{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 1996, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 1, "slideType": "executive_summary", "function": "frame_problem", "notes": "Includes a testimonial/marketing image from Apellis featuring Henry Winkler.", "imagePath": "https://imgproxy.kitesheet.com/Mmja_6VvazvEnEMQ9QArk9HtH-S_v08L9yygDCJhINk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84OGE0NDE3YTBjZjEvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/1", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-1", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": [], "imagePathAlt": "https://imgproxy.kitesheet.com/rXUOR0OVxFKl-V28oNxbX2At6IOUdHtI7IYe5ndnKwk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84OGE0NDE3YTBjZjEvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/wsXpOoTN90w7OABeUlU1gF3p7I0wSwwGrsj704WFn2w/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84OGE0NDE3YTBjZjEvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/lf3end9R1s47ivHhi9695o9NX5gHpEhH4g6j0HXtBDg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84OGE0NDE3YTBjZjEvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 2, "slideType": "research-note", "function": "expose_contradiction", "notes": "The slide uses a 'jumped the shark' idiom to frame the drug's clinical reception as having peaked and begun a decline in credibility.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/2", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-2", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 5, "from": 2, "beatId": "35b7911a-b113-4112-9253-57c0fd4ab885", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents Syfovre's complications as the central problem to be addressed.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 3, "slideType": "villain_critique", "function": "expose_contradiction", "notes": "Uses a 'Moneyball' quote to frame the argument against the drug's clinical performance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/3", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-3", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 5, "from": 2, "beatId": "35b7911a-b113-4112-9253-57c0fd4ab885", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents Syfovre's complications as the central problem to be addressed.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 4, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses screenshots of a presentation to illustrate the doctor's arguments, which Citron then undermines by pointing out financial incentives.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/4", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-4", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 5, "from": 2, "beatId": "35b7911a-b113-4112-9253-57c0fd4ab885", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents Syfovre's complications as the central problem to be addressed.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 5, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a screenshot of a presentation slide from Dr. William Johnson and a donut chart showing 83% vs 17% sentiment.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/5", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-5", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 5, "from": 2, "beatId": "35b7911a-b113-4112-9253-57c0fd4ab885", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents Syfovre's complications as the central problem to be addressed.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 6, "slideType": "testimonial", "function": "illustrate_case", "notes": "The slide contains two embedded screenshots of presentation slides (Results and Conclusions) and a testimonial from Dr. Suber Huang.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/6", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-6", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 8, "from": 6, "beatId": "ad97bdfc-9557-49c8-b876-02597086cd90", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Citron Research presents various critiques and data to challenge Apellis' claims.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 7, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a direct quote from an earnings call and a chart from a Jefferies analyst report.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/7", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-7", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 8, "from": 6, "beatId": "ad97bdfc-9557-49c8-b876-02597086cd90", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Citron Research presents various critiques and data to challenge Apellis' claims.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses screenshots of FDA Adverse Event Reporting System documents to support the claim of securities fraud.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/8", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-8", "loopMatches": [ { "to": 9, "from": 8, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "777dcc74-3c64-4bf9-add4-30634d953462", "evidence": "The document reveals at least 12 cases of vasculitis, contrary to Apellis' claims.", "position": 0, "objective": "What are the actual cases of vasculitis associated with Syfovre?", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.7, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" }, { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 8, "from": 6, "beatId": "ad97bdfc-9557-49c8-b876-02597086cd90", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Citron Research presents various critiques and data to challenge Apellis' claims.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 9, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide presents raw FOIA-sourced data tables for specific patient cases.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/9", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-9", "loopMatches": [ { "to": 9, "from": 8, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "777dcc74-3c64-4bf9-add4-30634d953462", "evidence": "The document reveals at least 12 cases of vasculitis, contrary to Apellis' claims.", "position": 0, "objective": "What are the actual cases of vasculitis associated with Syfovre?", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.7, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" }, { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 10, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide presents raw data from FDA adverse event reports, highlighting specific medical events associated with Syfovre usage.