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  "documentTitle": "American Tower (AMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide functions as a critical summary of the company's international strategy, framing it as value-destructive and misleading to investors.",
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      "kind": "callout",
      "text": "AMT'S INTERNATIONAL BUSINESS IS PART CARRY TRADE AND PART LEVERED DIRECTIONAL CURRENCY BET.",
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      "text": "In Brazil, the entire tower asset would likely be recorded as PP&E... In Mexico, AMT may depreciate its tangible assets over 10 years...",
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      "text": "AMT's international business is also effectively part emerging / frontier market carry trade, and part levered directional currency bet. AMT is largely funding in the US by borrowing US$8.85 billion...",
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      "text": "AMT's de facto international lending business serves to mislead investors about AMT's overseas profitability, while incentivizing AMT to enter into even more such transactions in order to feed the beast.",
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      "text": "56 Germany is an exception to this, but we estimate AMT's IRR in Germany at only 4.0%. 57 AMT has US$427 million of local currency debt...",
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