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  "documentTitle": "Bayer AG (BAYN)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2016-11-28 00:00:00",
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      "text": "The stock had already been falling from the mid 130s last July to about 100. A couple late stage pipeline products disappointed. The continued ag cycle weakness caused earnings expectations for 2016 to come down from a high of about 8 Euros per share to a low of 7.25. When Bayer announced this corny acquisition, the stock collapsed to 85 Euros per share, or only 11.3x earnings.",
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