{
  "docId": "019dd923-622c-750b-8b97-c91ee01ef23b",
  "docSlug": "b8d968be4e1c",
  "documentTitle": "Wayfair (W)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-08-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 4,
  "prevPage": 3,
  "nextPage": null,
  "slideType": "closing_ask",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "This is a text-heavy closing slide of a research report.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-c91ee01ef23b/4",
  "deckHref": "/decks/019dd923-622c-750b-8b97-c91ee01ef23b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-c91ee01ef23b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-c91ee01ef23b#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.15,
        "y": 0.33
      },
      "kind": "callout",
      "text": "Cautious Investing to All.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b22fb9d-ba99-4e44-ae57-7095411a9c1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Regardless of what the stock market does over the next 52 weeks, investors will be forced to reconcile Wayfair’s deteriorating unit economics and lofty valuation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8d2-e6261e656de9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Plus, we should mention, Amazon is starting to get really aggressive in furniture: http://www.furnituretoday.com/article/556375-amazon-home-group-grows-16-first-half-2018/",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d9c7835-c27d-4840-b063-369c4b82e6c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.24
      },
      "kind": "paragraph",
      "text": "Regardless of what the stock market does over the next 52 weeks, investors will be forced to reconcile Wayfair’s deteriorating unit economics and lofty valuation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5921cf7-ca6f-44b7-8ce3-516235fcaf68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Right at the time Wayfair is opening new stores - albeit the first is to liquidate returns (always been a problem).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fea18140-5bff-4e78-bb2c-149986319f40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.15,
        "y": 0.03
      },
      "kind": "title",
      "text": "Citron RESEARCH",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d1be861-cfa4-434a-96d8-b3fc2816ca81",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Storytelling: the closing ask",
      "slug": "closing-ask",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "1179a343-7f05-4ab9-b7d6-e792fa3082ab",
      "evidence": "The slide concludes with a cautious message to investors.",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 4,
      "from": 4,
      "beatId": "ef2a2b76-6c76-4c00-8171-542c1cab691c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The final slide presents a closing ask, outlining the impact and next steps for investors.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 4,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3aee2a14-b436-4ebe-8e68-ae4b7f4b13ba",
      "evidence": "The document implies that investors who do not adjust their positions may face significant losses, highlighting the cost of inaction.",
      "position": 0,
      "objective": "to highlight the cost of inaction for investors who do not adjust their positions",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}