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  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-09 00:00:00",
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  "notes": "Uses red arrows to highlight the missing 'Raw materials' line item in the 2013 disclosure compared to the 2014 disclosure.",
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      "text": "For a period of 10 years after its IPO, MPWR omitted disclosure of its raw materials inventory accounts. Given that raw materials can be a powerful indicator of future demand growth, we find this omission concerning.",
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      "text": "For a period of 10 years after its IPO, MPWR omitted disclosure of its raw materials inventory accounts. Given that raw materials can be a powerful indicator of future demand growth, we find this omission concerning. Recent raw material disclosures in 2014 now provide useful insights.",
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      "text": "Source: MPWR's 2014 10-K",
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      "text": "Source: MPWR's S-1 IPO",
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      "text": "Inventory table from S-1 IPO showing raw materials, work in progress, and finished goods for 2002-2004.",
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      "text": "Suspicious Inventory Disclosure Practices",
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