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  "documentTitle": "Arconic Inc. (ARNC)",
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  "notes": "Uses a quote-based critique to frame the CEO's strategy as incoherent.",
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      "text": "Management's apparent strategy is \"all of the above\" – low-cost, technology leadership, better relationships with the customer. Unfortunately, \"all of the above\" is not an effective strategy",
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      "text": "Strategy is not “all of the above”, it is inherently about trade-offs",
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      "text": "Douglas Dethy – a long-time Arconic investor – is making a very simple, but important point. Arconic has invested a considerable amount of money in R&D. This is usually a differentiation strategy – you have unique product that enables you to take price. Can Arconic do that? Dr. Kleinfeld’s answer betrays his absence of strategic coherence. Arconic does it all – lowest cost, most innovative, closest to the customer. As anyone who has graduated from business school knows, it cannot all be true.",
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      "text": "Dr. Klaus Kleinfeld: \"...The ideal situation is to combine these worlds... we are at scale here... So it's not that we are not looking at utilization or factories... but what we have the advantage that we also have a lot of technology...\"",
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      "text": "Douglas Dethy, DC Capital: \"One of your most successful competitors [PCC] has a strategy of low prices and very high capacity utilization... what assurance do you have that you can get your share of the gross margin dollars... to reward you for your innovation?\"",
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      "text": "“One of your most successful competitors [PCC] has a strategy of low prices and very high capacity utilization. You're bringing a lot of innovation and how met [ph] you acquired that -- strategy. But the other -- I got all the gross margin dollars over time. And how -- what assurance do you have that you can get your share of the gross margin dollars on these products over time to reward you for your innovation?” — Douglas Dethy, DC Capital; “And I think it would be wrong to go away with saying, hey, we are only going for markets where there is an innovation future because in the end, you saw also a lot of innovations are around process optimization, right? So in reality, they drive costs down. The ideal situation is to combine these worlds, and that's exactly what we're trying to do. I mean, we are at scale here. So scale-wise, I mean, we are at a level where we can do this. So it's not that we are not looking at utilization or factories, right, but what we have the advantage that we also have a lot of technology. So we want to get to a position where, ideally, we can combine those both worlds, where we can give the customer a value, at the same time, at lower costs.” — Dr. Klaus Kleinfeld",
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