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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "presentationDate": "2019-06-01 00:00:00",
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      "text": "At Sony’s current share price, buybacks constitute an investment in Sony’s existing assets at a significant discount to fair value. We applaud Sony’s move to initiate two separate buyback programs thus far in 2019, together worth ~$3bn. We estimate Sony could repurchase ~$34bn in stock (assuming no M&A) over the next 3 years, while holding net leverage < 1.0x.",
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