Narrative foundations (from the Storymakers methodology)
This skill focuses on the adversarial genre — activist campaigns, short theses, contrarian memos. But every adversarial argument rests on a foundation of general narrative craft. This file distills the parts of the Storymakers methodology that are load-bearing for contrarian work.
If the user wants deeper narrative coaching across non-adversarial formats (keynotes, brand storytelling, internal change comms), the
storymakersskill should be invoked alongside this one.
The Big Idea formula
Before any deck, a single sentence must exist — the "Big Idea" the reader should be able to repeat to a colleague tomorrow.
Big Idea = [Your Point of View] + [What's at Stake] Must be under 20 words. Must be memorable. Must be actionable.
Before/After test: you should be able to articulate:
- Before — what the audience believes/does now
- After — what you want them to believe/do after
Adversarial applications:
| Campaign | Before | After | Big Idea |
|---|---|---|---|
| Canadian Pacific (Ackman 2012) | CP is a decent railroad with a bad few years | CP is the worst-run Class I with a broken operator | Replace Fred Green with Hunter Harrison. The gap to CN is $X per share. |
| McDonald's (Ackman 2005) | McDonald's is a restaurant operator | McDonald's is a $46bn real estate portfolio pretending to be a restaurant | Separate the real estate. Unlock $50/share. |
| Herbalife (Ackman 2012) | Herbalife is a nutrition company | Herbalife is a pyramid scheme harming vulnerable distributors | The equity is worth zero. The FTC must investigate. |
| Nikola (Hindenburg 2020) | Nikola is an EV pioneer with a working truck | Nikola is a theatre — the truck rolled downhill in the demo video | Short the stock. The founder has been lying. |
If you can't write the Big Idea in one sentence, you don't have a thesis yet — you have a complaint.
The Pyramid Principle (Minto)
Adversarial decks follow conclusion-first structure ruthlessly:
┌──────────────────┐
│ BIG IDEA │ ← Slide 2 of every top-tier deck
└────────┬─────────┘
┌─────────┼─────────┐
┌─────┴───┐ ┌──┴───┐ ┌──┴────┐
│Reason 1 │ │Reason│ │Reason3│ ← Slide 3 (the three reasons)
│(gap) │ │2 │ │(reward)│
└────┬────┘ └──┬───┘ └───┬───┘
┌────┴───┐ ┌───┴──┐ ┌───┴────┐
│Evidence│ │ Ev. │ │Evidence│ ← Blocks 4-7 (bulk of deck)
└────────┘ └──────┘ └────────┘
Never build up to the answer. Lead with it. The reader commits to the thesis in the first 10 seconds; the rest is justification they can skim.
Consequence: the three-reasons slide is the most important in the entire
deck. It is the Big Idea decomposed into MECE (Mutually Exclusive,
Collectively Exhaustive) pillars. See storytelling/three-reasons.md.
Match the arc to the intent
Different adversarial postures call for different story arcs. Pick one deliberately.
| Intent | Arc to use | When | Exemplar |
|---|---|---|---|
| Persuade a board to act on a specific plan | Consultant's Gambit (Situation → Problem → Solution → Evidence → Impact & Next Steps) | Most activist decks | Canadian Pacific 2012, Darden 2014, Restore the Magic 2024 |
| Shock the market into re-pricing | Problem → Agitate → Solution | Short-seller reports, fraud exposés | Hindenburg Nikola 2020, Muddy Waters Luckin 2020, Einhorn Allied 2002 |
| Present at a conference where time is short | Sparkline (What Is → What Could Be → Proposed Path → What Could Be New Bliss) | Sohn, Delivering Alpha, C4K | PSH Sohn 2015, HHC Sohn 2017 |
| Frame a sum-of-parts reveal | Before/After (current valuation → hidden reality → unlocked future) | Any SoP thesis | McDonald's 2005, BHP 2017, Pepsi 2013 |
| Defend as management against an activist | Response with Counter-proof (their claim → our data → alternative interpretation) | Activist-defense decks | Darden Response 2014 |
Arcs to avoid in adversarial work:
- Hero's Journey (too marketing-ey; decks should not feel inspirational)
- Golden Circle (too philosophical — "why" is irrelevant when you're demanding action)
- Onion / Layered Exposition (too slow; you need conclusion-first)
The three lenses (self-check while drafting)
When drafting any slide or section, interrogate it from three perspectives. All three must pass.
🏛 The Architect
"Is this logically sound? Could a skeptic dismantle it?"
- Is the peer set defensible?
- Are KPIs sourced and current?
- Does the valuation bridge add up?
- Are assumptions explicitly stated?
- Are counter-arguments pre-empted?
📖 The Storyteller
"Does this carry emotional weight? Is there tension → release?"
- Is there a villain with a face?
- Is there a specific broken promise?
- Is the 'before' painful enough to make 'after' desirable?
- Does the reader feel the stakes?
- Is there a single memorable number (the "$46bn")?
🎨 The Designer
"Is this clear at a glance? What does the eye land on first?"
- Is the slide title the takeaway sentence?
- Is there one visual hierarchy (not three)?
- Are data labels annotated, not just labelled?
- Does the slide pass the "10-second test"?
A great adversarial deck satisfies all three for the six anchor slides: cover, thesis, three reasons, the peer-gap chart, the SoP reveal, the closing ask. The other slides can be merely competent.
Audience calibration
Who is reading this deck? The answer determines temperature, density, language.
| Audience | Temperature | Density | Language |
|---|---|---|---|
| Existing shareholders (long you want to activate) | Warm, explanatory | High — they want to be convinced in detail | Specific, operational |
| Target's board (addressee of demands) | Cool, factual, respectful | Medium | Legal-grade precision; avoid personal attacks on board members by name unless you've already nominated replacements |
| The broader market / media (secondary wave) | Hot, rhetorical | Low — headlines travel | Quotable, memorable, binary |
| Regulators (SEC, FTC) | Cool, evidentiary | Extreme — every claim a citation | Documentary posture |
| Proxy advisors (ISS, Glass Lewis) | Cool, institutional | Very high | Comparable to peer-review — address their known frameworks directly |
The same thesis, rewritten for four audiences, produces four decks. Don't average — pick one primary audience and calibrate end-to-end.
The headline test (every slide)
Every slide title must pass this test:
"If the reader reads only the titles of all slides, in order, do they understand the full argument?"
Bad title: "Revenue by Segment" Good title: "Segment A generates 85% of profits on 20% of revenue."
Bad title: "Peer Comparison" Good title: "CP has the worst operating ratio of any Class I railroad."
Bad title: "Valuation Analysis" Good title: "Separating the real estate unlocks $50/share — 47% upside."
This rule alone separates masterclass decks from merely competent ones.
See also
storytelling/scqa-framework.md— the 4-beat narrative backbonestorytelling/three-reasons.md— the pyramid-principle headline versionstorytelling/closing-ask.md— the final call to actionslides/slide-architecture.md— how all this maps to physical slidesstorymakersskill (separate) — full Storymakers methodology for non-adversarial contexts