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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "Arconic needs more than an \"owner's mindset\" – it needs to understand how its business generates returns on capital and then ensure that its investments earn more than the firm's cost of capital",
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      "text": "Demand a Return on R&D Investment: Elliott is not opposed to spending on innovation. In fact, we believe that smart R&D can be very accretive to Arconic's business.",
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      "text": "Invest in High-Return Businesses, Long-Term Favorable Industry Structure: More than 40% of Arconic's growth capex has gone into Global Rolled Products – its lowest return business.",
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      "text": "Measure Returns (Both Before & After): Arconic needs to exercise far more capital discipline. The issue is not how much money Arconic spends, but the return it gets on that capital.",
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