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  "documentTitle": "Health Management Associates (HMA)",
  "authorId": "12_Glenview",
  "authorName": "Larry Robbins",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "Uses a combination of a bar chart and a data table to contrast HMA's 0% repurchase rate against industry peers.",
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      "kind": "callout",
      "text": "HMA has been the only hospital company to not consider repurchases",
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      "kind": "chart",
      "text": "Share Repurchase 2011-2012",
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      "text": "Over the last decade, HMA has pursued a myopic strategy focused solely on EBITDA growth through acquisition. While Management and the Board have focused on M&A, they have done so at the exclusion of other value-creation strategies such as share repurchases. HMA's acquisition strategy hasn't been consistent in its approach and the company recently admitted to problems with both its historical acquisition strategy and its execution of recent deals",
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      "text": "Share Repurchase: $0",
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      "kind": "source-note",
      "text": "Source: Company filings, press releases, earnings calls and Morgan Stanley equity research. 1. Includes $292M of preferred convertibles. 2. Adjusted for THC 4:1 reverse stock split in 2012. 3. Based on “unaffected price” of $10.73 prior to Glenview filing 13-D after market close on May 6, 2013.",
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      "text": "Capital Allocation table comparing HMA, UHS, CYH, LPNT, THC, HCA across metrics like Share repurchase, M&A, Dividend, Total ($M), Average price of repurchase, Stock price, and Total Return on Investment.",
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      "text": "SUBOPTIMAL CAPITAL ALLOCATION POLICY",
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