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  "documentTitle": "Arconic Inc. (ARNC)",
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  "notes": "The slide uses a quote from Dr. Kleinfeld to set up a 'cherry-picking' accusation, followed by performance metrics that undermine his narrative.",
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      "kind": "callout",
      "text": "Dr. Kleinfeld claims that the right way to evaluate his TSR record is to look at how shares have performed since the financial crisis",
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      "text": "(201%) TSR vs. S&P 500 companies in the index on the day of Alcoa low",
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      "text": "(293%) TSR vs. Proxy Peers since Alcoa low",
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      "text": "TSR: (293%)",
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      "text": "“If you look at that point in time when after the crisis – look at the TSR, the TSR has gone up almost 90%. That’s the right point in time. And they [Elliott] know it, by the way.”",
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      "text": "“If you look at that point in time when after the crisis – look at the TSR, the TSR has gone up almost 90%. That’s the right point in time. And they [Elliott] know it, by the way.” — Dr. Klaus Kleinfeld, February 1, 2017",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: Total shareholder return numbers calculated March 6, 2009 through October 31, 2016, the day prior to the separation of Alcoa. Note: Proxy Peers defined in Appendix",
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      "text": "“The Right Point in Time”",
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