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  "documentTitle": "Sotheby's (BID)",
  "authorId": "05_Third_Point",
  "authorName": "Daniel S. Loeb",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses a Bloomberg terminal screenshot to provide objective, third-party data to undermine the board's narrative.",
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      "text": "Historical performance suggests current leadership has failed to create enduring value for shareholders over the long-term",
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      "text": "Bloomberg 15-year price chart for BID US Equity",
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      "text": "Sotheby’s stock price has been highly volatile over the past 15 years. Price basically flat vs. 1999 and materially below its 2007 high. Historical performance suggests current leadership has failed to create enduring value for shareholders over the long-term",
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      "text": "stock price: 40.14",
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      "text": "Source: Third Point LLC; Bloomberg (15-year daily price chart)",
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      "text": "Current Board claims BID shares have outperformed the market; however, a quick look at historical performance suggests failure to create enduring value for shareholders",
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      "text": "Sotheby’s: Shareholder Return",
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