{
  "docId": "019de074-6360-7478-ba82-93d55d903df5",
  "docSlug": "03cfd71e1999ba5d6f9691abaae6f95c",
  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 18 slides",
  "authorId": "sarissa-capital",
  "authorName": "Sarissa Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 10,
  "pageCount": 18,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Uses a 'horse drawing' meme to illustrate the gap between rhetoric and action.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-6360-7478-ba82-93d55d903df5/10",
  "deckHref": "/decks/019de074-6360-7478-ba82-93d55d903df5",
  "deckJsonHref": "/decks/019de074-6360-7478-ba82-93d55d903df5.json",
  "deckAnchorHref": "/decks/019de074-6360-7478-ba82-93d55d903df5#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.68
      },
      "kind": "callout",
      "text": "Translation: “Why have skin in the game when we don’t need to? The excessive compensation (paid by shareholders) that we directors grant ourselves allows us to make money regardless. We make money when the stock goes up and simply make less money when the stock goes down. Heads we win, tails shareholders lose (and we never lose).”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8f63472-456a-4d52-961e-d21fb17cae03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.4,
        "x": 0.55,
        "y": 0.25
      },
      "kind": "image",
      "text": "Meme showing a well-drawn horse vs a poorly drawn horse",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5be5dc37-6fd7-4b86-8845-63453ef4515c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Director Adam Berger’s Answer: “Stock and options are a critical portion of the compensation for directors...we all have very meaningful equity participation.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35e78195-a659-49b3-b3dd-0a300583b891",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "Question: “Why haven’t Amarin Board members purchased stock...if there is such strong confidence in the company?”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55f8c5d0-2d3f-404d-b538-0cf665e1267a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "February 2023 Webcast Q&A Where Directors Danced Around the Question",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a55c69c2-c64a-4ba3-a60a-0d68e69ef511",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Even with stock trading down to ~$1/share, directors did not meaningfully purchase shares",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89b992fa-946e-41d6-a1f1-ef8e40b2a906",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "853ebf11-3f59-4eab-ab74-54d399d4f7e0",
      "evidence": "Contrasts a director's quote with a 'translation' that exposes the underlying incentive misalignment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 13,
      "from": 3,
      "beatId": "03ce09e0-caa3-4da4-b431-0690c1613a28",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Slides 3-13 critique Amarin's governance and actions.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 13,
      "from": 3,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "e4710e6b-e4c0-46e4-be36-711c34bde52b",
      "evidence": "Slides 3-13 present multiple contradictions.",
      "position": 0,
      "objective": "Expose contradictions in Amarin's actions",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}