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  "documentTitle": "Lehman Brothers (LEH)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2008-05-21 00:00:00",
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  "notes": "This slide is a text-heavy narrative page from a presentation, likely by David Einhorn (Greenlight Capital), discussing the short position on Lehman Brothers.",
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      "kind": "paragraph",
      "text": "With that as the background, Lehman announced a $489 million profit in the quarter. On the conference call that day, Lehman CFO Erin Callan used the word \"great\" 14 times, \"challenging\" 6 times; \"strong\" 24 times, and \"tough\" once.",
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      "text": "Let's look at the Lehman earnings press release (Table 1). Focus on the line \"other asset backed-securities.\" You can see from the table that Lehman took a $200 million gross write-down and has $6.5 billion of exposure.",
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      "kind": "paragraph",
      "text": "The turn of the cycle has created some tough choices. Warren Buffett has said, \"You don't know who is swimming naked until the tide goes out.\"",
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      "kind": "paragraph",
      "text": "With this in mind, I'd like to review Lehman Brothers' last quarter. Presently, Greenlight is short Lehman. Lehman was due to report its quarter two days after JP Morgan and the Fed bailed out Bear Stearns.",
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