{
  "docId": "019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "docSlug": "d8035db2dcbb",
  "documentTitle": "Bayer AG (BAYN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 48,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "transition",
  "function": "transition",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a metaphor of an 'ex-boyfriend' to describe the corporate divestment.",
  "elementsJson": [
    "headline_text",
    "photo",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f68e9cf62b7a/6",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Think of Covestro as the ex-boyfriend in need of a new mate – one more compatible with its cyclical nature.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60f-18a1a38e17e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.6,
        "x": 0.2,
        "y": 0.15
      },
      "kind": "image",
      "text": "Industrial chemical plant at night with Bayer logo",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75c1bc1f-1829-4865-b614-536d2e54fd34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "Think of Covestro as the ex-boyfriend in need of a new mate – one more compatible with its cyclical nature. Last year Bayer sold 31% of Covestro in an IPO, with plans to divest the rest.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb100657-fcdc-4e98-baa3-de00b77b37ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.2,
        "y": 0.45
      },
      "kind": "source-note",
      "text": "dpa picture alliance / Alamy Stock Photo",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03f9c3c8-a4f6-49c7-bd95-c9a98c566086",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.46,
        "x": 0.27,
        "y": 0.08
      },
      "kind": "title",
      "text": "So long chemicals",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a752acb-9e6e-4aaf-a936-186d1a610049",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "metaphor-analogy",
      "slug": null,
      "matchId": "b85e99ab-8d20-4f5f-a449-da5a76762e0e",
      "evidence": "Uses 'ex-boyfriend' metaphor to explain corporate divestment strategy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 5,
      "beatId": "474839c4-d68d-4d2e-834a-d7857e63ee66",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Interest",
      "beatSlug": "aida-interest",
      "evidence": "Financial data and comparisons",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 5,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "35f4fdc0-8ed5-402b-bdd0-1b75dfb77a9d",
      "evidence": "Logical flow of financial data and comparisons",
      "position": 0,
      "objective": "Understand Bayer's value proposition",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}