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  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-03-08 00:00:00",
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  "notes": "The slide uses linguistic analysis to identify 'Inappropriate Level of Concern' as a marker of potential deception in corporate communications.",
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      "text": "Giscard d'Estaing's use of the phrase “could have” in reference to his own statement made in Q3 2015 is peculiar.",
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      "text": "And the last question would be can you tell us if you are on track regarding delivering the EUR2b deleverage at the holding since the announcement mid-December? Thank you.",
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      "text": "Fabienne Caron - Kepler Cheuvreux – Analyst",
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      "text": "The second question is regarding the French EBIT, so you're happy with consensus 2015 of EUR340m? Can you tell us, although you had a good H2, which banners maybe didn't deliver as fast as you expected...",
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      "text": "First, Giscard d'Estaing's use of the phrase “could have” in reference to his own statement made in Q3 2015 is peculiar. Is it realistic that he would not recall his own forecast... This type of behavior is referred to as an Inappropriate Level of Concern (1).",
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      "text": "“I think your second question was on our final landing for 2015 and versus what could have been a previous assumption around the middle of the year. I think what is true is that the mild conditions in the fall have been negative for all the textile sales that we have in some of our stores. Our vision is nevertheless that we performed better than specialized retailers in textile. You probably have more data than us on that front and you might have heard that most of the specialized textile retailers have had a very tough time. But we did a little below our initial expectation.”",
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      "text": "Giscard d'Estaing's response to the first question is essentially that because traffic is up and holiday sales were up in food, despite still-falling non-food performance, the outlook is good for 2016.",
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      "kind": "paragraph",
      "text": "word “technically”. Exclusionary qualifiers are added to leave open the possibility, or in fact the probability, that the conclusion being asserted is false, partially false, or incomplete.",
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      "kind": "paragraph",
      "text": "Yes, good morning Antoine, Regine. Three quick questions from me. The first one, Antoine, I'm sorry, I missed what you said on the French hypermarkets so can you give a bit more color on food, non-food as well as traffic.",
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      "text": "I think your second question was on our final landing for 2015 and versus what could have been a previous assumption around the middle of the year. What is true is that the mild conditions in the fall have been negative for all the textile sales that we have in some of our stores. Our vision is nevertheless that we performed better than specialized retailers in textile. You probably have more data than us on that front and you might have heard that most of the specialized retailers have had a very tough time. But we did a little below our initial expectation. — Giscard d'Estaing",
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