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/10", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-10", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 11, "slideType": "villain_critique", "function": "expose_gap", "notes": "Includes two FOIA data tables as evidence of adverse events.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/11", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-11", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 12, "slideType": "appendix_disclosure", "function": "summarize", "notes": "Includes a specific reference to a 'Fonzi Scheme' analogy regarding One Reverse Mortgages.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/12", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-12", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 13, "from": 12, "beatId": "00cd5a6d-dcee-4fba-90ee-27fb59ffa2f9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Citron Research concludes with an expectation of regulatory action, framing it as a victory for their critical stance.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e9d223c0ba42", "docSlug": "88a4417a0cf1", "documentTitle": "Apellis Pharmaceuticals (APLS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-11-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 13, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e9d223c0ba42/13", "deckHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e9d223c0ba42#slide-13", "loopMatches": [ { "to": 13, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1b08b18b-190c-48b4-b339-4e33de995cac", "evidence": "The document implies that failure to address Syfovre's complications could lead to regulatory action and reputational damage.", "position": 1, "objective": "What are the consequences of not taking action against Syfovre's safety concerns?", "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": 13, "from": 12, "beatId": "00cd5a6d-dcee-4fba-90ee-27fb59ffa2f9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Citron Research concludes with an expectation of regulatory action, framing it as a victory for their critical stance.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f522792c6224", "docSlug": "2f0123850993", "documentTitle": "Nebius Group (NBIS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-12-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "executive_summary", "function": "summarize", "notes": "The slide uses a narrative-driven structure to build credibility for the investment thesis.", "imagePath": "https://imgproxy.kitesheet.com/kKI-Mxq-WVHR7WtK0AMS9MzGSPP3H4G18q8rLP2tYFA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZjAxMjM4NTA5OTMvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f522792c6224/1", "deckHref": "/decks/019dd923-622c-750b-8b97-f522792c6224", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f522792c6224#slide-1", "loopMatches": [ { "to": 2, "from": 1, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "68e00026-1cd5-40df-b90e-5e1afe47f3ed", "evidence": "The document implicitly addresses the 'why' by highlighting Nebius' potential and comparing it to quantum computing stocks.", "position": 0, "objective": "Why Nebius matters", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.7, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "arcBeatMatches": [ { "to": 1, "from": 1, "beatId": "bd48e642-4063-4c4f-9bab-d1853f6ded56", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Attention", "beatSlug": "aida-attention", "evidence": "The document grabs attention with a bold statement about Nebius' potential.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/hmLMTT6FvekuPbaQYRJD4KA44xi-CALMnwbrk84WWwY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZjAxMjM4NTA5OTMvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/0_CWQFOLNDlkXtdzp5MSNTihhiaJQOmUsG3govTuQJA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZjAxMjM4NTA5OTMvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/lFlRU-33gUgv_bt4nfCu5H-tU2raFEFbln1PGLleHcA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZjAxMjM4NTA5OTMvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-f522792c6224", "docSlug": "2f0123850993", "documentTitle": "Nebius Group (NBIS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-12-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "executive_summary", "function": "summarize", "notes": "Includes a disclaimer section at the bottom.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f522792c6224/2", "deckHref": "/decks/019dd923-622c-750b-8b97-f522792c6224", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f522792c6224#slide-2", "loopMatches": [ { "to": 2, "from": 1, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "68e00026-1cd5-40df-b90e-5e1afe47f3ed", "evidence": "The document implicitly addresses the 'why' by highlighting Nebius' potential and comparing it to quantum computing stocks.", "position": 0, "objective": "Why Nebius matters", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.7, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "003955de-9fb5-48b8-8377-19c44c79112b", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Interest", "beatSlug": "aida-interest", "evidence": "The comparison to quantum computing stocks generates interest in Nebius' value proposition.", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f522792c6224", "docSlug": "2f0123850993", "documentTitle": "Nebius Group (NBIS)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-12-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f522792c6224/3", "deckHref": "/decks/019dd923-622c-750b-8b97-f522792c6224", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f522792c6224#slide-3", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 3, "beatId": "3aa95d9a-158b-42a5-b15a-4992be08fcb6", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Desire", "beatSlug": "aida-desire", "evidence": "Although the disclaimer doesn't directly create desire, it maintains a professional tone, which is essential for building trust.