{
  "docId": "019dd923-622b-71dc-a6db-0d51af2fde1a",
  "docSlug": "fa820bf52be5",
  "documentTitle": "Solvay SA (SOLB BB)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-03 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 47,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "thesis_headline",
  "function": "frame_situation",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a cartoon illustration to convey a somber message about industry decline.",
  "elementsJson": [
    "photo",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-0d51af2fde1a/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This is what I mean by the value investing industry being dead.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9624-e1ba0e4f68c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.78,
        "x": 0.11,
        "y": 0.12
      },
      "kind": "image",
      "text": "Cartoon of three people holding an 'UNEMPLOYED' sign.",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94707fd6-e465-4c4e-b619-1a535be55b2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.78,
        "x": 0.11,
        "y": 0.12
      },
      "kind": "image",
      "text": "Cartoon of three people holding an 'UNEMPLOYED' sign.",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba89b6c0-255f-4a60-8ae8-64009afe6bbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "The value investing industry is the thousands of people that used to be employed to analyze and pick stocks by trying to figure out which ones were undervalued. Trillions moving from active management to passive have caused these people to be fired and they are not coming back. This is what I mean by the value investing industry being dead.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3af566c0-5fc7-478f-86f6-3669d33c04f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "The value investing industry is the thousands of people that used to be employed to analyze and pick stocks by trying to figure out which ones were undervalued. Trillions moving from active management to passive have caused these people to be fired and they are not coming back. This is what I mean by the value investing industry being dead.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "527836ac-6840-4ab3-aa91-de53ce4c4e7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.11,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: www.123RF.com.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89ee0557-3380-441e-ae89-8eb34b551215",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.11,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: www.123RF.com.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0e9d612-105d-4a53-9ff9-8aa8b1cc29c2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "238daeee-b240-47a7-991a-122d2458051c",
      "evidence": "The value investing industry is the thousands of people",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}