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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 'before-after' logic to highlight the delta between actual performance and potential performance.",
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      "kind": "callout",
      "text": "The Shareholder Slate intends to focus on improving operating performance",
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      "text": "Note: Revenues and expenses exclude inventory and principal activities as well as extraordinary items; Other Revenue includes Other Agency Revenues, Finance Revenues, License Fee Revenues and Other Revenues",
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      "text": "EPS: $4.17",
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      "text": "Source: Third Point LLC; Company filings; Sotheby's \"Capital Allocation & Financial Policies Review\" slides from January 29, 2014; Christie's website",
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      "text": "Operating failures in 2013 cost shareholders significant value – conservative improvements in revenue growth and expense discipline could have more than doubled EPS!",
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      "text": "Sotheby's Potential",
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