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  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-05-16 00:00:00",
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  "pageNumber": 12,
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  "notes": "The slide uses a quote from an Australian Shareholders' Association member to reinforce the narrative of poor management performance.",
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      "text": "Australian retail shareholders would have been better off holding any top Australian listed superfund stock other than BHP Ltd – on average, BHP Ltd’s total shareholder return is a chronic 174% less over the last eight years",
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      "text": "Total Shareholder Return: 174%",
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      "kind": "paragraph",
      "text": "Australian retail shareholders would have been better off holding any top Australian listed superfund stock other than BHP Ltd – on average, BHP Ltd's total shareholder return is a chronic 174% less over the last eight years",
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      "kind": "quote",
      "text": "And we also have a large number of members who are quite long in the tooth who were very jaundiced shall we say about BHP's ability to pick mergers and acquisitions over the years. We've seen a lot of essentially investments wasted and many of the members think that we could invest better than you guys...",
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      "kind": "quote",
      "text": "“And we also have a large number of members who are quite long in the tooth who were very jaundiced shall we say about BHP’s ability to pick mergers and acquisitions over the years. We’ve seen a lot of essentially investments wasted and many of the members think that we could invest better than you guys…” — Australian Shareholders’ Association Member at BHP’s Retail Shareholder Presentation, May 4, 2017",
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      "text": "Source: Market data, The SuperConcepts SMSF Investment Patterns Survey December 2016. Note: Total shareholder returns assumes net dividends are reinvested, and are calculated on an Australian dollar basis. (1) The most commonly held ($ invested) shares in Australian listed companies by self-managed superfunds as at December 31, 2016",
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      "text": "Table showing % BHP Ltd Total Shareholder Return Relative to Other Superfund Stocks",
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      "kind": "title",
      "text": "Ongoing Underperformance Despite BHP's Best-In-Class Assets (cont.)",
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