{ "kind": "slide_function", "value": "expose_gap", "collectionKey": "slides:slide_function:expose_gap:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 359, "page": 1, "pageSize": 24, "pageCount": 15, "rows": [ { "docId": "019dd923-622b-71dc-a6d9-a17d7f297d05", "docSlug": "f72bb77d31b3", "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2020-05-12 00:00:00", "orientation": "portrait", "aspectRatio": 0.7072243, "pageNumber": 2, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a combination of a line chart for valuation erosion and bar charts for relative performance benchmarking.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a combination of a line chart for valuation erosion and bar charts for relative performance benchmarking.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-a17d7f297d05/2", "deckHref": "/decks/019dd923-622b-71dc-a6d9-a17d7f297d05", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-a17d7f297d05#slide-2", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 2, "beatId": "83dc7e47-222b-452a-8892-5d402c1dd0e4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "Slides 2-3 identify the problem of underperformance", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-a17d7f297d05", "docSlug": "f72bb77d31b3", "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2020-05-12 00:00:00", "orientation": "portrait", "aspectRatio": 0.7072243, "pageNumber": 7, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a scatter plot to demonstrate that Alexion is undervalued compared to its peers with similar growth profiles.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a scatter plot to demonstrate that Alexion is undervalued compared to its peers with similar growth profiles.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-a17d7f297d05/7", "deckHref": "/decks/019dd923-622b-71dc-a6d9-a17d7f297d05", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-a17d7f297d05#slide-7", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-69dfda97d75e", "docSlug": "cb3321f93fa2", "documentTitle": "Commvault Systems, Inc. (CVLT)", "authorId": "02_Elliott_Management", "authorName": "Jesse Cohn and Jason Genrich", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2018-04-02 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "slideType": "villain_critique", "function": "expose_gap", "notes": "The slide uses a 'villain_critique' approach to undermine management credibility by contrasting past promises with actual results.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a 'villain_critique' approach to undermine management credibility by contrasting past promises with actual results.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-69dfda97d75e/6", "deckHref": "/decks/019dd923-622b-71dc-a6d9-69dfda97d75e", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-69dfda97d75e#slide-6", "loopMatches": [ { "to": 9, "from": 5, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "629e58e0-eae9-44ef-a633-dde1c8f560e4", "evidence": "The document emphasizes the importance of improving revenue growth and corporate governance.", "position": 0, "objective": "Highlight the consequences of not taking action to improve Commvault's performance", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 7, "from": 4, "beatId": "1ee8be73-075b-4363-bf71-dfcefea587a2", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The document highlights revenue and adjusted operating income declines, as well as corporate governance issues.", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-70b2474f9eca", "docSlug": "787232969aa4", "documentTitle": "Sumitomo Realty & Development Co., Ltd. (8830)", "authorId": "02_Elliott_Management", "authorName": "Aaron Tai", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-06-08 00:00:00", "orientation": "portrait", "aspectRatio": 0.7727617, "pageNumber": 5, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a combination of a line chart for historical trend and a bar chart for peer benchmarking to illustrate governance failure.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a combination of a line chart for historical trend and a bar chart for peer benchmarking to illustrate governance failure.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-70b2474f9eca/5", "deckHref": "/decks/019dd923-622b-71dc-a6d9-70b2474f9eca", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-70b2474f9eca#slide-5", "loopMatches": [ { "to": 10, "from": 3, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "016bf8a0-2852-4550-8edd-c9ac99ba614e", "evidence": "Elliott implies that inaction will lead to continued undervaluation", "position": 0, "objective": "What is the cost of not improving corporate governance and increasing value?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 10, "from": 1, "name": "David Goliath", "slug": "16-david-goliath", "bestFor": "Startups, disruptive innovation, competitive displacement", "matchId": "08395a8c-568a-4c0d-80ab-2a8e429c4a1a", "evidence": "Elliott frames itself as a catalyst for change", "position": 1, "objective": "Can Elliott, as a minority shareholder, effect change in Sumitomo Realty?", "structure": "The Giant's Weakness -> Our Slingshot (Unique Edge) -> The Topple", "confidence": 0.6, "description": "Frame your initiative as the nimble underdog taking on a slow, bloated incumbent" } ], "arcBeatMatches": [ { "to": 8, "from": 4, "beatId": "a865edbb-fd41-4775-97fd-4ffc0b08d210", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Elliott highlights peer comparison and negative consequences", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-70b2474f9eca", "docSlug": "787232969aa4", "documentTitle": "Sumitomo Realty & Development Co., Ltd. (8830)", "authorId": "02_Elliott_Management", "authorName": "Aaron Tai", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-06-08 00:00:00", "orientation": "portrait", "aspectRatio": 0.7727617, "pageNumber": 6, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide highlights a lack of ROE targets at Sumitomo Realty compared to peers and illustrates a multi-year decline in ROE.", "imagePath": null, "matchCount": 1, "evidence": "The slide highlights a lack of ROE targets at Sumitomo Realty compared to peers and illustrates a multi-year decline in ROE.