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  "documentTitle": "Sotheby's (BID)",
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  "authorName": "Marcato Capital Management",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "This slide uses a rhetorical strategy to frame the incumbent management as ineffective and misaligned with shareholder interests.",
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      "text": "1. What was the capital allocation framework of this long-tenured board and management prior to activist pressure?\n2. Will current management follow through on their stated capital allocation plans or continue to miss ROE targets?\n3. Has a lack of focus and urgency led to missed revenue opportunities and outsized expense growth?\n4. Who has the most incentive to drive shareholder value creation?",
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      "text": "Questions For Shareholders To Consider",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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