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  "documentTitle": "Iron Mountain Incorporated (IRM)",
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  "notes": "Uses a rhetorical question structure to frame the investment as irrational.",
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      "text": "Why invest profits from a high margin business into one with uncertain growth and low margins?",
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      "text": "ROIC: $0.7B+",
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      "text": "How is IRM better positioned than existing and emerging tech titans?",
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      "text": "(1) NOPAT = Net Operating Profit After Taxes. Source: Iron Mountain Incorporated disclosures and Elliott estimate of 35% for tax rate",
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      "text": "$0.7B+ Invested in Digital, Minimal Return to Date",
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