{
  "docId": "019dd923-622b-71dc-a6da-ec9fdcc5ff89",
  "docSlug": "c9a111b83a1b",
  "documentTitle": "AerCap Holdings (AER)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 27,
  "pageCount": 89,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a New Yorker style cartoon to illustrate the concept of regulatory arbitrage.",
  "elementsJson": [
    "headline_text",
    "photo",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-ec9fdcc5ff89/27",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-ec9fdcc5ff89#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-895f-e4a58b766ded",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.44,
        "x": 0.28,
        "y": 0.17
      },
      "kind": "image",
      "text": "Cartoon of two businessmen discussing how regulations change how they get around them.",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b45b6661-38fa-4936-95d3-008fbfbf9edc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.13,
        "y": 0.52
      },
      "kind": "list",
      "text": "Asking customers to switch unwanted deposits into securities the bank can hold in custody; Asking customers to take out loans to buy treasuries; Asking customers to transact through off-balance sheet derivatives; Replacing physical positions with synthetics.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27dfe449-4c49-48f6-a72a-2f6fabbf9197",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.75,
        "x": 0.13,
        "y": 0.67
      },
      "kind": "paragraph",
      "text": "None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7aa33c67-260a-45d7-9846-5fe063ca9e08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.13,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Some efforts to improve regulatory ratios include:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e9d00ad-19e8-4f40-be16-43ce4b0afe19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"These new regulations will fundamentally change the way we get around them.\" — P.C. Vey",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-895f-ea64960bbeef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.54,
        "x": 0.23,
        "y": 0.1
      },
      "kind": "title",
      "text": "Regulation Whack-A-Mole",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9aea86a0-7f84-487b-8ed1-4f8c5581d44d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Problem-Agitate-Solve (PAS)",
      "slug": "problem-agitate-solve-pas",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "fa3f0f39-6b4a-499e-8518-8fbb8f40261e",
      "evidence": "Asking customers to switch unwanted deposits into securities the bank can hold in custody",
      "confidence": 0.5
    },
    {
      "name": "Villain slide",
      "slug": "villain-slide",
      "agent": null,
      "layer": "slide",
      "matchId": "5fe5bfa7-b795-424e-867f-3b905310f41b",
      "evidence": "Some efforts to improve regulatory ratios include: [...] None of these changes make banks safer or benefit the customers.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "604928a1-af24-4554-bb7e-38ae6b78f155",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "Analysis of the leasing business model and market data.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 40,
      "from": 21,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "e490d73a-9d45-4327-b357-9f9c98f0ce8d",
      "evidence": "The presentation analyzes the leasing business model.",
      "position": 1,
      "objective": "Reveal the implications of these contradictions.",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}