{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 1991, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 41, "slideType": "appendix_data", "function": "analyze_data", "notes": "The table maps fiscal quarters to calendar quarters and provides corresponding import weights.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/41", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-41", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 42, "slideType": "appendix_data", "function": "analyze_data", "notes": "The table includes specific methodology notes regarding the exclusion of Naturium and 'on the water' inventory.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/42", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-42", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 43, "slideType": "appendix_data", "function": "analyze_data", "notes": "The red text highlights the anomalous data points.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/43", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-43", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 44, "slideType": "appendix", "function": "appendix", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/44", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-44", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 45, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses direct quotes from the company's 10-Q and CFO to point out the inventory accounting change.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/45", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-45", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 46, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide juxtaposes specific inventory figures ($27.7M in-transit, $25M Naturium) against official 10-Q text and CFO commentary to suggest potential accounting or operational concerns.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/46", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-46", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 47, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a quote from the CFO and an excerpt from the 10-Q to analyze inventory growth drivers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/47", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-47", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a1171d7d86a0", "docSlug": "71e665b79a9a", "documentTitle": "e.l.f. Beauty, Inc. (ELF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-11-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a quote from the CFO to contrast with the lack of formal disclosure in the 10-Q filing.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/48", "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-48", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 1, "slideType": "cover", "function": "front_matter", "notes": null, "imagePath": "https://imgproxy.kitesheet.com/ztQ-S8O4OVr7QZBHCBGZE_XgJqgYGbiODYtp-70R3Yc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNGNjMDgwYTM0ZDgvcDAwMS5qcGc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/1", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-1", "loopMatches": [], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "97ce19f6-797b-4299-8b88-e445c404f996", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The deck begins with a cover slide and disclaimer, followed by a quote slide and an expose_contradiction slide, setting the tone for the rest of the deck.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/BYhjZ2lN_xLi2MHR4qpb9Z3f8pOJomiLeRy5i_1HCTg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNGNjMDgwYTM0ZDgvcDAwMS5wbmc", "thumbSrc": "https://imgproxy.kitesheet.com/-U5ZgLNgs8Q9Xbk7bZdISwtmcePrXmrA6IU5tG-V4S4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNGNjMDgwYTM0ZDgvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/9qZ-ZV1gLZDc-fY4bFEqDHxealLGMiOWq64VYyzn3gE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNGNjMDgwYTM0ZDgvcDAwMS5wbmc" }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 2, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/2", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-2", "loopMatches": [], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "97ce19f6-797b-4299-8b88-e445c404f996", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The deck begins with a cover slide and disclaimer, followed by a quote slide and an expose_contradiction slide, setting the tone for the rest of the deck.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 3, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide presents a testimonial/whistleblower quote to support an allegation of accounting manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/3", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-3", "loopMatches": [], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "97ce19f6-797b-4299-8b88-e445c404f996", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The deck begins with a cover slide and disclaimer, followed by a quote slide and an expose_contradiction slide, setting the tone for the rest of the deck.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 4, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a rhetorical question to frame the company's complexity as a red flag for potential accounting manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/4", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-4", "loopMatches": [], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "97ce19f6-797b-4299-8b88-e445c404f996", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The deck begins with a cover slide and disclaimer, followed by a quote slide and an expose_contradiction slide, setting the tone for the rest of the deck.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 5, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a step-by-step narrative to explain a potential accounting fraud mechanism.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/5", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-5", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 6, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/6", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-6", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 7, "slideType": "section_divider", "function": "transition", "notes": "Muddy Waters Research branding present in top right corner.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/7", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-7", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Muddy Waters Research slide 7.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/8", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-8", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 9, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide shows that the 2017 receivables figure was restated from ~118.7M in the 2017 FS to ~43.7M in the 2018 FS.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/9", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-9", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 10, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Highlights the restatement of 2017 payables in the 2018 financial statements.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/10", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-10", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 11, "slideType": "appendix_disclosure", "function": "expose_contradiction", "notes": "The slide highlights specific accounting reclassifications between financial assets and liabilities, specifically involving related party balances.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/11", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-11", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 12, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/12", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-12", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This is a classic Muddy Waters 'fraud exposure' slide, focusing on accounting irregularities.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/13", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-13", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 14, "slideType": "section_divider", "function": "transition", "notes": "Muddy Waters Research branding present.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/14", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-14", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 5, "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 15, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The chart uses a grouped bar format to show annual revenue per employee, with a line overlay for the peer average.