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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "notes": "The cartoon illustrates the 'base effect' fallacy where a 100% increase from a low base does not recover previous losses.",
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      "text": "But, that 30% is off the now-lower base. Investors have been led to believe that 2014 was a small hiccup and that athena’s bookings are tracking to the green line. We think the reality is that bookings growth will come off a substantially lower base and are more like the blue line.",
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      "text": "athena might cheer 30% enterprise bookings growth, but that won’t even take it back to its 2011 level.",
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      "text": "“Yes, it went from 100 to 2, which is down 98%, but then it went from 2 to 4, which is up 100%—so you're ahead.” — Cartoon caption",
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      "text": "Source: Greenlight calculations for new athena collector enterprise customers based on athenahealth press releases.",
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