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  "documentTitle": "Arconic Inc. (ARNC)",
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  "notes": "Uses red dashed callout boxes to point out specific contradictions in the management's presented strategy.",
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      "kind": "callout",
      "text": "Benchmarking against management's own 3-year plan means Arconic could continue to massively underperform for shareholders while management makes a fortune",
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      "text": "No reason to artificially limit capital expenditures. If there are good growth projects, Arconic should pursue",
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      "text": "Was the sale of the Company's Alcoa Corp. stake done tax efficiently or did it consume tax assets?",
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      "text": "Management's pitch appears to be: \"We will not spend as much on capex and we will beat numbers we devise\"",
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      "text": "Arconic slide: Driving Returns Through Operating Performance and Focus on Capital Efficiency",
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      "text": "RONA: 400-500 bps",
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      "text": "Investors want Arconic to grow and generate returns above its cost of capital. Artificial limits on capex do not make sense. Benchmarking to management's own projections means that Arconic could continue to underperform peers while management is handsomely compensated",
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      "text": "Source: Arconic Investor Presentation, March 27, 2017",
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      "kind": "title",
      "text": "Incoherent Strategy: Cutting for Cutting's Sake",
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