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  "docSlug": "430184de7abe",
  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-09-14 00:00:00",
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  "notes": "The slide uses a bar chart to visually demonstrate the scale of Taobao relative to Western peers.",
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      "kind": "callout",
      "text": "Outsized market growth + dominant market share + margin expansion make for a very intriguing Alibaba Group opportunity",
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      "text": "Last week, Alibaba Group's CEO, Jack Ma, provided a gross merchandise value target across Taobao Mall and Taobao Marketplaces of $157 billion in 2012. We conservatively estimate a $25 billion value for the entirety of the Alibaba Group. Outsized market growth + dominant market share + margin expansion make for a very intriguing Alibaba Group opportunity",
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      "text": "Gross Merchandise Value: $157bn",
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      "kind": "source-note",
      "text": "After tax (35%) eBay GMV based on Piper Jaffray estimate. Amazon GMV based on ChannelAdvisor 2010 estimate and Piper Jaffray Retail Sales growth estimate. Taobao GMV based on Management estimate values",
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      "kind": "title",
      "text": "Alibaba's Taobao = eBay + Amazon on Steroids",
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      "text": "2012 Gross Merchandise Value Comparison ($bn)",
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