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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "notes": "Uses a quote from the CEO to frame the contradiction before presenting the data.",
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      "kind": "callout",
      "text": "Dr. Kleinfeld cannot conceal his underperformance",
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      "text": "A major flaw in the Company's argument... is that its peers hit their lows on different dates. If you look at the TSR since each peer company low... Alcoa does not demonstrate outperformance.",
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      "text": "Arconic routinely uses its low point in 2009... as its starting place to evaluate shareholder returns against its selected aluminum company peer group",
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      "kind": "quote",
      "text": "Well, they [Elliott] ignore that we had a world economic crisis... that's a very convenient and totally unfair point.",
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      "text": "\"Well, they [Elliott] ignore that we had a world economic crisis that hit the commodity markets particularly heavy. Commodity prices sank to one third, from mid-2008 to early-2009. We came to almost not having the Company anymore, and we got in gear and saved it. It came down – the stock price came down to five dollars. Five dollars in the early 2009. To choose a point in you know, when the metal prices were at the absolute high, when the world was believing in the global commodity boom, you know, that’s a very convenient and totally unfair point.\" — Dr. Klaus Kleinfeld, February 1, 2017",
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      "text": "Source: Bloomberg. Note: Total shareholder return numbers as of October 31, 2016.",
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      "text": "Table comparing Aluminum Peer, Date of Company Low, TSR % Since Company Low, and AA Performance vs. Peer Low Point.",
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      "text": "The Ultimate Insult: TSR Acrobatics",
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