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/15", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-15", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 16, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The chart highlights that Eurofins consistently maintains a significantly higher average personnel cost per employee compared to its peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/16", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-16", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 17, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Part of a Muddy Waters activist short report.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/17", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-17", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 18, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a direct excerpt from an annual report to cast doubt on the company's operational reality.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/18", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-18", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 19, "slideType": "appendix_data", "function": "analyze_data", "notes": "This slide presents a raw financial table from a regulatory filing.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/19", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-19", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 20, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a snippet from financial statement notes to cast doubt on the legitimacy or nature of reported compensation expenses.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/20", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-20", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 21, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Highlights the discrepancy in cash reporting between original and restated filings.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/21", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-21", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 22, "slideType": "thesis_headline", "function": "frame_problem", "notes": "Muddy Waters Research branding present.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/22", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-22", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 23, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a bulleted list to systematically dismantle three specific claims made by the company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/23", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-23", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 24, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a dialogue format to highlight a potential contradiction in corporate disclosure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/24", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-24", "loopMatches": [], "arcBeatMatches": [ { "to": 24, "from": 15, "beatId": "07bbbc5f-2eb3-48eb-bfda-7e665763dfa5", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents additional evidence and peer benchmarks to support the claim that Eurofins' financials and accounting practices are potentially manipulated.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 25, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights the removal of a negative assurance statement in financial reporting.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/25", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-25", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 26, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a direct quote to undermine management credibility regarding financial practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/26", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-26", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 27, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight the word 'factoring' in the text.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/27", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-27", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 28, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to highlight the discrepancy between consolidated audit coverage and statutory audit coverage percentages.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/28", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-28", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "This is a classic 'expose contradiction' slide where the activist firm quotes the target company and immediately frames it as deceptive.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/29", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-29", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 30, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a snippet from a Spanish financial statement to demonstrate that 'Tesoreria' (Treasury) only includes cash, not the receivables.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/30", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-30", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 31, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses excerpts from Bureau Veritas Iberia, S.L. financial statements to point out the classification of 'Investments in group companies at CP' as a financial asset.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/31", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-31", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 32, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses highlighted table cells and text to draw attention to specific intercompany debt figures and the nature of the cashpooling arrangement.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/32", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-32", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 33, "slideType": "appendix", "function": "appendix", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/33", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-33", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 34, "slideType": "appendix_data", "function": "expose_contradiction", "notes": "The slide uses a rhetorical question to imply that the fragmented audit structure is a sign of malfeasance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/34", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-34", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0", "docSlug": "24cc080a34d8", "documentTitle": "Eurofins Scientific SE (ERF)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 35, "slideType": "appendix_data", "function": "appendix", "notes": "The slide provides a breakdown of the calculation logic for revenue overstatement risk.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/35", "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-35", "loopMatches": [], "arcBeatMatches": [ { "to": 35, "from": 25, "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 1, "slideType": "cover", "function": "front_matter", "notes": "This is a short-seller research report cover page.", "imagePath": "https://imgproxy.kitesheet.com/7bSecIYXZsqPk8lpIpG5hgfx7qZgsTwDcM6eMScc97A/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYzc5NmU1YzczMmMvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/1", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-1", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 1, "beatId": "600e774f-cc0a-4cb8-a306-76a61da70596", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The cover slide and disclaimer set the stage for the research note.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/kAgVudofryvlmPmMeuZOHdoyYZEptTxx_v4srwXdarg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYzc5NmU1YzczMmMvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/d_wYc0ZBCrf0BHCfShHLr2P_KgVkos2E6W2J-N5EmuE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYzc5NmU1YzczMmMvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/AFnkNKlALfs9YlOZ6ISnFpF46UB06x2T19DogXwy0bg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mYzc5NmU1YzczMmMvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 2, "slideType": "disclaimer", "function": "other", "notes": "Standard Muddy Waters legal disclosure page.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/2", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-2", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 1, "beatId": "600e774f-cc0a-4cb8-a306-76a61da70596", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The cover slide and disclaimer set the stage for the research note.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 3, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide uses a direct quote from a regulatory document to support a thesis about the breadth of sanctions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/3", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-3", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 1, "beatId": "600e774f-cc0a-4cb8-a306-76a61da70596", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Call", "beatSlug": "overcoming-monster-the-call", "evidence": "The cover slide and disclaimer set the stage for the research note.