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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The slide uses a dual-axis chart to show the inverse relationship between margins and turnover, and a grouped bar chart for revenue per employee metrics.",
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      "text": "We struggle to explain how gross margins expanded in the face of a structural decline of inventory turnover, and a material drop in revenues in 2015 (from emerging market challenges), and the Swiss National Bank unexpectedly changing policy in early 2015 to strengthen the Swiss Franc.",
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      "text": "Revenue Per Employee Plunges While Gross Margins Expand?",
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      "text": "Gross Margins Expand Post Inventory Turnover Bonus Metric Dropped (2014), And Turnover Declines?",
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      "text": "We struggle to explain how gross margins expanded in the face of a structural decline of inventory turnover, and a material drop in revenues in 2015 (from emerging market challenges), and the Swiss National Bank unexpectedly changing policy in early 2015 to strengthen the Swiss Franc. This abrupt policy changed wiped out numerous brokers and caused sever losses at some banks.(1)",
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      "text": "\"Swiss Central Bank Stuns Market With Policy U-Turn\" — Reuters, Jan 15, 2015",
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      "text": "1. \"Swiss Central Bank Stuns Market With Policy U-Turn\", Reuters, Jan 15, 2015",
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      "text": "Source: Mettler and Bloomberg",
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      "text": "Unlikely Results: Margins Expand While Inventory Turnover Declines",
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