{
  "docId": "019dd923-622c-750b-8b97-4bc268b72a4c",
  "docSlug": "b78b6e0768fc",
  "documentTitle": "dLocal (DLO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 3,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": null,
  "notes": "This is a text-only research note slide. It functions as a critique of the company's communication strategy, framing their verbal denials as evasive and incriminating.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": null,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-4bc268b72a4c/2",
  "deckHref": "/decks/019dd923-622c-750b-8b97-4bc268b72a4c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-4bc268b72a4c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-4bc268b72a4c#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The failure to provide a written explanation that can be tested should be deemed an admission of guilt.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cd-bf114d37e3f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“always segregated clients’ funds from proprietary, never had deficit even before IPO.” — dLocal management (via JP Morgan)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8cd-c1e255b3f313",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 2,
      "beatId": "30b4cacd-ead4-426c-a565-6031796faa9e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Critique of dLocal",
      "beatSlug": null,
      "evidence": "The content of the slide suggests a critical analysis of dLocal's actions.",
      "position": 0,
      "confidence": 0.7,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5a30fcad-8690-4c6e-b2f3-d8264642ca59",
      "evidence": "The critique and preemptive rebuttal suggest an analysis of the costs of inaction regarding financial transparency.",
      "position": 0,
      "objective": "What are the implications of dLocal's lack of transparency?",
      "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
}