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  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "The slide uses a 'broken promise' narrative structure to challenge board competence.",
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      "kind": "callout",
      "text": "Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?",
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      "text": "operating margin",
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      "kind": "quote",
      "text": "\"We really focus more on the overall operating margin of 20 or above, low 20s kind of thing is really how we focus anything on 2012 and beyond.\" — Thomas George, CFO, 2/24/11 earnings call",
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      "kind": "source-note",
      "text": "Source: Company transcripts, accessed through CapIQ",
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      "text": "Table of margin promises vs results",
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      "kind": "title",
      "text": "BOARD AND MANAGEMENT HAVE FAILED REPEATEDLY TO ACHIEVE MARGIN TARGETS",
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