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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "This is a classic 'conglomerate discount' argument used by activist investors to justify a breakup or restructuring.",
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      "text": "We believe the primary cause for Sony’s discounted valuation is portfolio complexity",
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      "text": "We believe the primary cause for Sony's discounted valuation is portfolio complexity. Sony's complex structure and diverse business holdings lead to a conglomerate discount. Investors are reluctant to own Sony shares because of the difficulty in forecasting so many business segments. In particular, the Semiconductor and Financial segments have distinctly different business models and capital intensity relative to the entertainment assets. Sony also owns large stakes in four different publicly traded companies. Similarly, the majority of publishing analysts are Asia-focused electronics analysts. We sympathize with the challenge they face: maintaining an up-to-date, informed view on a diverse range of industries, most of which are outside their core expertise.",
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      "kind": "title",
      "text": "Why does Sony trade at a discount?",
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      "name": "Cost Of Inaction",
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