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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "Productivity only creates value if it is captured by the firm as higher margins or – if passed along to customers – generates higher volume. Firing employees is not a sustainable strategy",
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      "text": "If Arconic were to demonstrate real growth and be successful at integrating growth acquisitions, shareholders would not require repurchases or dividends",
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      "text": "We believe Arconic management thinks the key to shareholders’ hearts is by returning capital. They do not understand investors. The issue is not the amount of capital invested but the returns on that capital.",
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      "text": "Source: Arconic Investor Presentations",
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      "text": "Incoherent Strategy: Arconic’s New Approach – Deconstructed",
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