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  "notes": "The slide uses a bar chart to show historical price growth and a table to highlight the specific financial assumptions (e.g., 2% annual price escalation) that the author argues are economically illogical.",
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      "text": "We believe it is illogical to assume consumers will continue to pay the same inflated price for a product if supply increases 5x, with no obvious demand growth segments.",
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      "text": "Historical price trend of sandalwood auctions in India from 2000 to 2015.",
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      "text": "Sandalwood price: $212,409",
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      "text": "Generally speaking, Figures 34 & 35 Graphs show the trends are economically logical: the price of sandalwood has increased to adjust for the decreasing supply. However on all of its marketing material, PDS and on its investment calculator provided to institutional investors, TFS assumes sales based on current prices.",
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      "text": "This fixed price assumption and total neglect of the possibility of oversupply violates basic economic principles of supply & demand. This assumption significantly depletes TFS’s NPV/IRR estimates, as per screengrab of financial calculator below in which the sandalwood oil price assumptions are key to the calculation of returns:",
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      "text": "We believe it is illogical to assume consumers will continue to pay the same inflated price for a product if supply increases 5x, with no obvious demand growth segments (as discussed earlier).",
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      "text": "Figure 30 Financial Calculation Assumptions",
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      "text": "Figure 29 Graph 4 TFS PDS",
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      "text": "Sandalwood Auctions in India: Price Trend (Average)",
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