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  "documentTitle": "Viacom (VIAB)",
  "authorId": "18_SpringOwl",
  "authorName": "Eric Jackson",
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  "presentationDate": "2016-01-13 00:00:00",
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  "notes": "Uses a comparison between Viacom and Disney to highlight management failure.",
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      "text": "Viacom Cannot Act as Opportunistically",
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      "text": "Because Viacom Misallocated Capital Before, They Have Fewer Bullets in the Chamber Now to Buy Back Stock at These More Attractive Levels\nViacom Suspended Buybacks Earlier this Year But Plans on Resuming Them in 2016\nHow Much Can Viacom Buy Back Without Risking its BBB Credit Rating, Which Dauman Pledged on the August Earnings Call Not to Jeopardize?\nMeanwhile, Disney in September 2015 Went in to the Market and Bought Back $2.4B of its Own Stock on the Recent Pullback\nViacom Cannot Act as Opportunistically",
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      "text": "Source: 1. http://money.cnn.com/2015/09/11/investing/disney-bought-stock-media-espn-star-wars/ ; SpringOwl Asset Management LLC",
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      "text": "Too Bad Viacom Doesn't Have Lower Leverage Now To Do Buybacks",
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