{ "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": 6, "pageCount": 47, "prevPage": 5, "nextPage": 7, "slideType": "thesis_headline", "function": "establish_context", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a photo of Warren Buffett to establish a historical precedent for the current market environment.", "elementsJson": [ "headline_text", "photo", "paragraph" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-0d51af2fde1a/6", "deckHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a#slide-6", "components": [ { "bbox": null, "kind": "callout", "text": "There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-9625-6cfd804f16b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.52, "x": 0.24, "y": 0.18 }, "kind": "image", "text": "Warren Buffett", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d8e5c91-cbef-4408-81f4-2c89f7d4c0f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.52, "x": 0.24, "y": 0.18 }, "kind": "image", "text": "Warren Buffett", "attrs": null, "subkind": "photo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a795223-3b2b-4364-bf60-30781f4352f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "paragraph", "text": "When I started in the business, everyone said Warren Buffett benefitted by starting his investment business when few people even read annual reports and few were good at valuing stocks. It was a shame that there was so much competition for me. There were thousands of experienced professionals trying to do the same thing. Well, guess what? That’s how it feels right now. For the few of us who are left, it’s a great time to be a value investor. There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market. This may be how Mr. Buffett felt in the 1950s. So, here’s an example...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "89a49deb-9b27-4397-88bd-3cd538f5b892", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "paragraph", "text": "When I started in the business, everyone said Warren Buffett benefitted by starting his investment business when few people even read annual reports and few were good at valuing stocks. It was a shame that there was so much competition for me. There were thousands of experienced professionals trying to do the same thing. Well, guess what? That’s how it feels right now. For the few of us who are left, it’s a great time to be a value investor. There is so little competition that the opportunities to buy fine companies with double-digit cash-on-cash returns are more abundant than at any time in my career, other than at the bottom of a bear market. This may be how Mr. Buffett felt in the 1950s. 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