4, "from": 3, "beatId": "dce20121-2aea-4308-8512-338884766084", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "Slides 3 and 4 provide evidence and proof for the claims made", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2470eb4c9746", "docSlug": "c3545970c5c4", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "This is a text-heavy research note page acting as a rebuttal to company management's defense.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2470eb4c9746/4", "deckHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746#slide-4", "loopMatches": [ { "to": 5, "from": 2, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "ee1c27da-894e-4fe7-a84a-c33faf292481", "evidence": "The document builds up to a conclusion that the company's valuation is not justified", "position": 0, "objective": "Is XL Fleet's valuation justified?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" }, { "to": 4, "from": 3, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "46467b9e-62b8-4804-898c-842d12b1a549", "evidence": "The document presents claims of misrepresentation beneath the surface", "position": 1, "objective": "Are there indications of misrepresentation?", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.6, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 4, "from": 3, "beatId": "dce20121-2aea-4308-8512-338884766084", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "Slides 3 and 4 provide evidence and proof for the claims made", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2470eb4c9746", "docSlug": "c3545970c5c4", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide functions as a rebuttal to XL's corporate response, focusing on customer testimonials vs. marketing claims and the financial implications of the SPAC deal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2470eb4c9746/5", "deckHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2470eb4c9746#slide-5", "loopMatches": [ { "to": 5, "from": 2, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "ee1c27da-894e-4fe7-a84a-c33faf292481", "evidence": "The document builds up to a conclusion that the company's valuation is not justified", "position": 0, "objective": "Is XL Fleet's valuation justified?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.7, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "arcBeatMatches": [ { "to": 5, "from": 5, "beatId": "f38bcaf7-50bb-4007-abd3-7a61ea7d96ac", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The final slide exposes a contradiction, implying next steps or conclusions", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-2cc02e385014", "docSlug": "86aeeaf4ca9c", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 1, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide uses testimonials to establish a narrative of corporate malfeasance.", "imagePath": "https://imgproxy.kitesheet.com/i2dOcUFKup8g8-9AvRRdBya8nL4s7fpyNVBHgvJ1NHc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmFlZWFmNGNhOWMvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/1", "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-1", "loopMatches": [], "arcBeatMatches": [ { "to": 5, "from": 1, "beatId": "9bb0fc2a-76a7-4e97-aabc-a48dd4d457dc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Villain Critique", "beatSlug": null, "evidence": "The document begins by critiquing XL Fleet Corp", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": "https://imgproxy.kitesheet.com/yyCGSUG-QmVy7BvwKSFFgJ4KzYYsvs0XmL3mWxW9EfE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmFlZWFmNGNhOWMvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/LXCZm2xBEh-qx4qi80tsraDVCGhM655vZ2O5QZ6Xp7M/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmFlZWFmNGNhOWMvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/LVYn0yy7jVPubAJkYjvsNrtPVC3VEQFMjdCJoyg3DZ0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmFlZWFmNGNhOWMvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 28, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses data from three specific IP addresses (59.45.170.206, 59.45.170.213, 59.45.170.216) to show consistent gifting patterns to the same performers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/28", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-28", "loopMatches": [ { "to": 30, "from": 22, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "5dd2d118-3b65-4b5b-afa3-b8930b741eff", "evidence": "The report provides evidence of circular gifting and fake accounts", "position": 1, "objective": "What is the extent of YY's fraudulent practices?", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This slide is a narrative-heavy research note detailing allegations of corporate fraud and revenue manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/29", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-29", "loopMatches": [ { "to": 30, "from": 22, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "5dd2d118-3b65-4b5b-afa3-b8930b741eff", "evidence": "The report provides evidence of circular gifting and fake accounts", "position": 1, "objective": "What is the extent of YY's fraudulent practices?", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 30, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a table of top 11 channel owners and a case study on 'Killing Time' (Dafashijian) bot activity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/30", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-30", "loopMatches": [ { "to": 30, "from": 22, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "5dd2d118-3b65-4b5b-afa3-b8930b741eff", "evidence": "The report provides evidence of circular gifting and fake accounts", "position": 1, "objective": "What is the extent of YY's fraudulent practices?", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 31, "slideType": "other", "function": "expose_contradiction", "notes": "The slide uses screenshots of internal data dashboards to contrast normal gifting patterns with those originating from a localhost IP, suggesting bot activity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/31", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-31", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 32, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes screenshots of dashboard metrics and raw transaction logs highlighting IP address anomalies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/32", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-32", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 33, "slideType": "appendix_data", "function": "analyze_data", "notes": "Includes a data table showing IP address logs and a profile screenshot of the 'Orange Juice' account.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/33", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-33", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a recruitment ad for room managers and a dashboard screenshot showing high-volume gifting activity from a single user.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/34", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-34", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 35, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a screenshot of a dashboard and a data table highlighting local host IP usage.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/35", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-35", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 36, "slideType": "other", "function": "analyze_data", "notes": "The slide presents evidence of bot-like behavior through IP address switching and local host IP usage in transaction logs.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/36", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-36", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 37, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide presents evidence of potentially fraudulent or manipulated user location data, suggesting YY-controlled FUs (Fake Users) are masking their true location.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/37", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-37", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 38, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a forensic research approach to expose fraudulent activity (bot farms) by analyzing IP patterns and gift-giving behavior.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/38", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-38", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 39, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes forensic analysis of IP addresses in Heihe and specific user activity patterns indicating VPN usage.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/39", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-39", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 40, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This page is a text-heavy research note detailing fraudulent activity (bots, circular revenue) in YY's dating channels.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/40", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-40", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 41, "slideType": "other", "function": "analyze_data", "notes": "The slide provides evidence of high-earning performers and estimates total revenue potential for the dating channel category.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/41", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-41", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 42, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This is a page from a short-seller research report (Muddy Waters Research).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/42", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-42", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 43, "slideType": "comparison_table", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight a specific discrepancy in 'Long-term deposits'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/43", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-43", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 44, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses two tables to reconcile total cash balances against specific onshore WFOE credit report data to infer offshore cash holdings.