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  "documentTitle": "Texas Instruments (TXN)",
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  "authorName": "Jesse Cohn",
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  "presentationDate": "2024-05-28 00:00:00",
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  "notes": "This is the first page of a shareholder letter. It establishes the investor's stake, acknowledges the company's historical strengths, and introduces the core thesis of underperformance due to a deviation from free cash flow per share growth.",
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      "text": "Our diagnosis is simple: Investors are concerned that TI appears to have deviated from its longstanding commitment to drive growth of free cash flow per share.",
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      "text": "While many investors, including Elliott, agree with the Company’s long-term strategic vision, TI’s stock has underperformed for its investors.",
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      "text": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott” or “we”), which have an investment of more than $2.5 billion in Texas Instruments",
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      "text": "The best measure to judge a company’s performance over time is growth of free cash flow per share, and we believe that’s what drives long-term value for our owners.",
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      "text": "\"The best measure to judge a company's performance over time is growth of free cash flow per share, and we believe that's what drives long-term value for our owners.\" — Rich Templeton, Chairman and former CEO of Texas Instruments.",
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      "text": "Represents total shareholder return vs. the VanEck Semiconductor Index (SMH) constituents per Bloomberg on a 2-year, 4-year, 6-year, and 10-year basis",
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