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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "There is an obvious dichotomy between TWX's PR campaigns and its acceptance by the media and the views of investors.",
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      "text": "Exhibit 1.4: TWX HISTORICAL SHAREHOLDER BASE: 2001 - 2005",
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      "text": "share price performance: 31%",
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      "text": "There is an obvious dichotomy between TWX's PR campaigns and its acceptance by the media and the views of investors. Over the past several years, TWX has experienced a dramatic turnover in institutional ownership. Without a credible strategy of underlying growth at TWX in which to believe, growth investors have abandoned the stock. Growth investors represented an approximate 31% ownership position at the end of 2001 versus approximately 15% in 2005, as shown in Exhibit 1.4.",
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      "text": "Over various periods of time in the last five years, TWX's stock has underperformed large media, entertainment and online companies individually. Shaded boxes in Exhibit 1.3 indicate over-performance as compared to TWX.",
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      "text": "Exhibit 1.3: TWX SHARE PRICE PERFORMANCE VS. PEERS",
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      "text": "Chapter 1: The Context",
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