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/44", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-44", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 45, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses a forensic accounting approach to identify a discrepancy of RMB 1.326 billion, suggesting potential capital control violations or fabricated cash balances.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/45", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-45", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 46, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This is a page from a short-seller research report (Muddy Waters Research).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/46", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-46", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 47, "slideType": "other", "function": "illustrate_case", "notes": "The slide uses a social media post as evidence to contrast the platform's 'Most Popular' award with the observed low-quality content.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/47", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-47", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses screenshots as evidence of 'non-performance' (e.g., filming a wall/ceiling) to suggest fraudulent or artificial activity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/48", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-48", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 49, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide documents fraudulent behavior (circular economy) within the Bigo platform ecosystem.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/49", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-49", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 50, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses tables to demonstrate circular flow of 'beans' (virtual currency) between accounts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/50", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-50", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses screenshots of the Bigo Live app to demonstrate a 'swap' of profiles, implying potential manipulation or fraudulent activity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/51", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-51", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a screenshot of Bigo's FAQ regarding Bigo ID changes as evidence of policy contradiction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/52", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-52", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 53, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses a 'bottom-up' revenue buildup to expose a discrepancy between reported figures and estimated actuals, highlighting a growing gap over time.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/53", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-53", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 54, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a forensic accounting/investigative research tone to expose alleged fraud.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/54", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-54", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 55, "slideType": "appendix_disclosure", "function": "expose_contradiction", "notes": "The slide uses legal documentation to contrast the incorporation date (Sept 2014) with David Li's personal investment date (Dec 2014).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/55", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-55", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 56, "slideType": "appendix_disclosure", "function": "expose_contradiction", "notes": "The slide uses legal documentation to frame a narrative of corporate malfeasance and financial manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/56", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-56", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 57, "slideType": "appendix_disclosure", "function": "expose_contradiction", "notes": "This slide functions as a forensic accounting narrative, citing specific SEC filings and financial restatements to support allegations of fraud.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/57", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-57", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The page includes two footnotes detailing specific interview sources and clarifying bot audience numbers for the 'Livehouse' channel.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/58", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-58", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 59, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a before-and-after comparison of a user profile to highlight potential manipulation of platform statistics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/59", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-59", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 60, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a screenshot of a Bigo user profile and a critique of financial reporting discrepancies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/60", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-60", "loopMatches": [ { "to": 60, "from": 54, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "fdee0086-cc98-4536-8195-0e821c22ed8a", "evidence": "The report implies that investors may lose money if they do not take action", "position": 2, "objective": "What are the consequences of not addressing YY's fraudulent practices?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 61, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses investigative findings to challenge the nature of Bigo's PRC revenue, attributing it to specific apps rather than general Bigo Live usage.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/61", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-61", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 62, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses a calculation table to derive implied PRC revenue and then transitions into a narrative critique of the 'Hello' app's legitimacy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/62", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-62", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes screenshots of the Hello app interface and a SAIC corporate registration record for Baiguoyuan Networks.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/63", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-63", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 64, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of a 2017 blog post to demonstrate that Hello users were instructed to link their YY accounts for payment, suggesting common management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/64", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-64", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 65, "slideType": "appendix", "function": "appendix", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/65", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-65", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 66, "slideType": "appendix_methodology", "function": "analyze_data", "notes": "Includes screenshots of dashboard metrics for two distinct time periods (expanded and lockdown).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/66", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-66", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 67, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide includes a table of raw transaction data and a detailed explanation of the XHL data source, including its reliability and ownership.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/67", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-67", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 68, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide presents a forensic accounting argument by comparing third-party data against official company filings to highlight anomalies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/68", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-68", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 68, "from": 33, "beatId": "3c6771a1-f1c8-4750-b7e3-071b79a82bbf", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Appendix Data", "beatSlug": null, "evidence": "The report includes extensive data and examples to support its claims", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 69, "slideType": "appendix_methodology", "function": "appendix", "notes": "Includes detailed footnotes regarding Sensor Tower's data collection practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/69", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-69", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 70, "slideType": "appendix_methodology", "function": "diagnose_problem", "notes": "Includes references to Netflix migration documentation and Kingsoft Cloud constraints.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/70", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-70", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-202fcba3bc0a", "docSlug": "4a1cd2416c13", "documentTitle": "Joyy Inc. (YY)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-18 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 71, "slideType": "other", "function": "illustrate_case", "notes": "The slide explains how internal IP addresses are exposed when a VPN connection fails, revealing the bot's origin.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-202fcba3bc0a/71", "deckHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-202fcba3bc0a#slide-71", "loopMatches": [], "arcBeatMatches": [ { "to": 71, "from": 4, "beatId": "a6d172fd-e615-4921-ab5f-acf82f61ca10", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The report is filled with expose contradiction beats, revealing discrepancies in YY's reporting", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }