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  "docSlug": "jarvis-palliser-capricorn-presentation-october-2022",
  "documentTitle": "Palliser Capricorn Presentation October 2022",
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  "presentationDate": "2022-10-01 00:00:00",
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  "notes": "The slide uses a 'villain' framing by attributing underperformance to specific management failures.",
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      "kind": "callout",
      "text": "Management's woeful capital allocation has contributed to Capricorn's significant underperformance over time",
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      "text": "Capricorn has pursued a series of value destructive initiatives under the current management team's tenure: ~US$3 billion wasted on failed exploration activities; A culture of excessive pay; A spurious track record of capital returns.",
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      "text": "Source: Bloomberg as of 25 October 2022. Note: Cumulative daily total shareholder return assumes net dividends are reinvested and converted to US$ at daily foreign exchange rates.",
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      "text": "Total Shareholder Return and Performance Relative to Key Comparables (%)",
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      "kind": "title",
      "text": "Chronic Underperformance Relative to Peers",
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