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-70b2474f9eca/6", "deckHref": "/decks/019dd923-622b-71dc-a6d9-70b2474f9eca", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-70b2474f9eca#slide-6", "loopMatches": [ { "to": 10, "from": 3, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "016bf8a0-2852-4550-8edd-c9ac99ba614e", "evidence": "Elliott implies that inaction will lead to continued undervaluation", "position": 0, "objective": "What is the cost of not improving corporate governance and increasing value?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 10, "from": 1, "name": "David Goliath", "slug": "16-david-goliath", "bestFor": "Startups, disruptive innovation, competitive displacement", "matchId": "08395a8c-568a-4c0d-80ab-2a8e429c4a1a", "evidence": "Elliott frames itself as a catalyst for change", "position": 1, "objective": "Can Elliott, as a minority shareholder, effect change in Sumitomo Realty?", "structure": "The Giant's Weakness -> Our Slingshot (Unique Edge) -> The Topple", "confidence": 0.6, "description": "Frame your initiative as the nimble underdog taking on a slow, bloated incumbent" } ], "arcBeatMatches": [ { "to": 8, "from": 4, "beatId": "a865edbb-fd41-4775-97fd-4ffc0b08d210", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Elliott highlights peer comparison and negative consequences", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-7c1fa0494803", "docSlug": "2589cccda568", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "John Pike and Mike Tomkins", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2023-11-29 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "peer_gap", "function": "expose_gap", "notes": "Includes a callout circle on the line chart highlighting the divergence in opex/bbl.", "imagePath": null, "matchCount": 1, "evidence": "Includes a callout circle on the line chart highlighting the divergence in opex/bbl.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-7c1fa0494803/2", "deckHref": "/decks/019dd923-622b-71dc-a6d9-7c1fa0494803", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-7c1fa0494803#slide-2", "loopMatches": [], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "592a6d80-ccc3-42c1-9a06-21d5a15556bb", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Complication", "beatSlug": "complication", "evidence": "The document presents a peer gap", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-7c1fa0494803", "docSlug": "2589cccda568", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "John Pike and Mike Tomkins", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2023-11-29 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "peer_gap", "function": "expose_gap", "notes": "Includes a direct quote from a Cowen analyst regarding the failure of the 2019 AdvantEdge66 program.", "imagePath": null, "matchCount": 1, "evidence": "Includes a direct quote from a Cowen analyst regarding the failure of the 2019 AdvantEdge66 program.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-7c1fa0494803/3", "deckHref": "/decks/019dd923-622b-71dc-a6d9-7c1fa0494803", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-7c1fa0494803#slide-3", "loopMatches": [], "arcBeatMatches": [ { "to": 3, "from": 3, "beatId": "f37d6004-ad5f-48e3-9f99-f64a6d82443f", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The document presents a value-creation opportunity", "position": 2, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-87c368bbaffd", "docSlug": "80066eff9a0b", "documentTitle": "Texas Instruments (TXN)", "authorId": "02_Elliott_Management", "authorName": "Jesse Cohn", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2024-05-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a combination of a performance table and a bar chart to illustrate the correlation between increased capex and declining shareholder returns.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a combination of a performance table and a bar chart to illustrate the correlation between increased capex and declining shareholder returns.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-87c368bbaffd/5", "deckHref": "/decks/019dd923-622b-71dc-a6d9-87c368bbaffd", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-87c368bbaffd#slide-5", "loopMatches": [], "arcBeatMatches": [ { "to": 6, "from": 3, "beatId": "9bef1476-fb21-4cdf-a0ae-dcbdee8e0c4c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The document highlights TI's underperformance and potential issues with capacity buildout", "position": 1, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-f120fef63653", "docSlug": "2bfb332ee684", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-24 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "peer_benchmark", "function": "expose_gap", "notes": "The slide is presented as a social media post from 'Streamline 66' (Elliott Management