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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "Arconic wants investors to focus on the cyclical disappointments in the non-aero portion of the Firth Rixson business, but, consistent with a familiar theme of management excuses, even this does not add up",
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      "text": "New Q4 2016: Firth Rixson Revenue and EBITDA Breakdown",
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      "text": "The Problem: 1. Arconic wants to blame Firth Rixson's failures on the commodity cycle 2. But, at the time of the acquisition, management said Firth Rixson was 75% aerospace... 3. When Arconic acquired Firth Rixson in 2014...",
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      "text": "Source: Arconic 2016 10-K; Firth Rixson Acquisition Presentation, Goldman Sachs Metals, Mining & Steel Conference, November 20, 2014; Arconic 2016 Investor Day, December 14, 2016",
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      "text": "Why can't Arconic just come clean on Firth Rixson?",
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