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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 outlines the core argument for why the company is undervalued due to poor capital management.",
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      "text": "Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value",
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      "text": "1. Significant levels of unproductive capital\n2. Inappropriate mix of debt + equity given business composition\n3. Capital could be reallocated or returned to shareholders without affecting business operations\n4. Improving the Company's capital allocation policies would unlock value and improve Sotheby's cost-return relationship, increasing long-term shareholder value",
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