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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2018-04-01 00:00:00",
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  "pageNumber": 35,
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  "notes": "The slide uses a combination of quantitative data (donut charts) and qualitative evidence (CEO/CTO quote) to support the thesis.",
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      "kind": "callout",
      "text": "Xerox R&D is high value whereas Fuji Xerox R&D is low value",
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      "text": "Fuji Xerox comprises nearly half of Fuji's total operations",
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      "text": "Fuji FYE 3/2017 Operating Income by Segment",
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      "kind": "quote",
      "text": "A lot of the differentiation in the value now is in the user interface part... that's actually produced by Xerox... Fuji-Xerox has introduced version of those that have kind of that same... but the whole user interface and user experience is completely different.",
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      "kind": "source-note",
      "text": "Source: Fujifilm and Xerox annual report. Note: Assumes JPY/USD rate of ¥112/$1 per Fujifilm annual report",
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      "text": "Xerox also needs to fundamentally re-evaluate the Fuji Xerox relationship in light of the fact that (A) Fuji needs Xerox much more than Xerox needs Fuji...",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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