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  "docSlug": "7848c04aef2c",
  "documentTitle": "Southwest Airlines (LUV)",
  "authorId": "14_Icahn",
  "authorName": "John Pike and Bobby Xu",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "The chart uses negative values to highlight underperformance relative to benchmarks.",
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      "kind": "callout",
      "text": "Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods.",
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      "kind": "chart",
      "text": "Southwest Cumulative Total Shareholder Return, Relative to Peers and the S&P 500",
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      "text": "Cumulative Total Shareholder Return",
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      "text": "Source: Bloomberg as of 6/7/2024. (1) Cumulative TSR since 1/31/2022. (2) Cumulative TSR since 3/19/2020.",
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      "text": "Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods. Returns rank in the bottom 10% of the S&P 500 over the last two and four years and in the bottom 5% over the last three and five years",
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      "kind": "title",
      "text": "Shares Have Deeply Underperformed",
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      "evidence": "The document emphasizes the consequences of inaction and the need for change",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document presents data on Southwest's underperformance and the consequences of inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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