{
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  "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",
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  "pageNumber": 54,
  "pageCount": 95,
  "prevPage": 53,
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  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses a 'too good to be true' argument to suggest potential earnings manipulation.",
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      "kind": "callout",
      "text": "It's remarkable that MPWR has missed only one quarterly sales estimate in Q1 2014 since 2013, and that only one sales guide was modestly light in Q4 2018 when Trump's China trade wars were escalating. We cannot find any other MPWR peer capable of producing these results. Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates",
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      "kind": "callout",
      "text": "Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates",
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      "text": "Sales Beat/Miss: 1.01%",
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      "kind": "source-note",
      "text": "Source: Bloomberg SURP function",
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      "kind": "table",
      "text": "Quarterly sales data table with columns for Quarter, Comp Reported Sales, Consensus Sales, % Beat/Miss, Sales Guidance, and % Beat/Miss.",
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      "kind": "title",
      "text": "Quarterly Sales Results Since 2013",
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      "evidence": "The document finally presents a solution, estimating 75-85% downside risk and providing a detailed valuation analysis.",
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