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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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      "text": "Many products with low revenue yields have very high contribution margins.",
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      "text": "The ETF industry is highly concentrated due to the importance of economies of scale\nIndex / ETF strategies have highly attractive incremental margins and can be highly profitable at scale",
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      "text": "Source: Bernstein Asset Managers: Manic About Organic Blackbook 1/27/14, Blackrock 6/17/14 Analyst Day",
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      "text": "4. Reposition Asset Management (cont'd)",
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