{
  "docId": "019dd923-622c-750b-8b9b-a077f08347fa",
  "docSlug": "4934d687cb38",
  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-10-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 6,
  "pageCount": 39,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "key_messages",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/6",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-a077f08347fa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Anything less than complete transparency leaves Valeant susceptible to attack",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b227-325ac491496c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "list",
      "text": "Valeant has underinvested in public relations, government relations, and investor relations. This has been a very costly mistake",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42e7eecf-50de-4749-93a6-451772c2f376",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.5,
        "x": 0.04,
        "y": 0.41
      },
      "kind": "list",
      "text": "Valeant's complexity necessitates: Strong, high-integrity management; High level of transparency",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6e099f4-9bca-4c55-8511-cef30e5ea054",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.72
      },
      "kind": "list",
      "text": "Valeant's implicit compact with shareholders: in exchange for high returns, investors accept complexity so long as there is transparency",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd845498-270e-4fa9-8775-283df9908083",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "list",
      "text": "Investor base has historically consisted of sophisticated, long-term investors (Ruane Cunniff & Goldfarb, T Rowe Price, ValueAct, Lone Pine, Brave Warrior, Brahman Capital, etc.)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be0e133f-2d73-472c-8bb2-6588c3831c7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.61
      },
      "kind": "list",
      "text": "Anything less than complete transparency leaves Valeant susceptible to attack",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d7058af1-7d33-49e1-b451-fc6a6f918ca4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "list",
      "text": "Valeant's business and strategy are complicated to understand; GAAP accounting is an inadequate measure of an acquisitive company",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6e9d886-1e3d-48ea-a25c-6e6e0fa75f5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Valeant: Context on the Company (cont'd.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe2a7dfa-a980-48d5-b501-d4a5f7e11f4b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "727e8b4b-96e6-4a47-b5df-03bd0c0d4fb4",
      "evidence": "The slide contains a list of bullet points describing Valeant's context.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 9,
      "from": 5,
      "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "Discussion of recent events and challenges",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}