{ "docId": "019dd923-622c-750b-8b97-33c94b343b12", "docSlug": "3b4b265e529e", "documentTitle": "Solutions 30 (S30)", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-05-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "pageCount": 6, "prevPage": 5, "nextPage": null, "slideType": "closing_ask", "function": "state_next_steps", "density": "balanced", "nDataPoints": 1, "notes": "The slide uses a comparison to Wirecard to frame the severity of the situation.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-33c94b343b12/6", "deckHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12#slide-6", "components": [ { "bbox": null, "kind": "callout", "text": "In Solutions 30, we find a number of analogs to Wirecard aside from having a cast of shady characters.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-fb91-749f-a6ac-695a615098e5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.127 }, "kind": "paragraph", "text": "Based on our view that Solutions 30 is a hive of impropriety, it does not surprise us that even in its announcement about the audit, the company is trying to sell itself as a great investment by – brazenly – reiterating unaudited numbers as though they are still relevant. And maybe those numbers will remain relevant to the dullards populating S30’s shareholder table – hopefully not, but we don’t exactly live in inspiring times. We think a well-resourced enforcement investigation would turn up numerous issues, and probably some sanctions proceedings or even criminal prosecutions. Hopefully those commence if they are not already underway. On our side, we cannot say whether this, our eighth detailed communication on S30, will be the last. Regardless, we do intend to address what we see as higher-level issues with corporate malfeasance in Europe.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "311df013-a7aa-4d43-889b-75579cea819c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.355 }, "kind": "paragraph", "text": "In Solutions 30, we find a number of analogs to Wirecard aside from having a cast of shady characters. Both have gotten as far as they have due to European issues: willful blindness of investors to glaring problems, a culture of extreme credulousness of companies along with a disdain for their critics, and a patchwork legal and regulatory framework that makes Europe fertile ground for corporate misbehavior. To be clear, the United States markets are riddled with venality and corruption, including approximately 400 companies from China that are above the law and exert their corrosive influence on American markets with each stock tick. The difference is that in America there is a recognition of these problems (albeit with a very depressing acceptance). We look forward to suggesting improvements to various laws and regulations in the future.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4be57cf8-b950-4072-9e77-99861c04e0b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.018, "w": 0.077, "x": 0.805, "y": 0.958 }, "kind": "paragraph", "text": "Page 6 of 6", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bbbfead7-c5ea-4606-871e-3d18a98bb399", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.018, "w": 0.175, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "What happens now?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "102ea5c4-1024-4c1b-bb08-729722afdb4c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Storytelling: the closing ask", "slug": "closing-ask", "agent": "storyteller", "layer": "slide", "matchId": "3cc33f86-b5c5-436c-9c50-873c54c0b8ea", "evidence": "The slide presents a clear call to action and conclusion based on the analysis provided.", "confidence": 0.9 } ], "frameworks": [ { "name": "argument-from-analogy", "slug": null, "matchId": "bbec2c78-286b-4dd6-9738-1317149304b7", "evidence": "Comparison of Solutions 30 to Wirecard to establish patterns of corporate malfeasance.", "confidence": 0.9 } ], "arcBeats": [ { "to": 6, "from": 6, "beatId": "347afb17-e87f-4b8d-b2f5-b7e978ec9ac2", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The final slide implies a solution or next steps", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 6, "from": 5, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1d10b33b-5ae3-4099-a134-ab805aae6f14", "evidence": "The final two slides imply consequences for not acting", "position": 1, "objective": "The cost of inaction is explored", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }