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  "documentTitle": "Third Point Management | Activist Presentation Deck | 30 slides",
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  "notes": "The slide uses a bar chart to visually demonstrate the disparity between total spend and the small amount of savings identified.",
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      "kind": "callout",
      "text": "The Shareholder Slate recommends seriously analyzing both the organizational structure and expense base",
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      "text": "More than half of targeted savings come from slashing the marketing budget and securing more favorable terms from external advisors",
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      "text": "Note: expenses include agency direct costs, marketing, salaries and related costs, general and administrative costs, depreciation and amortization AND excludes cost of principal activities, restructuring charges, impairment charges, anti-trust related matters, gains on sale of land; cost items do not sum due to rounding. Source: Third Point LLC; Company filings; Sotheby’s “Capital Allocation and Financial Policies Review” slides from January 29, 2014",
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