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "docSlug": "8efaa4171c26", "documentTitle": "Multiple (portfolio update)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "executive_summary", "function": "summarize", "notes": "The slide serves as a retrospective performance review of specific short-selling research reports.", "imagePath": "https://imgproxy.kitesheet.com/bbtMgAQnUSK4MZ5k0GhEKm0g9o2GJrD7SY6GylaecUA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/1", "deckHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-1", "loopMatches": [], "arcBeatMatches": [ { "to": 1, "from": 1, "beatId": "f9983b55-32a1-47bd-8fcc-fce79a310fad", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Attention", "beatSlug": "aida-attention", "evidence": "The document begins with an executive summary.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/NsUVfKe_tccVhz5K_izFUtqaKgSAaFDISh861nQrZmk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/FcG5ut1V-ZOuv2oRx_0pDS1fVZuG0ZT0WctIEa03mjI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/UEuu08x3K6U5caPOwhO5pebX_-cwG0MbrlPNLX8wnro/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZWZhYTQxNzFjMjYvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "docSlug": "8efaa4171c26", "documentTitle": "Multiple (portfolio update)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "key_takeaways", "function": "summarize", "notes": "The slide acts as a summary of investment thesis updates for three specific companies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/2", "deckHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-2", "loopMatches": [], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "51747851-4c8e-4468-954f-c39e20d01121", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Interest", "beatSlug": "aida-interest", "evidence": "The document presents key takeaways, likely to generate interest.", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "docSlug": "8efaa4171c26", "documentTitle": "Multiple (portfolio update)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "executive_summary", "function": "summarize", "notes": "The slide serves as a post-mortem analysis of investment failures, incorporating a Warren Buffett quote to reinforce the thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/3", "deckHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-3", "loopMatches": [ { "to": 3, "from": 3, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "f60b6221-4de7-47f9-85e0-49b2f1547d74", "evidence": "The document mentions 'The Bad and the Ugly' section.", "position": 0, "objective": "Highlighting the bad and ugly aspects of companies", "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": 3, "from": 3, "beatId": "25cf448f-0f00-4081-810d-3a74d3fe02cb", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Desire", "beatSlug": "aida-desire", "evidence": "The document highlights both positive and negative aspects of companies, potentially creating desire for more information.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "docSlug": "8efaa4171c26", "documentTitle": "Multiple (portfolio update)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "disclaimer", "function": "front_matter", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/4", "deckHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-4", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-ec3fa4dd10f8", "docSlug": "8efaa4171c26", "documentTitle": "Multiple (portfolio update)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-ec3fa4dd10f8/5", "deckHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-ec3fa4dd10f8#slide-5", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-0600c263c598", "docSlug": "915e98b3b4e2", "documentTitle": "Credit Acceptance Corporation (CACC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "thesis_headline", "function": "summarize", "notes": "The slide uses a billboard metaphor to visually represent the reversal of the firm's previous skeptical stance.", "imagePath": "https://imgproxy.kitesheet.com/wUKlFmYYh1QhmylBjVIlExYAx-wa36GQIidbYC4RuuA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85MTVlOThiM2I0ZTIvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/1", "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-1", "loopMatches": [ { "to": 14, "from": 1, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb", "evidence": "The document presents data and logical reasoning to support its thesis.", "position": 1, "objective": "Is CACC's transformation into a technology platform a viable investment thesis?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "63b41fa2-d2b7-4875-a4f4-9259a7642b5e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and initial valuation table highlight CACC's undervaluation.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/nXI-OUuUwEr7ZbZNBDwMyQD0Udzp0fqrQwN-lFaErVg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85MTVlOThiM2I0ZTIvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/mtE2Kl_H0hTubxRX2R61nQLUZuS0z-Ha5BAYMiOwkNk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85MTVlOThiM2I0ZTIvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/XKkeDcA0Z_ABWX991QpCOgbVinu90pFvar1nLBA48mI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85MTVlOThiM2I0ZTIvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b98-0600c263c598", "docSlug": "915e98b3b4e2", "documentTitle": "Credit Acceptance Corporation (CACC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "executive_summary", "function": "summarize", "notes": "The slide uses a 'mea culpa' narrative style to build credibility for a new investment thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/2", "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-2", "loopMatches": [ { "to": 12, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "75d52b86-e4b1-4b6e-b2c0-10b71ff478a0", "evidence": "The document repeatedly emphasizes the limited window to invest before institutional consensus catches up.", "position": 0, "objective": "What is the cost of not investing in CACC now?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 14, "from": 1, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb", "evidence": "The document presents data and logical reasoning to support its thesis.", "position": 1, "objective": "Is CACC's transformation into a technology platform a viable investment thesis?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "63b41fa2-d2b7-4875-a4f4-9259a7642b5e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and initial valuation table highlight CACC's undervaluation.