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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-07-17 00:00:00",
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  "notes": "The slide uses a combination of industry expert quotes and analytical commentary to frame AMT's international strategy as value-destructive.",
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      "text": "AMT is destroying billions of investor dollars through its international (ad)ventures.",
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      "text": "This frenzied pace of emerging and frontier market investment has translated into some surprisingly lax business practices. For one, we believe that AMT's typical on site due diligence is to only visit about 10% of the towers it plans to acquire.",
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      "text": "AMT's transaction-focused compensation has undoubtedly contributed to AMT putting the pedal to the metal – simultaneously growing by 8.0x, or approximately 27,800 towers in nine emerging and frontier markets in four years.",
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      "text": "Traditional REITs generally invest in real estate assets that generally hold their values... We therefore suspect that many REIT investors who own AMT are unfamiliar with some of these dynamics.",
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      "kind": "paragraph",
      "text": "AMT is destroying billions of investor dollars through its international (ad)ventures. This section is a discussion of both AMT's practices and why the markets in which it is committing hundreds of millions of dollars at a time require care and diligence.",
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      "kind": "quote",
      "text": "\"We think there are a lot of risks associated with the emerging markets...\" – Jay Brown, Chief Financial Officer, Crown Castle International Corp.",
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      "text": "\"Urgh.\" – former AMT executive when asked about AMT's India investments.",
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      "text": "\"Urgh.\" — former AMT executive when asked about AMT's India investments. \"We think there are a lot of risks associated with the emerging markets that are not maybe necessarily completely appreciated. The US has a fantastic environment of very high barriers to entry that we haven't seen in other countries. And then, as we think about some of the things like currency risk and taxes and the ultimate ability to take cash flow and distribute it out to the shareholders longer term, those become hurdles for us to get over in order to make an investment outside of the US.\" — Jay Brown, Chief Financial Officer, Crown Castle International Corp.",
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      "kind": "source-note",
      "text": "117 Notwithstanding the global financial crisis’ effects on traditional real estate values. 118 2013 Access Media, Internet & Telecom Conference, March 6, 2013.",
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      "text": "American James and the Tower of Doom (and Other Tales of Value Destruction in Emerging Markets).",
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