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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 is a classic activist investor slide framing the incumbent as stagnant and the activist as the solution.",
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      "kind": "callout",
      "text": "Shareholders deserve a focused board with a sense of urgency and mandate to maximize value",
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      "text": "Incumbent Board: 1. Reactive, not proactive; 2. Recent net sellers with little share ownership; 3. Long on tenure, short on results. Third Point: 1. Has the experience and resources to analyze critical business strategies; 2. Substantial economic ownership aligns interests with other shareholders; 3. Brings fresh ideas and accountability",
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