campaign).", "imagePath": null, "matchCount": 1, "evidence": "The slide is presented as a social media post from 'Streamline 66' (Elliott Management campaign).", "slideHref": "/slides/019dd923-622b-71dc-a6d8-f120fef63653/4", "deckHref": "/decks/019dd923-622b-71dc-a6d8-f120fef63653", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-f120fef63653#slide-4", "loopMatches": [ { "to": 4, "from": 3, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "b51f186f-61a6-45a2-90e8-61f3a277b055", "evidence": "quote_slide and peer_benchmark", "position": 0, "objective": "Why should we support Elliott's nominees?", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.6, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "docSlug": "917aed929317", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 11, "slideType": "peer_gap", "function": "expose_gap", "notes": "Uses a weight-based metaphor (kettlebell) to represent the 'drag' of poor performance on valuation.", "imagePath": null, "matchCount": 1, "evidence": "Uses a weight-based metaphor (kettlebell) to represent the 'drag' of poor performance on valuation.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/11", "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-11", "loopMatches": [ { "to": 14, "from": 11, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "bfd77b05-cb0d-4057-b688-b7c43b0910c2", "evidence": "The presentation creates an aha moment by highlighting the significant gap between Phillips 66's performance and its peers.", "position": 0, "objective": "Highlighting Phillips 66's underperformance and the need for change", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.8, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "arcBeatMatches": [ { "to": 14, "from": 10, "beatId": "d9289def-2da8-45f6-8196-0d9eaf52a1ed", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The presentation identifies Phillips 66's underperformance and the pain points for shareholders.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "docSlug": "917aed929317", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 30, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a line chart to demonstrate the valuation gap between PSX and midstream peers, supported by a testimonial from Sigmund Cornelius.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a line chart to demonstrate the valuation gap between PSX and midstream peers, supported by a testimonial from Sigmund Cornelius.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/30", "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-30", "loopMatches": [ { "to": 34, "from": 30, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "c88af8df-d59f-4c12-aab2-a16e8b350961", "evidence": "The presentation reveals the hidden value in Phillips 66's midstream assets and how they are not receiving full value credit.", "position": 1, "objective": "Revealing the hidden value in Phillips 66's midstream assets", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.8, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [ { "to": 40, "from": 15, "beatId": "73cebb8d-5ee0-4698-a087-3074401b5083", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting Phillips 66's poor operational performance, damaged management credibility, and failed governance culture.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "docSlug": "917aed929317", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 60, "slideType": "peer_benchmark", "function": "expose_gap", "notes": "The slide uses a 'villain' framing by highlighting negative investor quotes about the CEO and board.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a 'villain' framing by highlighting negative investor quotes about the CEO and board.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/60", "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-60", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-0a9e4ca95565", "docSlug": "917aed929317", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 98, "slideType": "peer_benchmark", "function": "expose_gap", "notes": "The slide highlights the use of a median calculation that relies on the performance of the four 'inappropriate' peers.", "imagePath": null, "matchCount": 1, "evidence": "The slide highlights the use of a median calculation that relies on the performance of the four 'inappropriate' peers.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-0a9e4ca95565/98", "deckHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-0a9e4ca95565#slide-98", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-34c19faa149d", "docSlug": "03e57a0e07e6", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-05-08 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "slideType": "peer_gap", "function": "expose_gap", "notes": "This is a screenshot of a social media post (Twitter/X) from the Streamline 66 campaign by Elliott Management.", "imagePath": null, "matchCount": 1, "evidence": "This is a screenshot of a social media post (Twitter/X) from the Streamline 66 campaign by Elliott Management.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-34c19faa149d/12", "deckHref": "/decks/019dd923-622b-71dc-a6d9-34c19faa149d", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-34c19faa149d#slide-12", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-bf00ae998d16", "docSlug": "4fd9f67bd3da", "documentTitle": "Darden Restaurants, Inc. (DRI)", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-05-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a combination of a performance table and a bar chart to argue for management underperformance.