Southwest Airlines (LUV)

This is a classic activist investor 'Dear Fellow Shareholders' letter.

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Executive summary slide · 90%

The challenges Southwest faces today are immense: Years of mismanagement by Executive Chairman Gary Kelly and CEO Bob Jordan have caused the Company – and your investment – to decline in value and consistently underperform.

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antagonist-introduction 90%

The letter explicitly names Gary Kelly and Bob Jordan as the cause of mismanagement.