{
  "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": 8,
  "pageCount": 48,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "other",
  "function": "illustrate_case",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a New Yorker-style cartoon as a metaphor for corporate M&A strategy.",
  "elementsJson": [
    "headline_text",
    "photo",
    "paragraph"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f68e9cf62b7a/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Instead, it decided to go with a rough cut, crop sciences dude named Monsanto, and the market did not respond well.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60f-85211c996c37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.39,
        "x": 0.1,
        "y": 0.15
      },
      "kind": "image",
      "text": "Cartoon of a pharmacy counter with a man offering to pay for a woman's co-pay.",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a679e7e6-d7cc-4d6d-942b-60975cbd1f6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.35,
        "x": 0.53,
        "y": 0.23
      },
      "kind": "image",
      "text": "Monsanto logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "744767e7-d646-4231-a09e-f3512e056fa8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "With the ex gone, the market expected Bayer to further solidify its pharma business by courting a clean-shaven, well-to-do pharma partner. Instead, it decided to go with a rough cut, crop sciences dude named Monsanto, and the market did not respond well.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9b23a2a-f21e-467f-bfa6-e9a6c7bc3063",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The gentleman at the other register would like to cover your co-pay.\" — Paul Noth",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60f-8912d25c8a31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.44,
        "x": 0.28,
        "y": 0.08
      },
      "kind": "title",
      "text": "A new boyfriend?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55d47948-0e11-4f53-b1ab-7ed8b526aca7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "b8e173ec-454c-4f0f-8acb-61a962f205d0",
      "evidence": "the market expected Bayer to further solidify its pharma business by courting a clean-shaven, well-to-do pharma partner.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "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
}