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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "Includes a quote from a 10-K filing to contrast with the observed shipping volume data.",
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      "text": "Based on global shipping import records from Mettler’s locations in China, Switzerland, Germany, Hong Kong and other locations, we find evidence of a substantial slowdown in 2019. This does not reconcile with the record high share price.",
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      "text": "Shipments by Volume (TEU)",
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      "text": "Based on global shipping import records from Mettler’s locations in China, Switzerland, Germany, Hong Kong and other locations, we find evidence of a substantial slowdown in 2019. This does not reconcile with the record high share price.",
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      "text": "Our manufacturing turnaround time is generally short, which permits us to manufacture orders to fill for most of our products. Backlog is generally a function of requested customer delivery dates and is typically no longer than one to two months.",
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      "text": "Our manufacturing turnaround time is generally short, which permits us to manufacture orders to fill for most of our products. Backlog is generally a function of requested customer delivery dates and is typically no longer than one to two months. Our business has historically experienced a slight amount of seasonal variation, particularly the high-end laboratory instruments business. Traditionally, sales in the first quarter are slightly lower than, and sales in the fourth quarter are slightly higher than, sales in the second and third quarters. Fourth quarter sales have historically generated approximately 28% to 30% of our net sales. — 10-K",
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      "text": "Source: Panjiva.com",
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      "text": "Shipping Data Signaling Large Slow Down",
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