{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 91,
  "pageCount": 110,
  "prevPage": 90,
  "nextPage": 92,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide highlights specific financial and strategic pitfalls such as overpaying for acquisitions and focusing on GAAP earnings over economic earnings.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/91",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-91",
  "components": [
    {
      "bbox": {
        "h": 0.055,
        "w": 0.806,
        "x": 0.097,
        "y": 0.132
      },
      "kind": "callout",
      "text": "There are numerous examples of acquisition-intensive companies that have not succeeded",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c940bcf-2a84-4839-9a84-2d62eadd6f33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.145,
        "w": 0.806,
        "x": 0.117,
        "y": 0.263
      },
      "kind": "list",
      "text": "They lacked a competitive advantage in cost structure or strategy\nThey overpaid for acquisitions to generate growth\nThey relied on overvalued equity as an acquisition currency\nThey failed to integrate and achieve cost synergies\nThey focused on growing reported GAAP earnings rather than economic earnings per share",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "feffdd33-a5d2-4b35-b4c9-90e9830c7928",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.786,
        "x": 0.117,
        "y": 0.218
      },
      "kind": "paragraph",
      "text": "These failures can be distinguished from the Outsider model in the following ways",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a88ea9c1-465b-45fd-b1d4-b6935179e174",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.235,
        "x": 0.097,
        "y": 0.095
      },
      "kind": "title",
      "text": "Bad \"Platforms\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5bd6532a-470b-4232-b154-2d2c13821377",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "fa068d86-2a1a-477e-8e0c-e63168f26ec7",
      "evidence": "The slide critiques acquisition strategies based on cost structure, overpayment, and economic earnings.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}