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-0600c263c598", "docSlug": "915e98b3b4e2", "documentTitle": "Credit Acceptance Corporation (CACC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "thesis_headline", "function": "preempt_rebuttal", "notes": "Uses a 'whataboutism' rhetorical strategy to defend CACC's business model against ethical criticism.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/3", "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-3", "loopMatches": [ { "to": 12, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "75d52b86-e4b1-4b6e-b2c0-10b71ff478a0", "evidence": "The document repeatedly emphasizes the limited window to invest before institutional consensus catches up.", "position": 0, "objective": "What is the cost of not investing in CACC now?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 14, "from": 1, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb", "evidence": "The document presents data and logical reasoning to support its thesis.", "position": 1, "objective": "Is CACC's transformation into a technology platform a viable investment thesis?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "63b41fa2-d2b7-4875-a4f4-9259a7642b5e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and initial valuation table highlight CACC's undervaluation.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-0600c263c598", "docSlug": "915e98b3b4e2", "documentTitle": "Credit Acceptance Corporation (CACC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "valuation_table", "function": "quantify_opportunity", "notes": "The slide uses a 'valuation_table' to demonstrate the upside potential based on different P/E multiples.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/4", "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-4", "loopMatches": [ { "to": 12, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "75d52b86-e4b1-4b6e-b2c0-10b71ff478a0", "evidence": "The document repeatedly emphasizes the limited window to invest before institutional consensus catches up.", "position": 0, "objective": "What is the cost of not investing in CACC now?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 14, "from": 1, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb", "evidence": "The document presents data and logical reasoning to support its thesis.", "position": 1, "objective": "Is CACC's transformation into a technology platform a viable investment thesis?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 4, "from": 1, "beatId": "63b41fa2-d2b7-4875-a4f4-9259a7642b5e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and initial valuation table highlight CACC's undervaluation.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-0600c263c598", "docSlug": "915e98b3b4e2", "documentTitle": "Credit Acceptance Corporation (CACC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "key_messages", "function": "summarize", "notes": "The slide uses a 'moat' narrative to explain why the company's business model is defensible against competitors like Carvana and DriveTime.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/5", "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-5", "loopMatches": [ { "to": 12, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "75d52b86-e4b1-4b6e-b2c0-10b71ff478a0", "evidence": "The document repeatedly emphasizes the limited window to invest before institutional consensus catches up.", "position": 0, "objective": "What is the cost of not investing in CACC now?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 14, "from": 1, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb", "evidence": "The document presents data and logical reasoning to support its thesis.", "position": 1, "objective": "Is CACC's transformation into a technology platform a viable investment thesis?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.6, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 8, "from": 5, "beatId": "aa2f3480-6ba8-48e0-b51c-404962653181", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The comparison table and discussion of the market's incorrect pricing of CACC agitate the problem.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "thesis_headline", "function": "establish_context", "notes": "The slide uses external news headlines as social proof to validate a bullish thesis on Edgio.", "imagePath": "https://imgproxy.kitesheet.com/ogQdac1YUYn1q5PbM3_kUj43mcbDmlEHbBg8o9uk-EM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MTUyMGU4MjI2MjkvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/1", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-1", "loopMatches": [ { "to": 2, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "0563e450-e0f9-43b7-b5de-5c7c0ada8582", "evidence": "The thesis headline implies the cost of inaction by highlighting the acceleration of generative AI.", "position": 1, "objective": "What is the cost of not investing in Edgio given the acceleration of generative AI in edge computing?", "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": 2, "from": 1, "beatId": "c501ad0c-f2ca-4690-b49d-0060dc84b247", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and testimonial introduce the problem and pain points.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/Bb8ImgaFGuR_Bg5-R484bvc-eBm75ONEpB0m8vor5Sg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MTUyMGU4MjI2MjkvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/TIaEXRE58OV5NxmYhpjngwfAqXOKQ53DJVHh3MbgWoU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MTUyMGU4MjI2MjkvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/5HG2NCwGVHKjIOOHn2NwWFTGloJyj3_84GGYtVcKP8o/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MTUyMGU4MjI2MjkvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "testimonial", "function": "cite_precedent", "notes": "Citron Research note using external validation to support a stock recommendation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/2", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-2", "loopMatches": [ { "to": 2, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "0563e450-e0f9-43b7-b5de-5c7c0ada8582", "evidence": "The thesis headline implies the cost of inaction by highlighting the acceleration of generative AI.", "position": 1, "objective": "What is the cost of not investing in Edgio given the acceleration of generative AI in edge computing?", "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": 2, "from": 1, "beatId": "c501ad0c-f2ca-4690-b49d-0060dc84b247", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The thesis headline and testimonial introduce the problem and pain points.