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  "docSlug": "jarvis-politan-capital-masimo-presentation-may-2023",
  "documentTitle": "Politan Capital Masimo Presentation May 2023",
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  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 29,
  "pageCount": 74,
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  "slideType": "before_after",
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  "notes": "Uses a before-after framing to link management behavior to stock performance.",
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      "kind": "callout",
      "text": "Stock collapse (5x purchase price) is a 19x standard deviation move and unprecedented.",
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      "text": "Market Cap / Acquisition Price decline chart",
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      "kind": "list",
      "text": "Board is not holding management accountable.\nUndisciplined capital allocation and unfocused strategy are accelerating.",
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      "kind": "other",
      "text": "Bloomberg. All acquisitions since 2012 (10 years prior to Sound United deal) by US public companies with market cap greater than $1B as per Bloomberg. Excludes SPACs.",
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      "kind": "quote",
      "text": "Once there's a precedent, people believe that... the thing may repeat... There were investors who expressed serious concern over the capital allocation decision and wondered how it could be justified.",
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      "kind": "title",
      "text": "Risk of Undisciplined Capital Allocation & Unfocused Strategy Causes Valuation to Collapse",
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