{
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  "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",
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  "notes": "This is a continuation of a previous paragraph, likely part of a short-seller research report.",
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  "components": [
    {
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      "kind": "callout",
      "text": "The logical action for a guilty company to take would be to avoid providing an explanation that can be tested.",
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      "text": "explanation as to how the cash flows reconcile. (There are myriad other indicia of fraud discussed in our initial report that DLO should substantively address in writing of course.) It is hard for us to believe that any innocent company would not do so, especially if it’s investing significant time sweet-talking investors on broker calls. A “guilty” company, on the other hand, would be reluctant to provide an explanation because in the world of double entry bookkeeping, such a lie would almost certainly fall apart under scrutiny. The dismantling of a detailed written response would keep the issue prominent in investors’ minds. The logical action for a guilty company to take would be to avoid providing an explanation that can be tested.",
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      "evidence": "The content of the slide suggests a response to potential criticisms or questions about dLocal's financial reporting.",
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      "name": "Cost Of Inaction",
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      "evidence": "The critique and preemptive rebuttal suggest an analysis of the costs of inaction regarding financial transparency.",
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      "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",
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