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  "documentTitle": "Pioneer Natural Resources (PXD)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The slide uses a cultural reference to suggest deception in financial reporting.",
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      "text": "In truth, both get ignored because these metrics don't support the story they want to tell. One useful rule of thumb: when someone doesn't want you to look at traditional metrics, it's a good time to look at traditional metrics. In frack country, Capex has averaged 75% of revenues over the past 8 years. Depletion is a real expense. By asking investors to ignore the Capex when it's spent, and the depletion when the oil is produced, the industry wants us to look only at the cash that comes out of the business while completely ignoring the cash that goes into it.",
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