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The slide uses a comparative valuation framework to argue for a significant upside in Edgio's stock price based on peer multiples.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/3", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-3", "loopMatches": [], "arcBeatMatches": [ { "to": 5, "from": 3, "beatId": "e8b614a7-e2cd-48da-8b6e-54cb69c92318", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The valuation table and comparison tables agitate the problem by showing Edgio's competitive positioning.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses third-party validation (AWS/Microsoft) to counter potential skepticism about Edgio's capabilities.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/4", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-4", "loopMatches": [ { "to": 5, "from": 4, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "98380500-09ab-4b9e-bc34-d210be577add", "evidence": "The comparison tables on pages 4 and 5 zoom in on the differences between Edgio and its competitors.", "position": 0, "objective": "What are the key differences between Edgio and its competitors?", "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": 5, "from": 3, "beatId": "e8b614a7-e2cd-48da-8b6e-54cb69c92318", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The valuation table and comparison tables agitate the problem by showing Edgio's competitive positioning.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a list-based comparison rather than a table grid to contrast two product tiers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/5", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-5", "loopMatches": [ { "to": 5, "from": 4, "name": "Zoom In", "slug": "06-zoom-in", "bestFor": "Technical deep-dives, case studies, detailed analysis", "matchId": "98380500-09ab-4b9e-bc34-d210be577add", "evidence": "The comparison tables on pages 4 and 5 zoom in on the differences between Edgio and its competitors.", "position": 0, "objective": "What are the key differences between Edgio and its competitors?", "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": 5, "from": 3, "beatId": "e8b614a7-e2cd-48da-8b6e-54cb69c92318", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The valuation table and comparison tables agitate the problem by showing Edgio's competitive positioning.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "slideType": "other", "function": "illustrate_case", "notes": "The slide uses a screenshot of a BrightTALK webinar as evidence of the partnership.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/6", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-6", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "8f4b01cf-3881-4718-821e-bf79afb94fb4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The testimonials, comparison tables, and executive summary provide relief by showcasing Edgio's strengths and growth.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 7, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a screenshot of a third-party comparison table to support a thesis about market share shift.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/7", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-7", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "8f4b01cf-3881-4718-821e-bf79afb94fb4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The testimonials, comparison tables, and executive summary provide relief by showcasing Edgio's strengths and growth.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to address market misconceptions about Edgio's relationship with Azure and its business viability.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/8", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-8", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "8f4b01cf-3881-4718-821e-bf79afb94fb4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The testimonials, comparison tables, and executive summary provide relief by showcasing Edgio's strengths and growth.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 9, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide contrasts past leadership failures with current leadership's forward-looking statements.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/9", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-9", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "8f4b01cf-3881-4718-821e-bf79afb94fb4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The testimonials, comparison tables, and executive summary provide relief by showcasing Edgio's strengths and growth.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "slideType": "executive_summary", "function": "summarize", "notes": "The slide contains a mix of operational metrics, board member bios, and financial performance indicators.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/10", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-10", "loopMatches": [], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "8f4b01cf-3881-4718-821e-bf79afb94fb4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The testimonials, comparison tables, and executive summary provide relief by showcasing Edgio's strengths and growth.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 11, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a disclaimer regarding Lynrock warrants and a standard Citron Research legal disclaimer.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/11", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-11", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "slideType": "disclaimer", "function": "other", "notes": "This is a standard legal boilerplate page found in investment research reports.