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  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide serves as a transition to a deep dive on athenahealth, framing the author's short position as a valuation-based critique rather than a personal attack.",
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      "text": "The stock is simply at the wrong price. It’s caught up in a bubble and could easily fall 80% or more from its recent peak.",
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      "kind": "paragraph",
      "text": "Let me introduce you to athenahealth.",
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      "text": "Since we can't seem to please anybody, I've decided to validate both criticisms. Today, I'm going to illustrate the bubble basket doing a deep dive into one of the companies, while not disclosing the others.",
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      "text": "Its main problem is that it isn't positioned to succeed the way the bulls hope, as the assumptions the bulls are making are not plausible. The stock is simply at the wrong price. It's caught up in a bubble and could easily fall 80% or more from its recent peak.",
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      "text": "This company is an excellent company with an excellent product, run by a well-meaning and honest, though occasionally promotional CEO. The world may be a better place if it succeeds, and even though we are short, I am in no way rooting for it to fail.",
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      "text": "A couple weeks ago, we wrote in our quarterly letter that we believe that a narrow group of cool kid stocks have disconnected from traditional valuations and formed a bubble. This got a lot of criticism. Half the critics thought we were talking our book, even though we didn't name names. The other half were upset that we didn't tell them which stocks we were short.",
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