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  "documentTitle": "Time Warner Inc. (TWX)",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes detailed footnotes explaining the construction of the 'TWX Comp Weighted Index'.",
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      "text": "TWX's stock has underperformed by 51% a weighted index comprised of a basket of pure play stocks based on the operating income contribution of each TWX division.",
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      "text": "Exhibit 5.1: SHARE PRICE PERFORMANCE INDEXED SINCE MR. PARSONS NAMED CEO",
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      "text": "(1) Under-estimation of TWX's future cash flows and misplaced bet on the financial markets (2) Under-investment in the businesses and missed opportunities (3) Ineffectual deal execution (4) Bloated overhead",
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      "text": "TWX stock has underperformed all major indices and industry peers since Mr. Parsons became CEO. TWX's stock has underperformed by 51% a weighted index comprised of a basket of pure play stocks...",
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      "text": "TWX's strategy has been shortsighted and poorly executed. The Company has operated without a long-term strategy, which explains many of the contradictions and missteps in its actions.",
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      "kind": "quote",
      "text": "\"we have a different profile than any of the big diversified media companies because we do have some of the Internet superspice in our portfolio – namely AOL.\" — Mr. Parsons",
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      "kind": "source-note",
      "text": "(a) Mr. Parsons became CEO effective... (b) The overall index used to benchmark... (c) Brett Pulley... (d) Diversified Media index includes...",
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      "text": "I. OBSERVATIONS",
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