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a combination of a performance table and a bar chart to argue for management underperformance.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-bf00ae998d16/10", "deckHref": "/decks/019dd923-622b-71dc-a6d9-bf00ae998d16", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-bf00ae998d16#slide-10", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-caf7ba55853c", "docSlug": "de33cb3292ec", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "John Pike", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-02-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 31, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a red-highlighted header to emphasize 'POOR OPERATING PERFORMANCE'.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a red-highlighted header to emphasize 'POOR OPERATING PERFORMANCE'.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/31", "deckHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-31", "loopMatches": [ { "to": 41, "from": 30, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-caf7ba55853c", "docSlug": "de33cb3292ec", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "John Pike", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-02-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 41, "slideType": "comparison_table", "function": "expose_gap", "notes": "The slide uses a red header to emphasize 'DAMAGED MANAGEMENT CREDIBILITY' as the primary theme.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a red header to emphasize 'DAMAGED MANAGEMENT CREDIBILITY' as the primary theme.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-caf7ba55853c/41", "deckHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-caf7ba55853c#slide-41", "loopMatches": [ { "to": 41, "from": 30, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "93dd62a0-8c19-4dab-83f8-4ff488d9589d", "evidence": "The document presents a series of tables and charts highlighting Phillips 66's underperformance and the potential benefits of change.", "position": 0, "objective": "Highlight the cost of inaction and the need for change", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-c658d3934559", "docSlug": "194521d05487", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-03-06 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 7, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a line chart for operating expenses and a bar chart for EBITDA spread to highlight the profitability gap.", "imagePath": null, "matchCount": 1, "evidence": "The slide uses a line chart for operating expenses and a bar chart for EBITDA spread to highlight the profitability gap.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-c658d3934559/7", "deckHref": "/decks/019dd923-622b-71dc-a6d8-c658d3934559", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-c658d3934559#slide-7", "loopMatches": [ { "to": 7, "from": 4, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "754f4a8a-649b-4caa-9769-ecacdb35ccc3", "evidence": "Slides 4-7 discuss underperformance and its implications", "position": 0, "objective": "Highlight the cost of inaction (underperformance)", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 7, "from": 7, "beatId": "74c85f2f-3403-449f-9623-e6ee288f9559", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Highlighting Phillips' weak EBITDA per barrel on slide 7", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-d109caa80029", "docSlug": "8454caf552fb", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-03-21 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide is presented as a social media post from 'Streamline66' advocating for change.", "imagePath": null, "matchCount": 1, "evidence": "The slide is presented as a social media post from 'Streamline66' advocating for change.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-d109caa80029/2", "deckHref": "/decks/019dd923-622b-71dc-a6d8-d109caa80029", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-d109caa80029#slide-2", "loopMatches": [ { "to": 3, "from": 2, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "fb80aa2f-5c9d-4054-afc7-5fc76787c232", "evidence": "Peer gap and villain critique", "position": 0, "objective": "Highlight Phillips' underperformance", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.6, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [ { "to": 2, "from": 2, "beatId": "65e75eb9-62e1-4cd0-a26d-cf32b703dcb1", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Complication", "beatSlug": "complication", "evidence": "Peer gap", "position": 1, "confidence": 0.6, "parentBeatName": null, "parentBeatSlug": null } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-019b40a7fee1", "docSlug": "169e9e209deb", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": null, "documentKindSlug": "regulatory-filing", "documentKindLabel": "Regulatory filing", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-02 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "peer_gap", "function": "expose_gap", "notes": "This is a promotional social media ad from Elliott Investment Management targeting Phillips 66 shareholders.", "imagePath": null, "matchCount": 1, "evidence": "This is a promotional social media ad from Elliott Investment Management targeting Phillips 66 shareholders.