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      "text": "2. Disney Trades at an Information Discount. Disney is valued at the lowest common multiple of its segments. Shareholder Responsiveness Shortcomings. Can one person lead Disney after Mr. Iger's retirement? Cold-eyes examination of Disney's sum-of-the-parts (SOTP) could unlock trapped value on its Balance Sheet. Off-market messaging around patent portfolio and AI Taskforce.",
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      "text": "1. Disney's Board Culture is Holding it Back. A closely-knit board that falls short on independence and bandwidth. Succession Planning Issues. Capital Planning Issues. Muddled Content Strategy. Mediocre Tech Strategy. Accountability Concerns.",
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