{
  "docId": "019dd923-622c-750b-8b98-c99fec0ed8aa",
  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 36,
  "pageCount": 95,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 27,
  "notes": "The chart highlights a negative trend (rising inventory relative to revenue) to support an activist thesis.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/36",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-36",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.7,
        "x": 0.15,
        "y": 0.215
      },
      "kind": "callout",
      "text": "Monolithic's inventory to LTM trailing revenues also consistently rises.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cce6cb8a-8294-4337-a19d-2c2fe7d08f33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.7,
        "x": 0.15,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Line chart of inventory/LTM revenue ratio",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5729f046-7b81-47d3-bf4d-7c35637943df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "inventory to LTM revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98cb-53c173825905",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8544ab0-268d-4ca2-892a-411443f74ebf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Monolithic's Ballooning Inventory",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "464b1a46-cced-4808-9756-1c63c518f1dd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "667e00e0-62a9-4e84-92f5-8dadd1c108f0",
      "evidence": "The slide uses financial data to expose a negative trend in inventory management, a common tactic in activist short reports.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 7,
      "beatId": "d8746476-9a97-4214-9f12-49d6bd9131a5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document then agitates the problem, presenting numerous examples of accounting and disclosure red flags.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 40,
      "from": 30,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "34f0562e-ce69-44bc-a8d8-f1ebcc6b8b72",
      "evidence": "The document presents numerous examples of accounting and disclosure red flags, testing the hypothesis that MPWR's financials are suspect.",
      "position": 2,
      "objective": "To test the hypothesis that MPWR's financials are suspect",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}