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-019b40a7fee1/3", "deckHref": "/decks/019dd923-622b-71dc-a6d9-019b40a7fee1", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-019b40a7fee1#slide-3", "loopMatches": [ { "to": 6, "from": 3, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "e50b4e58-0591-47ab-9e73-8e8d20ca67a8", "evidence": "The document implies that inaction will result in continued underperformance.", "position": 0, "objective": "Highlight the cost of inaction regarding Phillips 66's stock", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 3, "from": 3, "beatId": "a02c1014-d0ae-4d1b-81e8-141d1a3f7104", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem (Identify pain)", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The document identifies Phillips 66's underperformance as a problem.", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" }, { "to": 4, "from": 3, "beatId": "7e8f740b-3d45-48d9-b6be-d53bee4afb87", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The document agitates the problem by highlighting the credibility crisis and potential upside.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-b06e1e87f57d", "docSlug": "0d9a92f4ecfe", "documentTitle": "Office Depot, Inc. (ODP)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2013-08-02 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 15, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide highlights a 'Market Share Gap' between the declining Office Depot and the growing Staples.", "imagePath": null, "matchCount": 1, "evidence": "The slide highlights a 'Market Share Gap' between the declining Office Depot and the growing Staples.", "slideHref": "/slides/019dd923-622b-71dc-a6d9-b06e1e87f57d/15", "deckHref": "/decks/019dd923-622b-71dc-a6d9-b06e1e87f57d", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-b06e1e87f57d#slide-15", "loopMatches": [ { "to": 17, "from": 12, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "cb31feb5-a64f-470c-bcb2-d3fa83389b65", "evidence": "Slides highlighting Office Depot's underperformance and market share losses.", "position": 0, "objective": "What are the consequences of not changing Office Depot's board and management?", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 41, "from": 3, "beatId": "7d75cf84-de72-412e-8648-8a7f02f1a83b", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Criticisms of the current board and management, highlighting their lack of retail experience and poor governance practices.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-dad031a83edd", "docSlug": "843b712a7e02", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 10, "slideType": "peer_gap", "function": "expose_gap", "notes": "Uses a weight-based metaphor for valuation gap (failed governance as a weight).", "imagePath": null, "matchCount": 1, "evidence": "Uses a weight-based metaphor for valuation gap (failed governance as a weight).", "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/10", "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-10", "loopMatches": [ { "to": 15, "from": 10, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "d1071f9a-25ee-454b-ad86-ab82359169c9", "evidence": "The document presents a series of contradictions and expose them as a key issue", "position": 0, "objective": "To reveal the contradiction between Phillips 66's claimed performance and actual results", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.8, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "arcBeatMatches": [ { "to": 16, "from": 9, "beatId": "6291cb84-70fd-44ee-bdbe-bace16bf54a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents a detailed critique of Phillips 66's governance culture and operational performance", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-dad031a83edd", "docSlug": "843b712a7e02", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 11, "slideType": "peer_gap", "function": "expose_gap", "notes": "The chart uses a highway sign motif to emphasize the -450% underperformance.", "imagePath": null, "matchCount": 1, "evidence": "The chart uses a highway sign motif to emphasize the -450% underperformance.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/11", "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-11", "loopMatches": [ { "to": 15, "from": 10, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "d1071f9a-25ee-454b-ad86-ab82359169c9", "evidence": "The document presents a series of contradictions and expose them as a key issue", "position": 0, "objective": "To reveal the contradiction between Phillips 66's claimed performance and actual results", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.8, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "arcBeatMatches": [ { "to": 16, "from": 9, "beatId": "6291cb84-70fd-44ee-bdbe-bace16bf54a3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents a detailed critique of Phillips 66's governance culture and operational performance", "position": 1, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d8-dad031a83edd", "docSlug": "843b712a7e02", "documentTitle": "Phillips 66 (PSX)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2025-04-28 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "peer_gap", "function": "expose_gap", "notes": "The table highlights the discrepancy between the 'appropriate' large-cap peers and the 'inappropriate' small-cap peers, noting the use of median TSR calculations.", "imagePath": null, "matchCount": 1, "evidence": "The table highlights the discrepancy between the 'appropriate' large-cap peers and the 'inappropriate' small-cap peers, noting the use of median TSR calculations.", "slideHref": "/slides/019dd923-622b-71dc-a6d8-dad031a83edd/97", "deckHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d8-dad031a83edd#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }