{
  "docId": "019dd923-622b-71dc-a6dd-111c214d7426",
  "docSlug": "4eddd58336e4",
  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 14,
  "pageCount": 86,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a 'before-after' framing to debunk a corporate narrative.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-111c214d7426/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b912-7284653f4d28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "chart",
      "text": "BlackRock TSR: From IPO to BGI Deal Announcement",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1204530-f5b2-4915-8598-ee8471c81d94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.6
      },
      "kind": "chart",
      "text": "BlackRock TSR: From BGI Deal Announcement to Today",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd6339b4-e458-4ffe-a382-d66dbd9c544e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "BlackRock TSR: from IPO to Today",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e570f543-107e-45b0-b7d4-33e5cf4e9c84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b912-776967ea7aed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "BlackRock constantly says to have delivered since the IPO (30 Sep. 1999) outstanding returns to shareholders vs. S&P500, however BlackRock omits to say that the outperformance relative to the S&P500 stopped with the BGI deal 15 years ago.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "739d3cea-2957-4012-b579-d42942a61403",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: 2024 BLK Investor letter, rebuilt with Bloomberg data in USD, assuming dividend re-investment in the stock, from IPO (30/09/1999) till 31/12/2023 - levels rebased to $100.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d45676a6-fa13-40cb-a41a-1411cb6eb408",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "The last myth on BLK over-performance: a story of two tales",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2eabe1bd-46ff-45e9-99aa-2d418efe50a8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "a4ba2382-f909-40ba-a5e1-6d2bac623a08",
      "evidence": "The slide explicitly contrasts the 'BlackRock Narrative' with 'The Reality' using a split timeline.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 6,
      "beatId": "67be31b3-1437-4260-a259-b04afade220b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Problem - Lack of Independence",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document then presents evidence of the problems caused by the lack of independence in BlackRock's governance structure.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}