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/12", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-12", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-f0b0f6c9d3fe", "docSlug": "41520e822629", "documentTitle": "Edgio, Inc. (EGIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 13, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-f0b0f6c9d3fe/13", "deckHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-f0b0f6c9d3fe#slide-13", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 1, "slideType": "thesis_headline", "function": "frame_problem", "notes": "The slide uses a 'Forbes 30 under 30' cover as a visual anchor for the 'curse' narrative.", "imagePath": "https://imgproxy.kitesheet.com/T-A9EetJObtBm0D4la7jX41AAbPsRjwWueCuXUnKnRI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNGUzMWNjM2ZjNmQvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/1", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-1", "loopMatches": [ { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 1, "from": 1, "beatId": "044742e3-9186-43f2-aff6-60d076f0b8e3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Hook", "beatSlug": "hook", "evidence": "The thesis headline on page 1 grabs the reader's attention.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": "https://imgproxy.kitesheet.com/ytXQviuINhFcyQFGYm37PopJK7-UyeSu-BZMcpW_71M/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNGUzMWNjM2ZjNmQvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/jMjx56x4oKPNO5ZAfDXkxxkZD30Dow_Ow1Qfny81La8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNGUzMWNjM2ZjNmQvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/1GwFCz5SItebzGZ55yHdAAAaTEFYAX3PgXSEYHDivMg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iNGUzMWNjM2ZjNmQvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 2, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of a sanctions database entry to discredit the subject's public statements.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/2", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-2", "loopMatches": [ { "to": 5, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" }, { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 5, "from": 2, "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 3, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a rhetorical question to frame the company as a 'Belize/Russian version of Alameda Research'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/3", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-3", "loopMatches": [ { "to": 5, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" }, { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 5, "from": 2, "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 4, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'fraud-exposure' framework to link the CEO's ownership of FFIN to potential earnings manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/4", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-4", "loopMatches": [ { "to": 5, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" }, { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 5, "from": 2, "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 5, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of a PCAOB document to establish credibility and then quotes specific findings regarding audit failures, concluding with a call for delisting.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/5", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-5", "loopMatches": [ { "to": 5, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c7dc3cd0-1754-4897-baf1-dca99a449a09", "evidence": "The repeated expose_contradiction slides suggest a pattern-hunting approach.", "position": 0, "objective": "to identify patterns of sanctions violations", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" }, { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 5, "from": 2, "beatId": "7e6a06de-50c2-4a0d-98c7-9f94ecdeebbc", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Pages 2-5 present a series of contradictions and allegations.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 6, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a comparison-frame to link Freedom Holdings to the FTX scandal, highlighting governance and regulatory risks.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/6", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-6", "loopMatches": [ { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 7, "slideType": "disclaimer", "function": "front_matter", "notes": "The slide contains a highlighted sentence at the top that appears to be a carry-over from a previous page.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/7", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-7", "loopMatches": [ { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 8, "from": 7, "beatId": "4cc1d8e4-0f3c-497f-8e48-d42a4a1a0d3f", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Disclaimer", "beatSlug": null, "evidence": "The disclaimers on pages 7-8 provide a cautious note to readers.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-e2ab2dbf01ef", "docSlug": "b4e31cc3fc6d", "documentTitle": "Freedom Holding Corp (FRHC)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-04-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77295077, "pageNumber": 8, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-e2ab2dbf01ef/8", "deckHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-e2ab2dbf01ef#slide-8", "loopMatches": [ { "to": 8, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "05935dcf-3a0c-495c-9a37-8ef314abe0a5", "evidence": "The overall narrative suggests a sense of urgency and risk.", "position": 1, "objective": "to highlight the consequences of not addressing sanctions violations", "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": 8, "from": 7, "beatId": "4cc1d8e4-0f3c-497f-8e48-d42a4a1a0d3f", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Disclaimer", "beatSlug": null, "evidence": "The disclaimers on pages 7-8 provide a cautious note to readers.