{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-cbdfdb195089", "slug": "7ca0cacf0ea6", "title": "Yahoo! Inc. (YHOO)", "subtitle": "Jeffrey C. Smith · 2015-11", "author": "Jeffrey C. Smith", "date": "2015-11-19 00:00:00", "pageCount": 4, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Yahoo! Inc.", "targetTicker": "YHOO", "document": { "id": "019dd923-622b-71dc-a6da-cbdfdb195089", "slug": "7ca0cacf0ea6", "title": "Yahoo! Inc. (YHOO)", "rawTitle": "Starboard Value LP Letter to YHOO 08.10.15", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. Smith", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "Starboard_Value_LP_Letter_to_YHOO_08.10.15.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_YHOO_08.10.15.pdf", "sourceDate": "2015-11-19 00:00:00", "presentationDate": "2015-11-19 00:00:00", "ingestedAt": "2026-04-22 16:07:08+00", "status": "ready", "pageCount": 4, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Yahoo! Inc.", "targetTicker": "YHOO", "metadata": { "local_root": "/tmp/legacy-images/7ca0cacf0ea6", "activist_firm": "Starboard Value LP", "origin_corpus": "contrarian", "extraction_seconds": 80.0563051700592 } }, "coverage": { "pageCount": 4, "pagesIndexed": 4, "pagesWithImages": 4, "pagesWithMetadata": 4, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 23, "chartCount": 0, "metricSlides": 0, "toolMatches": 2, "documentToolMatches": 2, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 4, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "evidence": "The document follows a structured approach: situation/context, problem/complication, solution/approach, and impact/next steps.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:39.517393+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "e7c920d3-64f5-44db-9b39-8369c3fcbc1a", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary provides an overview of the situation.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Problem & Complication", "beatId": "e0105822-d383-45c3-87ed-ad1db540d770", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The valuation table implies a complication with Yahoo's current business valuation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Solution & Approach", "beatId": "e47dce1d-e90a-4d81-9af8-30c57672ca01", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The proposed solution presents a clear approach for Yahoo to consider.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 4, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Impact & Next Steps", "beatId": "f700540b-800b-4b51-b9ae-4ea8da828787", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The closing ask letter to the Board of Directors outlines the next steps.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "87688ff9-16a3-4bb4-b426-f75557d48794", "evidence": "The document implies that inaction has significant costs.", "position": 0, "objective": "The cost of inaction is evaluated against proposed solutions.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:39.712709+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "6151ba55-983a-4d10-9cb2-27261156cbcc", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f47d6179-2485-4f6d-81bf-57742dfa9b8b", "evidence": "Marissa Mayer (CEO) and Maynard J. Webb (Chairman)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "801933bd-2cfa-4841-abfe-38ae6f2851b5", "evidence": "The table explicitly subtracts assets from enterprise value to arrive at a residual core business value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "valuation-bridge" }, { "matchId": "19d9bab9-e001-42b3-af0e-6d7896ac291b", "evidence": "Mentions evaluation of risk-adjusted options and potential penalty for being wrong vs reward for being right.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:09:49.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "risk-adjusted-return" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "mixed", "notes": "Four-page public letter from Jeffrey C. Smith (Starboard Value LP) to Yahoo Chairman Maynard Webb and CEO Marissa Mayer, dated November 19, 2015 (the filename '08.10.15' actually refers to a prior Starboard letter that this one cites via URL — likely a misnamed file). Document is a follow-up escalation after a year of private engagement. Core visual element is a sum-of-parts table on page 2 deriving the implied Core Business multiple. Letter ends with an explicit threat to seek board changes, making this a pre-proxy-fight warning shot. Strong SCQA structure despite prose format.", "kpisCited": [ { "detail": "$31,230MM as of Nov 17, 2015", "metric": "YHOO Enterprise Value" }, { "detail": "($18,622MM) deducted from EV", "metric": "Alibaba stake (at 38% discount)" }, { "detail": "($5,019MM) deducted from EV", "metric": "Yahoo Japan stake (at 38% discount)" }, { "detail": "($5,572MM) deducted from EV", "metric": "Net cash" }, { "detail": "$2,017MM residual", "metric": "Implied value of Core Business" }, { "detail": "$926MM", "metric": "2015E EBITDA" }, { "detail": "2.2x — deeply below tech peers", "metric": "Implied 2015E EV/EBITDA multiple" }, { "detail": "$838MM, declining", "metric": "2016E EBITDA" }, { "detail": "2.4x", "metric": "Implied 2016E EV/EBITDA multiple" } ], "closingAsk": "Change direction and sell the Core Business, or Starboard will seek to make significant changes to the Board.", "extraction": { "at": "2026-04-22 16:07:08+00", "model": "unknown-legacy", "runId": null, "seconds": 80.056305, "promptVersion": null }, "scqaReward": "Crystallizes fair value of the Core Business today, removes tax-spin execution risk, and delivers cash-rich returns via buybacks, dividends, and returns of capital in an asymmetric risk-reward setup.", "thesisTypes": [ "sale_of_company", "strategic_pivot", "capital_return", "governance_board" ], "top3Reasons": [ "Market implies only ~2.2x 2015E EBITDA for Yahoo's Core Business — deeply undervalued", "Aabaco spin-off risks destroying value if tax-free treatment is challenged or turnaround fails", "Recent results show accelerating degradation, not turnaround — waiting is hope, not strategy" ], "scqaSituation": "Yahoo is a Silicon Valley company whose stock price is almost entirely driven by the value of its Alibaba and Yahoo Japan stakes rather than its Core Search and Display advertising business.", "thesisSummary": "Starboard, frustrated after a year of private engagement, publicly urges Yahoo's board to abandon the planned tax-free spin-off of Aabaco Holdings and instead pursue a taxable sale of Yahoo's Core Search and Display business. The market already implies just a 2.2x 2015E EV/EBITDA multiple on the Core Business — a $2.0bn residual after stripping Alibaba and Yahoo Japan stakes at 38% discounts and net cash — signaling deep skepticism about Marissa Mayer's turnaround. With Q3 results and guidance showing accelerating deterioration rather than improvement, Starboard argues the risk-adjusted case for selling the Core Business now dominates the Aabaco path. Remaining Alibaba, Yahoo Japan, and sale proceeds should be returned through buybacks and dividends. Smith closes by threatening to nominate directors if the Board fails to change course.", "primaryDemands": [ "Abandon the proposed tax-free spin-off of Aabaco Holdings", "Hire a financial advisor to sell the Core Business (Search and Display advertising) as a taxable asset sale", "Retain Alibaba Group and Yahoo Japan stakes plus cash in the remaining company", "Return proceeds to shareholders via buybacks, returns of capital, and dividends", "Accept Jeffrey Smith onto the Board to help evaluate alternatives" ], "scqaResolution": "Abandon the Aabaco spin-off, hire an advisor to sell the Core Business as a taxable asset sale, retain Alibaba and Yahoo Japan stakes, and return proceeds to shareholders.", "thesisOneLiner": "Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.", "precedentsCited": [], "scqaComplication": "The market assigns only ~2.2x 2015E EBITDA to the Core Business, and Q3 results show accelerating deterioration — yet management is pressing ahead with an Aabaco spin-off whose tax treatment is now uncertain.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 4 ], "peerCompaniesCited": [], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is the first page of an activist investor letter.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/a8GjWh5dcWK-305EExohLXIf2id6rQqTd_t9d_mOf-4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83Y2EwY2FjZjBlYTYvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1181, "nDataPoints": 0, "notes": "This is the first page of an activist investor letter.", "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:51.885+00", "seconds": 5.786, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-cbdfdb195089/1", "deck": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The proposed spin-off of Aabaco Holdings, Inc. is not Yahoo’s best alternative. Instead, you should be exploring a sale of Yahoo’s core Search and Display advertising businesses and leave Yahoo’s ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddf-cbd5c95c623d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.32, "x": 0.34, "y": 0.09 }, "kind": "image", "text": "Starboard Value logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:51.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74247ea0-e0cd-4bb5-86a3-4223f55ee45e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.55, "x": 0.12, "y": 0.19 }, "kind": "paragraph", "text": "November 19, 2015. Maynard J. Webb, Chairman; Marissa Mayer, CEO; Yahoo! Inc. 701 First Avenue, Sunnyvale, CA 94089. cc: Board of Directors, Kenneth A. Goldman, Larry Sonsini.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:51.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05e0e06e-1698-46c0-9279-08cab1710fe1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.62 }, "kind": "paragraph", "text": "The proposed spin-off of Aabaco Holdings, Inc. is not Yahoo's best alternative. Instead, you should be exploring a sale of Yahoo's core Search and Display advertising businesses and leave Yahoo's ownership stakes in Alibaba and Yahoo Japan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:51.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0728aa22-c437-42fb-af97-14a613607158", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.81 }, "kind": "paragraph", "text": "Since the time that we originally made our investment in Yahoo, we have been a vocal proponent of separating Yahoo's Core Business from its non-core interests, including its stakes in Alibaba Group and Yahoo Japan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:51.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19b65efb-7648-4e6e-9856-bb12e245a339", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.47 }, "kind": "paragraph", "text": "Dear Maynard and Marissa, We are writing to follow up on our recent discussions. We have grown increasingly frustrated with your unwillingness to accept our help and your dismissive approach to our serious concerns about the current situation at Yahoo!.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:51.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b31f5150-c1ad-4bec-873e-31a7bebaac2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 1, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "e7c920d3-64f5-44db-9b39-8369c3fcbc1a", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary provides an overview of the situation.