{
  "docId": "019de072-78cb-7649-9a57-099c1a639af0",
  "docSlug": "9c88b927c456379c98095f4bf3408c22",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 14,
  "pageCount": 71,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses quotes to illustrate the 'close alignment' mentioned in the thesis.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-78cb-7649-9a57-099c1a639af0/14",
  "deckHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0",
  "deckJsonHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0.json",
  "deckAnchorHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "John Foley and Jay Hoag continue to maintain effective control over the Company, and their close alignment on issues like a sale of the Company raises serious concerns",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c1ff51b-1aed-448f-beaa-7289bc14f429",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.06,
        "x": 0.54,
        "y": 0.408
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2230708-6885-450f-96b3-cdbc19347b39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.06,
        "x": 0.795,
        "y": 0.708
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb7095d2-be22-45c0-b091-92938e18bcac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.4,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "list",
      "text": "As of September 30, 2021, Mr. Foley and Mr. Hoag held shares representing approximately 75% of Peloton’s total voting power. CEO Barry McCarthy also appeared to acknowledge that the decision on whether to sell Peloton effectively rests with John Foley and Jay Hoag. Mr. McCarthy suggested that Mr. Foley and Mr. Hoag have their minds made-up about a sale, stating that he is confident that “a large percentage of the votes will be cast in favor of my leadership of the business” as a public company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04355536-7c02-4580-968c-32eef76da3c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.43,
        "x": 0.52,
        "y": 0.337
      },
      "kind": "quote",
      "text": "“...[E]veryone, hopefully, loves you like I love you... I think, Jay, that you are one of the five great investors of all time.” — John Foley, to Jay Hoag",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "030999b6-3d26-4e16-b3b0-25b36ac5d093",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.43,
        "x": 0.46,
        "y": 0.64
      },
      "kind": "quote",
      "text": "“I congratulate you on your success to date, but I know you’re only getting started.” — Jay Hoag, to John Foley",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "407b2bc1-7aa8-4184-af73-c08989e27cdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.17,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Source: Growth Journeys: A TCV Podcast. “Ride to the Mountaintop: How Peloton Re-Invented the Fitness Industry with a Revolutionary Business Model,” July 15, 2020. (2) Source: Patrick McGee, “New Peloton chief dismisses suggestions company will be sold,” Financial Times, February 14, 2022.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b073d716-e11a-46f7-9dc6-f45cd9128a8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.74,
        "x": 0.13,
        "y": 0.05
      },
      "kind": "title",
      "text": "FOLEY AND HOAG (TWO INSIDERS) RETAIN EFFECTIVE CONTROL",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ffce9411-50c3-4bd2-a57f-ca74e6482a9f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "7c291c3c-d5a7-4483-b800-21887866cbb3",
      "evidence": "Frames Foley and Hoag as the 'villains' or obstacles to a potential sale.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 33,
      "from": 11,
      "beatId": "3ece2111-102a-48ca-9bd3-fb4a0cdc38c4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The deck presents a detailed critique of Peloton's governance and strategy issues",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}