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-fa4654863f10", "docSlug": "9b2f1378c067", "documentTitle": "Vishay Precision Group (VPG)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "thesis_headline", "function": "frame_situation", "notes": "The slide uses a 'connecting the dots' narrative structure to link VPG's design wins to Tesla's product roadmap.", "imagePath": "https://imgproxy.kitesheet.com/5mnTNvrDN3m1t_-0t9gpY7jqAzsj8wNNIpXtDsPerfI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YjJmMTM3OGMwNjcvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-fa4654863f10/1", "deckHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10#slide-1", "loopMatches": [ { "to": 3, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "bb7ed3eb-2d58-463f-a888-ac401a7e001d", "evidence": "The document implies that not investing in VPG could result in missed growth opportunities.", "position": 0, "objective": "Highlight the cost of not investing in VPG given its growth potential", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 1, "from": 1, "beatId": "d8923f87-87b3-460d-9fbb-9bc5747621f6", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Problem", "beatSlug": "sequoia-pitch-problem", "evidence": "The first slide presents the thesis headline, highlighting VPG's role in Tesla's Optimus humanoid robot.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/MXk1RFq10lTN27jCDgXrAkVKOxhDbtIx1EzYXlGjH-U/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YjJmMTM3OGMwNjcvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/co9iBiQrnygu788oaSJJMlkk4--LVonDhY6-5zMrQkM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YjJmMTM3OGMwNjcvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/WVh_QdgpzjoisZr9NbyTzCSZGAFReJ4KWRp9UEGbVm4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YjJmMTM3OGMwNjcvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-fa4654863f10", "docSlug": "9b2f1378c067", "documentTitle": "Vishay Precision Group (VPG)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "thesis_headline", "function": "expose_contradiction", "notes": "Includes a screenshot of a LinkedIn post by Brett Adcock regarding Figure AI.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-fa4654863f10/2", "deckHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10#slide-2", "loopMatches": [ { "to": 3, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "bb7ed3eb-2d58-463f-a888-ac401a7e001d", "evidence": "The document implies that not investing in VPG could result in missed growth opportunities.", "position": 0, "objective": "Highlight the cost of not investing in VPG given its growth potential", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "6417bd75-f337-4d43-a8a4-a7286d1cf62b", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Solution", "beatSlug": "sequoia-pitch-solution", "evidence": "The second slide presents VPG's positioning for significant revenue growth from the humanoid robotics sector.", "position": 1, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-fa4654863f10", "docSlug": "9b2f1378c067", "documentTitle": "Vishay Precision Group (VPG)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "appendix_disclosure", "function": "summarize", "notes": "The slide functions as a summary/conclusion page for a Citron Research report, including a financial snapshot and mandatory legal disclosures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-fa4654863f10/3", "deckHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10#slide-3", "loopMatches": [ { "to": 3, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "bb7ed3eb-2d58-463f-a888-ac401a7e001d", "evidence": "The document implies that not investing in VPG could result in missed growth opportunities.", "position": 0, "objective": "Highlight the cost of not investing in VPG given its growth potential", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 3, "from": 3, "beatId": "280bc231-734a-45cf-834a-36b017600bbd", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Evidence", "beatSlug": "evidence", "evidence": "The third slide provides appendix disclosure, supporting VPG's growth potential tied to Tesla's robotics ambitions.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-fa4654863f10", "docSlug": "9b2f1378c067", "documentTitle": "Vishay Precision Group (VPG)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "disclaimer", "function": "other", "notes": "This is a full-page legal text block.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-fa4654863f10/4", "deckHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-fa4654863f10#slide-4", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-de6e4b03b726", "docSlug": "a820a415395f", "documentTitle": "NIO Inc. (NIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "thesis_headline", "function": "frame_problem", "notes": "The slide serves as a short-seller research note update.", "imagePath": "https://imgproxy.kitesheet.com/QvfM0UeOpRxtRQTtKb6kJdvl9xQE8XW_HZ1v5jn1XcE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hODIwYTQxNTM5NWYvcDAwMS5wbmc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-de6e4b03b726/1", "deckHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726#slide-1", "loopMatches": [], "arcBeatMatches": [ { "to": 1, "from": 1, "beatId": "7429d0d9-4ca6-4b5a-9756-f095d7e440eb", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Situation & Context", "beatSlug": "consultants-gambit-situation-context", "evidence": "The thesis headline sets the tone for the analysis", "position": 0, "confidence": 0.8, "parentBeatName": "Setup", "parentBeatSlug": "setup" } ], "imagePathAlt": "https://imgproxy.kitesheet.com/w3bjS2ndpotkYDyF3MSoEiQ8ewXCULx-3o2FTXeXcNU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hODIwYTQxNTM5NWYvcDAwMS5qcGc", "thumbSrc": "https://imgproxy.kitesheet.com/f9kt5xH8lE3JPU1V44Rp2X6cpq42-zG0lg3AhMf8fJ0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hODIwYTQxNTM5NWYvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/dLJSKSx0cD11BimzvrwDeU57tMltAkZFoCbVyvQ_BpA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hODIwYTQxNTM5NWYvcDAwMS5qcGc" }, { "docId": "019dd923-622c-750b-8b97-de6e4b03b726", "docSlug": "a820a415395f", "documentTitle": "NIO Inc. (NIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide uses quotes from Deutsche Bank, Tianfeng Securities, and Bloomberg to build a bearish case against NIO based on Tesla's pricing power.