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/mosANFZS49T0b1BiqWELnrVqcYI972FALoH_YKcZg2w/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83Y2EwY2FjZjBlYTYvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/9WgualF2O-HR7KenonMVLD_OErb3lEAYZFoJeH7RIZE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83Y2EwY2FjZjBlYTYvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/7zwq9TWtCrA1AzFOgZMsp8hwMA1lqiVoWcHUhttf9wc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83Y2EwY2FjZjBlYTYvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "title": "The slide argues that the market is assigning a very low valuation to the core business, implying a lack of confidence in current management.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 948, "nDataPoints": 10, "notes": "The slide argues that the market is assigning a very low valuation to the core business, implying a lack of confidence in current management.", "elementsJson": [ "paragraph", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:49.417+00", "seconds": 3.291, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-cbdfdb195089/2", "deck": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At best, the current stock price implies a meager ~2x consensus 2015 EBITDA multiple on the Core Business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddf-f05a507943d3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/EBITDA multiple: 2.2x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bddf-f51193dbc34f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.125, "y": 0.101 }, "kind": "paragraph", "text": "believe separating Yahoo's Alibaba Group and Yahoo Japan stakes from its Core Business would unlock immediate value for shareholders and allow Yahoo's Core Business to better recruit and retain talent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68fb9a84-b2e9-499d-a3aa-d5b2cbebbe3e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.75, "x": 0.125, "y": 0.48 }, "kind": "paragraph", "text": "Despite our continued belief that the proposed spin-off of Aabaco Holdings should be deemed tax free under current law, we believe it is important to note the market's assessment of the current strategy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c23d03d-8867-4b72-b778-09287eee2ed9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.125, "y": 0.321 }, "kind": "paragraph", "text": "As you know, in our initial presentation to you we highlighted several different scenarios that we felt could achieve this goal. Our first choice was for Yahoo to spin-off Yahoo's Core Business...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1abd144-08db-4cdb-8614-3875fbb15d2b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.46, "x": 0.27, "y": 0.84 }, "kind": "source-note", "text": "Source: Company filings, Bloomberg, and Starboard Value estimates. Note: As of November 17, 2015.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "582a0248-ca5e-4bc1-9aaf-8f836904c2cb", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.46, "x": 0.27, "y": 0.66 }, "kind": "table", "text": "Implied value for Yahoo's Core Business table showing enterprise value, stake deductions, and resulting EBITDA multiples.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43409df7-bcd7-473b-865c-8478ae8a65bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "801933bd-2cfa-4841-abfe-38ae6f2851b5", "evidence": "The table explicitly subtracts assets from enterprise value to arrive at a residual core business value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:09:49.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 2, "name": "Problem & Complication", "beatId": "e0105822-d383-45c3-87ed-ad1db540d770", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The valuation table implies a complication with Yahoo's current business valuation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "87688ff9-16a3-4bb4-b426-f75557d48794", "evidence": "The document implies that inaction has significant costs.", "position": 0, "objective": "The cost of inaction is evaluated against proposed solutions.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:39.712709+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "setup", "title": "This is a page from a shareholder letter; the text is a continuous argument for a divestiture strategy.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 873, "nDataPoints": 0, "notes": "This is a page from a shareholder letter; the text is a continuous argument for a divestiture strategy.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:49.202+00", "seconds": 3.035, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-cbdfdb195089/3", "deck": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "we believe Yahoo should hire a financial advisor to sell the Core Business as a taxable asset sale.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:16:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f20-71ed-bde0-40dfdb50eddd", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.125, "y": 0.502 }, "kind": "paragraph", "text": "In one of our recent conversations, you argued that the Core Business will become more valuable if management is able to turn it around... Thus far, there has been little evidence of a turnaround, and, as described above, recent results are actually moving decidedly in the wrong direction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0143ecdd-89f2-41ea-a30c-8c91bc7fb8f5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.125, "y": 0.22 }, "kind": "paragraph", "text": "Therefore, as we privately communicated to you recently on several occasions, instead of continuing to go in the current direction with potential significant risk, we believe Yahoo should hire a financial advisor to sell the Core Business as a taxable asset sale.