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  "documentTitle": "Iron Mountain Incorporated (IRM)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2011-03-09 00:00:00",
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  "notes": "Includes a red arrow annotation indicating the upward trend in costs.",
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      "text": "Elliott believes a 150-250bps cut by reducing sales and marketing effort is in line with slowing growth outlook",
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      "text": "Sales, Marketing and Account Management Costs (as % of Revenue)",
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      "text": "Sales & Marketing costs have increased from ~6% of sales earlier in the decade, to ~9% recently. Elliott believes a 150-250bps cut by reducing sales and marketing effort is in line with slowing growth outlook.",
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      "text": "Source: Iron Mountain Inc. disclosures",
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      "kind": "title",
      "text": "Sales and Marketing Cost Savings Consistent with the Lower Growth of Attractive But Mature Business",
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