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 4, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses investigative research to link public social media posts to potential legal liability for the subject company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/4", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-4", "loopMatches": [ { "to": 7, "from": 4, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "937ec184-501e-43c4-9bc7-5d31ae22ee34", "evidence": "The expose contradiction slides provide surprising evidence.", "position": 0, "objective": "Present evidence that FTAI may be violating sanctions", "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": 7, "from": 4, "beatId": "60e42170-d534-4f9f-b50f-0c0991171723", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Slides expose contradictions and present evidence of FTAI's potential sanctions violation.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 5, "slideType": "roadmap", "function": "summarize", "notes": "This slide serves as a table of contents for the evidence section of the report.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/5", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-5", "loopMatches": [ { "to": 7, "from": 4, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "937ec184-501e-43c4-9bc7-5d31ae22ee34", "evidence": "The expose contradiction slides provide surprising evidence.", "position": 0, "objective": "Present evidence that FTAI may be violating sanctions", "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": 7, "from": 4, "beatId": "60e42170-d534-4f9f-b50f-0c0991171723", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Slides expose contradictions and present evidence of FTAI's potential sanctions violation.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 6, "slideType": "other", "function": "other", "notes": "Source image /tmp/legacy-images/fc796e5c732c/slides/006.jpg is missing from disk (sibling pages 001-005 and 007-019 are present); page 6 could not be inspected.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/6", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-6", "loopMatches": [ { "to": 7, "from": 4, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "937ec184-501e-43c4-9bc7-5d31ae22ee34", "evidence": "The expose contradiction slides provide surprising evidence.", "position": 0, "objective": "Present evidence that FTAI may be violating sanctions", "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": 7, "from": 4, "beatId": "60e42170-d534-4f9f-b50f-0c0991171723", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Slides expose contradictions and present evidence of FTAI's potential sanctions violation.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 7, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of a social media post as primary evidence to suggest unauthorized or unexpected presence of FTAI equipment in Iran.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/7", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-7", "loopMatches": [ { "to": 7, "from": 4, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "937ec184-501e-43c4-9bc7-5d31ae22ee34", "evidence": "The expose contradiction slides provide surprising evidence.", "position": 0, "objective": "Present evidence that FTAI may be violating sanctions", "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": 7, "from": 4, "beatId": "60e42170-d534-4f9f-b50f-0c0991171723", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Slides expose contradictions and present evidence of FTAI's potential sanctions violation.", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses visual callout/magnification to prove a point.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/8", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-8", "loopMatches": [ { "to": 10, "from": 8, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "66a2cb5f-387d-4dc1-8da1-fb76c251c4a9", "evidence": "The zooming in on images provides clear visual evidence.", "position": 1, "objective": "Provide detailed evidence of FTAI product in Iran", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "confidence": 0.7, "description": "Start broad, then progressively focus on specific details that prove your point" } ], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 9, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses visual evidence to challenge a previous claim by showing the context of an image.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/9", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-9", "loopMatches": [ { "to": 10, "from": 8, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "66a2cb5f-387d-4dc1-8da1-fb76c251c4a9", "evidence": "The zooming in on images provides clear visual evidence.", "position": 1, "objective": "Provide detailed evidence of FTAI product in Iran", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "confidence": 0.7, "description": "Start broad, then progressively focus on specific details that prove your point" } ], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 10, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses visual evidence to imply a connection between FTAI and a sanctioned or restricted entity in Iran.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/10", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-10", "loopMatches": [ { "to": 10, "from": 8, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "66a2cb5f-387d-4dc1-8da1-fb76c251c4a9", "evidence": "The zooming in on images provides clear visual evidence.", "position": 1, "objective": "Provide detailed evidence of FTAI product in Iran", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "confidence": 0.7, "description": "Start broad, then progressively focus on specific details that prove your point" } ], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 11, "slideType": "other", "function": "illustrate_case", "notes": "The slide serves as visual evidence for a research claim regarding company operations or assets.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/11", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-11", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 12, "slideType": "other", "function": "establish_context", "notes": "The slide uses a red arrow to highlight the address line.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/12", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-12", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 13, "slideType": "geographic_map", "function": "illustrate_case", "notes": "The slide uses visual evidence from a video to geolocate a facility.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/13", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-13", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 14, "slideType": "other", "function": "illustrate_case", "notes": "Muddy Waters Research investigative note using OSINT (Open Source Intelligence) techniques.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/14", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-14", "loopMatches": [], "arcBeatMatches": [ { "to": 14, "from": 8, "beatId": "75a571d1-9992-45f6-ae07-26512379edfe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Further evidence and geographic clues are presented to support the claim.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 15, "slideType": "other", "function": "illustrate_case", "notes": "The slide uses annotated screenshots to perform forensic geolocation analysis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/15", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-15", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 16, "slideType": "other", "function": "other", "notes": "The slide uses visual annotations on screenshots to highlight identifying features like logos and roof structures for geolocation purposes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/16", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-16", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ab751b539f2e", "docSlug": "fc796e5c732c", "documentTitle": "FTAI Aviation, Ltd. (FTAI)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 17, "slideType": "other", "function": "other", "notes": "Uses visual evidence to confirm a specific location for 'Sorena Turbine'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ab751b539f2e/17", "deckHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ab751b539f2e#slide-17", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }