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  "documentTitle": "Pioneer Natural Resources (PXD)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The slide uses a bridge/waterfall structure to explain the valuation gap between accounting measures and market capitalization.",
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      "text": "Pioneer burns cash and isn’t growing. If the existing reserves are worth somewhere between $3 billion and $7.8 billion, why is the market paying $27 billion for this company?",
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      "text": "Source: Greenlight summary of preceding estimates, Enterprise Value from slide 28, and Greenlight estimate for market-assigned value.",
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      "text": "The other $20 billion",
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