Slides

The visual counterfactual. Two trajectories side by side: where the target is heading vs. where it could go. The delta between them is the shareholder opportunity cost of inaction.

The last slide the reader sees. Treat it as a single design moment — not a recap, not a thank-you, not a next-steps list. One ask, one slide.

The first ten seconds. Build it deliberately.

The single most-copied slide in activism. This is the exact layout, used with minor variations from Ackman (Canadian Pacific 2012) to Elliott (Phillips 66 2025). Build it this way unless you have a specific reason to deviate.

The 8-block sequence below is the reference architecture for an activist or short-seller deck. Breaking it is a sign of inexperience; following it builds credibility by association.

The single most lucrative slide in the activist canon. McDonald's $46bn real estate. Darden's $67–86 SoP vs. $48 today. Phillips 66's $183 vs. $103. The "big number" the deck is engineered to deliver.

What separates a 5/5-visual-craft deck from a 3/5 one.