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  "documentTitle": "Arconic Inc. (ARNC)",
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      "kind": "callout",
      "text": "The manner in which Dr. Kleinfeld chose to bolster Alcoa’s balance sheet, selling equity at the bottom, amounted to a bailout of existing shareholders",
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      "text": "The fact of the matter remains that unlike Alcoa Inc., the share price of other companies actually rebounded since the financial crisis. Since 2011, the Company's TSR was (34%)",
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      "kind": "callout",
      "text": "Among the distortions employed by the Company to hide management's history of value destruction, Arconic's purported TSR calculations assume an arbitrary start date",
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      "text": "From the Separation until Elliott's call for change, Arconic stock UNDERPERFORMED the S&P 500 Index, Proxy Peers and Alcoa Corp. by 6.2%, 10.8% and 67.5% respectively",
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      "text": "Among the distortions employed by the Company to hide management's history of value destruction, Arconic's purported TSR calculations 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": "Alcoa Inc. absolute Total Shareholder Return (TSR)",
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      "kind": "paragraph",
      "text": "Management's inexplicable decision to use a single arbitrary date as the basis for its TSR calculations is but one of many methodological infirmities that evidence an extreme form of data mining",
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      "text": "The manner in which Dr. Kleinfeld chose to bolster Alcoa’s balance sheet, selling equity at the bottom, amounted to a bailout of existing shareholders – one ironically done at a significant opportunity cost to those investors with the misfortune of having participated. Had those participating investors invested in the Company’s self-selected proxy peers instead of placing their capital under the stewardship of Dr. Kleinfeld, they would have generated a return approximately 4x that realized on their investment in Alcoa.",
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      "text": "Source: Arconic Investor Presentation, March 27, 2017. Note: Returns for Arconic Inc. and Alcoa Corp. calculated from October 31, 2016 through each respective company's January 31, 2017 post-close low.",
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      "text": "The Ultimate Insult: Claiming TSR Has Been Good (cont.)",
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