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  "documentTitle": "Arconic Inc. (ARNC)",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "The slide uses a list of bullet points to systematically debunk specific assumptions made in Arconic's investor presentation.",
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      "kind": "callout",
      "text": "Arconic’s most recent investor presentation utilizes every “trick in the book” (and then some), in a desperate attempt to spin Dr. Kleinfeld’s abysmal track record of shareholder return",
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      "text": "Inexplicably exclude the decline in Arconic stock witnessed during the first day of trading following the separation of Alcoa Inc. (the “Separation”), as shareholders dumped shares of the Kleinfeld-led Arconic while shares of the “fundamentally different” Alcoa Corp. rallied",
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      "text": "Disavow the Company’s own, self-selected proxy peers, including those utilized in recent communications to the market, in favor of an entirely new set of peers, less than two weeks after reaffirming its proxy peer set",
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      "text": "Assume an arbitrary start date that essentially matches a multi-decade low in the trading price of Alcoa Inc., a fundamentally flawed approach that ignores the fact that Alcoa’s peers hit their lows on different dates than did Alcoa Inc.",
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      "text": "Credit Dr. Kleinfeld for the rise in shares following the shareholder call for managerial change through the March 1st record date, an especially offensive and disingenuous tactic that the Company avoided in previous communications such as its February 6th letter, but has now resorted to in an act of seeming desperation",
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      "text": "Credit Dr. Kleinfeld for the rise in price of Alcoa Corp. shares following the split, despite the fact that Dr. Kleinfeld resisted the Separation for nearly a decade and despite the fact that Alcoa Corp.’s central message to the market has been that it will eschew the value-destructive culture that prevailed at its former parent under Dr. Kleinfeld’s leadership",
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      "text": "Among the assumptions buried in the over 750 words of footnotes and multiple slides utilized to explain a regularly straight-forward calculation, Arconic’s purported TSR calculations:",
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      "text": "In order to distort the reality of Dr. Kleinfeld’s epically poor total shareholder return, Arconic goes to extraordinary lengths, layering assumption upon assumption to orchestrate a single snapshot of shareholder return that attempts to place Dr. Kleinfeld’s poor track record in a more favorable light",
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      "text": "However, shareholders of Alcoa Inc. and Arconic know all-too-well that no amount of post-mortem spin can rectify the billions of dollars in shareholder value that Dr. Kleinfeld destroyed over his nine-year tenure at the helm",
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      "text": "The Ultimate Insult: Claiming TSR Has Been Good",
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