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  "documentTitle": "Politan Capital Masimo Presentation May 2023",
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  "presentationDate": "2023-05-01 00:00:00",
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  "notes": "Includes two quotes from external sources (Masimo IR and Wolfe Research) to validate the 'crisis of confidence' thesis.",
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      "text": "Collapse in Masimo Stock Price",
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      "text": "Historical average move is 3% upon announcement of an acquisition. Declining by 5x the purchase price is 3x the second-worst decline by a company and is a 19x standard deviation move. Declining by $4B in excess of purchase price reveals fundamental concern.",
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      "text": "Bloomberg. 1. Wolfe research webcast on September 16th, 2022.",
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      "text": "Masimo’s valuation collapsed by 5x the Sound United purchase price due to fears of further potential destruction of shareholder value – a crisis of confidence in governance, not merely a controversial deal:",
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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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      "text": "If the market hated the deal, you would just write off $1B, but they wrote off $5B.",
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      "text": "Unprecedented Collapse in Value Reveals a Crisis of Confidence in Masimo’s Board",
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