{
  "docId": "019dd923-622b-71dc-a6db-b04f33b5c215",
  "docSlug": "c6a949b90946",
  "documentTitle": "Sotheby's (BID)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 15,
  "pageCount": 44,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide uses a table to demonstrate a lack of alignment between management/board and shareholders.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/15",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.598,
        "x": 0.201,
        "y": 0.00555
      },
      "kind": "callout",
      "text": "Insiders have been large net sellers whose share ownership is comprised mostly of option grants -> no real economic exposure",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abddef78-7b3b-42a3-b162-0fa1a1e33055",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "insider ownership: 0.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a98c-a85ecff65721",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.47,
        "x": 0.33,
        "y": 0.0068
      },
      "kind": "source-note",
      "text": "Source: company proxy filings and form 4s. (1) Represents total shares bought / granted / sold throughout tenure or since 2004 for the Duke of Devonshire, Robert Taubman and Bill Ruprecht. (2) Represents only directly owned shares. Excludes indirectly owned shares by family members, trusts etc.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86f10d9e-8b7f-4f73-8bee-b6aebdd3cd67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.598,
        "x": 0.201,
        "y": 0.0016799999999999999
      },
      "kind": "table",
      "text": "Insider Ownership table showing Officer, Title, Age, Year Elected, Shares Purchased/Granted/Sold, Total Shares Owned, and % Ownership.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4b2a21e-3df5-4e72-9035-36dc7e153555",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.201,
        "y": 0.92
      },
      "kind": "title",
      "text": "No Skin In The Game",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d06e4b80-a62d-4c52-98a1-ef07657c8c67",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a9735919-adb6-4705-bf47-6c1e8b733352",
      "evidence": "The slide explicitly frames the data to expose a lack of alignment and potential misrepresentation of 'skin in the game'.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 9,
      "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitation",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 27,
      "from": 9,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd",
      "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.",
      "position": 0,
      "objective": "Show the potential for improvement",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}