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-de6e4b03b726/2", "deckHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726#slide-2", "loopMatches": [ { "to": 3, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c0b9fe15-11f7-4d4a-9c35-b0937f244900", "evidence": "The document presents a critical analysis of NIO's share structure", "position": 0, "objective": "Identify potential patterns and risks in NIO's share structure", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" } ], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "2c4d7336-2c2c-4be3-b914-bdf9bb499343", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The villain critique presents a critical analysis of NIO", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-de6e4b03b726", "docSlug": "a820a415395f", "documentTitle": "NIO Inc. (NIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "research-note", "function": "analyze_data", "notes": "The slide uses a bearish tone to critique NIO's valuation and investor base.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-de6e4b03b726/3", "deckHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726#slide-3", "loopMatches": [ { "to": 3, "from": 2, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "c0b9fe15-11f7-4d4a-9c35-b0937f244900", "evidence": "The document presents a critical analysis of NIO's share structure", "position": 0, "objective": "Identify potential patterns and risks in NIO's share structure", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" } ], "arcBeatMatches": [ { "to": 3, "from": 3, "beatId": "eb9cc98e-c2c3-4f40-9069-f9c65169e374", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The research note provides specific data and analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-de6e4b03b726", "docSlug": "a820a415395f", "documentTitle": "NIO Inc. (NIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "appendix_disclosure", "function": "other", "notes": "The slide contains a brief bearish call on NIO at the top, followed by extensive legal boilerplate.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-de6e4b03b726/4", "deckHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726#slide-4", "loopMatches": [], "arcBeatMatches": [ { "to": 5, "from": 4, "beatId": "2769e308-422b-4366-bf34-12714f4ec4ff", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The appendix disclosure and disclaimer provide additional context and cautionary notes", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-de6e4b03b726", "docSlug": "a820a415395f", "documentTitle": "NIO Inc. (NIO)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-11-13 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-de6e4b03b726/5", "deckHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-de6e4b03b726#slide-5", "loopMatches": [], "arcBeatMatches": [ { "to": 5, "from": 4, "beatId": "2769e308-422b-4366-bf34-12714f4ec4ff", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "The appendix disclosure and disclaimer provide additional context and cautionary notes", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-d98000913a21", "docSlug": "aa13081c2a23", "documentTitle": "Peloton Interactive (PTON)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-12-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide uses a skeptical tone to argue that Peloton's valuation is disconnected from reality and that management is preparing to exit.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-d98000913a21/10", "deckHref": "/decks/019dd923-622c-750b-8b97-d98000913a21", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d98000913a21#slide-10", "loopMatches": [ { "to": 10, "from": 6, "name": "Hypothesis Test", "slug": "42-hypothesis-test", "bestFor": "Strategy validation, due diligence, research presentations", "matchId": "3994cf59-71ec-4fbd-852b-319d9d1f9d92", "evidence": "Citron Research presents a critical analysis of Peloton's business model and financials", "position": 1, "objective": "Is Peloton's business model and valuation justified?", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "confidence": 0.7, "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence" } ], "arcBeatMatches": [ { "to": 10, "from": 6, "beatId": "e9bb0336-c7c9-4f92-8720-37862511f054", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Citron Research highlights the challenges and limitations of Peloton's business model", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-d98000913a21", "docSlug": "aa13081c2a23", "documentTitle": "Peloton Interactive (PTON)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-12-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 11, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Citron Research short thesis slide.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-d98000913a21/11", "deckHref": "/decks/019dd923-622c-750b-8b97-d98000913a21", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d98000913a21#slide-11", "loopMatches": [], "arcBeatMatches": [ { "to": 13, "from": 11, "beatId": "13b93a6d-bbd7-4626-b7d0-5d7a5fe08da4", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Citron Research presents a clear conclusion and recommendation for investors", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-d98000913a21", "docSlug": "aa13081c2a23", "documentTitle": "Peloton Interactive (PTON)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-12-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "slideType": "appendix_disclosure", "function": "other", "notes": "Includes a specific note to the reader regarding Peloton's valuation and market expectations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-d98000913a21/12", "deckHref": "/decks/019dd923-622c-750b-8b97-d98000913a21", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d98000913a21#slide-12", "loopMatches": [], "arcBeatMatches": [ { "to": 13, "from": 11, "beatId": "13b93a6d-bbd7-4626-b7d0-5d7a5fe08da4", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Citron Research presents a clear conclusion and recommendation for investors", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b97-d98000913a21", "docSlug": "aa13081c2a23", "documentTitle": "Peloton Interactive (PTON)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-12-10 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 13, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b97-d98000913a21/13", "deckHref": "/decks/019dd923-622c-750b-8b97-d98000913a21", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d98000913a21#slide-13", "loopMatches": [], "arcBeatMatches": [ { "to": 13, "from": 11, "beatId": "13b93a6d-bbd7-4626-b7d0-5d7a5fe08da4", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Citron Research presents a clear conclusion and recommendation for investors", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }