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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "$903 million spent on acquisitions and investments",
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      "text": "For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?",
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      "text": "enterprise value: $1.7 billion",
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      "text": "To pursue its Display strategy, AOL spent $903 million on acquisitions and investments from 2009 through 2011. Yet, enterprise value declined by 59% or $1.7 billion over this period.",
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      "text": "…you should take into consideration the run rate increase in Patch expenses as compared to the approximately $75 million we spent in 2010… we’re going to spend $160 million a year this year on Patch… — AOL Chief Financial Officer",
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      "text": "(1) Acquisitions of $668 million sourced from Forbes... (2) Capital IQ data measured from AOL's IPO price...",
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