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  "documentTitle": "Realty Income Corp (O)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "pageNumber": 8,
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  "notes": "Uses a circular flow diagram to illustrate the reversal of a business model's flywheel.",
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      "text": "Entering a negative feedback loop: We believe that O Realty is highly dependent on keeping its stock premium inflated to lower its cost of capital to pursue growth. However, we will illustrate that its growth is declining, which will leads to a lower stock price, higher cost of capital and lower investment spreads.",
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      "text": "Spruce Point’s “New Reality View”",
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      "text": "O Realty’s “Historical View”",
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      "text": "Entering a negative feedback loop: We believe that O Realty is highly dependent on keeping its stock premium inflated to lower its cost of capital to pursue growth. However, we will illustrate that its growth is declining, which will leads to a lower stock price, higher cost of capital and lower investment spreads.",
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      "text": "Source: 3Q17 Investor Presentation",
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      "kind": "title",
      "text": "The Virtuous Circle Gone Bad",
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      "evidence": "Evidence of A Deteriorating Business Model, Same Property Revenues Are Declining, Not Growing As O Realty Portrays, etc.",
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      "evidence": "The Virtuous Circle Gone Bad, O Stock Price vs. 10 Year Yield",
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      "objective": "How does the interest rate cycle affect Realty Income Corp.'s stock price?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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