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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "notes": "Uses a Warren Buffett quote to frame the argument that prioritizing customers over pricing power is bad business.",
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      "text": "Why would anyone want to damage Arconic's customers?",
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      "text": "We would like to see a CEO that balances the needs of customers, while at the same time generating acceptable returns for shareholders who capitalize the company's businesses",
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      "text": "TSR comparison for Airbus, Boeing, GE, UTX, and Arconic (Dr. Kleinfeld as CEO)",
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      "text": "Implied in Arconic's response to Elliott is that a new CEO would damage the Company's customers. Arconic solicited support from top customers. To be clear: there is no Arconic without its customers. Customers may be the easiest constituency to please. We would like to see a CEO that balances the needs of customers, while at the same time generating acceptable returns for shareholders.",
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      "text": "The single most important decision in evaluating a business is pricing power... If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you've got a terrible business.",
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      "text": "“The single most important decision in evaluating a business is pricing power... If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.” — Warren Buffett, May 26, 2010",
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      "text": "Source: Bloomberg. Note: Total shareholder return as of October 31, 2016",
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      "text": "We'd like shareholders to love Arconic's CEO too",
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