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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses a bulleted list structure to present the argument for divestment of non-core assets.",
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      "kind": "callout",
      "text": "Monetization of non-core public equity stakes could provide $12bn of value that could be used for growth investments or return of capital to shareholders",
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      "text": "While Sony's public investments have generated attractive returns, we don't believe the market appropriately values them within the current structure -a sale would be viewed positively by investors. Monetizing these stakes would provide significant capital for growth investments or purchasing Sony's own undervalued stock. Would also meaningfully reduce complexity (a major negative factor in Sony's valuation).",
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      "text": "Current stakes include: Sony Financial Holdings, M3 Inc., Olympus, and Spotify Technology SA, with specific ownership percentages and market values listed for each.",
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      "text": "One of the key tenets of Japan's third arrow \"Governance Code\" is a review of company's cross-shareholdings. It is common in Japan for corporations to hold sizeable equity stakes in other public companies. These stakes often have little strategic purpose and add significant complexity.",
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