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  "documentTitle": "Olam International (OLAM)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2013-09-02 00:00:00",
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      "text": "We continue to believe that, in a world where capital is allocated to maximize economic efficiency, Olam's shares have no value.",
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      "text": "Adjusted return on average assets was only 1.8%. Allowance for doubtful accounts more than halved. Inventory write-downs were only S$115,000. Free cash burn was S$800.4 million.",
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      "text": "The big picture issue is that we are skeptical Olam will operate differently in the future. There have been no changes to the board since our initial report. Olam's board has ossified. The average tenure of Olam's independent directors is 11.4 years.",
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      "text": "We do not ignore asset impairment charges because we see these as a likely understated, and recurring function of Olam's business.",
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