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  "documentTitle": "American Capital, Ltd. (ACAS)",
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  "authorName": "Elliott",
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  "presentationDate": "2015-11-16 00:00:00",
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  "notes": "Uses a stacked bar chart to contrast actual investment activity against a small share repurchase amount, highlighting the opportunity cost.",
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      "kind": "callout",
      "text": "Represented lost potential for NAV/share accretion",
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      "text": "(1) Source: Company filings as of September 30, 2015",
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      "text": "Year-to-date, ACAS has made $2.6 billion in new investments; $1.2 billion in difficult to value and illiquid assets; $1.4 billion in low yielding first lien debt; ACAS has squandered a far superior alternative to invest in its own book.",
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      "text": "NAV/share accretion: $2.6 billion",
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      "kind": "paragraph",
      "text": "Instead of generating riskless accretion through share repurchases, Management is making new investments in highly illiquid and risky assets",
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      "kind": "title",
      "text": "Clear Challenges and Root Causes: Poor Capital Deployment",
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