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dfa7a15-a34b-4425-818a-f106efa773ae", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.125, "y": 0.102 }, "kind": "paragraph", "text": "Based on our evaluation of the risk-adjusted options currently available to Yahoo, as well as the market's assessment of the current strategy and risks thereof, we believe the Board needs to be open to changing direction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef8793ad-5aee-46a5-8918-c06f981aac17", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "19d9bab9-e001-42b3-af0e-6d7896ac291b", "evidence": "Mentions evaluation of risk-adjusted options and potential penalty for being wrong vs reward for being right.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:09:49.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "risk-adjusted-return" } ], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Solution & Approach", "beatId": "e47dce1d-e90a-4d81-9af8-30c57672ca01", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The proposed solution presents a clear approach for Yahoo to consider.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "87688ff9-16a3-4bb4-b426-f75557d48794", "evidence": "The document implies that inaction has significant costs.", "position": 0, "objective": "The cost of inaction is evaluated against proposed solutions.", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:39.712709+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "setup", "title": "This is the final page of a shareholder letter, including a signature and page number.", "function": "state_demand", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 6, "textChars": 1947, "nDataPoints": 0, "notes": "This is the final page of a shareholder letter, including a signature and page number.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:49.354+00", "seconds": 3.105, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-cbdfdb195089/4", "deck": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6da-cbdfdb195089.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders’ interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a459-503ea49e9b84", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.49, "y": 0.93 }, "kind": "other", "text": "4", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f3cf91c-5730-4506-a4ce-e63a42ae1985", "parentComponentId": null }, { "bbox": { "h": 0.175, "w": 0.75, "x": 0.125, "y": 0.361 }, "kind": "paragraph", "text": "We believe you must make the right choice for Yahoo and its shareholders. What was once complicated and opaque, has now crystallized when analyzed through the lens of reward compared to possible risk. Over the last several months, we have come to realize the situation at Yahoo is one with potential asymmetric outcomes, and therefore, we believe selling the Core Business now is the best outcome for Yahoo shareholders. We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders' interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2326486e-f0f6-45db-863b-8dfd6a34704c", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.75, "x": 0.125, "y": 0.101 }, "kind": "paragraph", "text": "improve the current value of the Core Business. We actually believe that without significant change to the culture at Yahoo, the Core Business could just as likely (if not more likely) decline in value going forward, thereby making a near-term sale of the Core Business even more clearly the correct decision.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "831cf48e-fdaa-4473-b8d2-0a7a65abd311", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.28, "x": 0.595, "y": 0.56 }, "kind": "paragraph", "text": "Respectfully,\n\nJeffrey C. Smith\nManaging Member\nStarboard Value LP", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a71c8565-6b3b-405b-86c1-ede030faeccd", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.125, "y": 0.201 }, "kind": "paragraph", "text": "For over a year now, we have attempted to work privately and constructively with you, management, and the Board. Unfortunately, time is now of the essence and the momentum around the proposed Aabaco Holdings spin-off is pulling our investment down the wrong path. I have now offered four different times over the last four months to join the Board to help you analyze this situation given my successful board experience, our perspective as an owner, and my particular knowledge of this situation. Unfortunately, you have repeatedly refused our respectful requests.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:09:49.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eff7f462-feb8-49be-8fce-9582580c0feb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Impact & Next Steps", "beatId": "f700540b-800b-4b51-b9ae-4ea8da828787", "matchId": "f6eeb54c-b37f-4fec-b610-3a3f1a630024", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The closing ask letter to the Board of Directors outlines the next steps.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Situation & Context", "description": "The executive summary provides an overview of the situation." }, { "from": 2, "to": 2, "label": "Problem & Complication", "description": "The valuation table implies a complication with Yahoo's current business valuation." }, { "from": 3, "to": 3, "label": "Solution & Approach", "description": "The proposed solution presents a clear approach for Yahoo to consider." }, { "from": 4, "to": 4, "label": "Impact & Next Steps", "description": "The closing ask letter to the Board of Directors outlines the next steps." } ], "loops": [ { "from": 2, "to": 3, "label": "Cost Of Inaction", "description": "The cost of inaction is evaluated against proposed solutions." } ] }