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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "But shareholder focus on leverage with customers is misguided?",
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      "text": "Arconic markets rolling over existing contracts as new revenue and famously refuses to address the question of whether or not new contracts are actually profitable or entered into on favorable terms",
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      "text": "Unfortunately, shipset value growth does not equal share gain. Given more expensive metal content, shipsets will grow even if share is not increasing",
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      "text": "Didn't management say they had a scale problem versus PCC?",
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      "text": "Arconic's own filings list 2008 EPS margins as 19.2%. Only by including discontinued operations can the company show material \"improvement\" since the financial crisis",
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      "text": "Source: Arconic Investor Presentation, March 27, 2017",
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