{
  "docId": "019de06f-8253-71ea-99e9-82a4c73e226c",
  "docSlug": "26c842e25e72eb94e4d80a5389b70aba",
  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4446952,
  "pageNumber": 13,
  "pageCount": 39,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The chart uses a bracket to visually emphasize the performance gap between BHP and the other two entities.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-8253-71ea-99e9-82a4c73e226c/13",
  "deckHref": "/decks/019de06f-8253-71ea-99e9-82a4c73e226c",
  "deckJsonHref": "/decks/019de06f-8253-71ea-99e9-82a4c73e226c.json",
  "deckAnchorHref": "/decks/019de06f-8253-71ea-99e9-82a4c73e226c#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.73,
        "y": 0.45
      },
      "kind": "callout",
      "text": "128% under-performance vs. Rio Tinto; 127% under-performance vs. Comparable Portfolio",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "575270d3-da56-4cbd-8927-569a42723291",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Line chart showing BHP (orange), Rio Tinto (black), and Comparable Portfolio (grey) performance from Nov-08 to Apr-17.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "591f235a-fa85-4933-ad1a-73ef8cbe6efd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Note: Comparable Portfolio comprises Rio Tinto and a basket of oil and gas equities... (1) Since the next business day following the date on which BHP withdrew its bid for Rio Tinto",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ac99717-c4ae-4472-bf12-1f53986914f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.2
      },
      "kind": "title",
      "text": "Total Shareholder Return – BHP Has Significantly Underperformed Both Rio and a Comparable Portfolio(1)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2eeced7e-7905-4d87-9600-5b36503bb3a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Ongoing Underperformance Despite BHP's Best-In-Class Assets (cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbd38074-4e7f-46a8-86f0-1dc9465d2512",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "20098c02-bb09-4e62-bcf9-73fd93715aff",
      "evidence": "Direct comparison of TSR between BHP and peers",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 6,
      "beatId": "100aecd8-6976-4f94-8ea9-2b13863ccbf4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Slides 6-14 highlight BHP's underperformance and management's value-destructive moves",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "0957c8d7-bc14-4006-b767-6ccbbe58338f",
      "evidence": "Slides 6-14 present a logical chain of evidence for BHP's underperformance",
      "position": 0,
      "objective": "Highlight BHP's underperformance",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}