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The chart uses a 'before-after' framing to highlight the gap between current targets and potential optimized performance.Pershing Square Holdings Portfolio (multi-position) (PSH) · William Ackman
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Before After1 hit
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The slide uses a red bar for the subject company (Mondelez) and blue bars for peers to highlight the performance gap.Pershing Square Holdings Portfolio (multi-position) (PSH) · William Ackman
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Before After1 hit
02
The slide uses quantitative underperformance data to justify an activist campaign against a merger.Bristol-Myers Squibb Company (BMY) · Jeffrey C. Smith
Shareholder letter Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
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The slide uses a two-part structure: a nominee gallery followed by a 'Southwest's Response' critique section.Southwest Airlines (LUV) · Elliott Investment Management
Press release Activist investor Beat · Problem (Identify pain)Loop · Cost Of Inaction1 hit
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This is a text-heavy slide from an activist investor letter (Elliott Management) criticizing Southwest Airlines leadership.Southwest Airlines (LUV) · John Pike and Bobby Xu
Shareholder letter Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
05
The slide uses a three-column structure to frame the activist thesis: Assets, Problems, and Proposed Solution.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · Problem1 hit
06
The slide uses a peer benchmark to highlight the valuation gap between the company's current trading multiple and its implied SOTP value.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · Problem1 hit
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The slide uses a waterfall-style bar chart to visualize cumulative negative returns over time.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
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Uses a waterfall-bridge chart to decompose Enterprise Value.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
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The slide uses a waterfall-style valuation bridge to show how specific operational and portfolio actions contribute to share price appreciation.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
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Slide 1
The quote is used to contrast the 'String of Pearls' strategy with the current merger strategy.Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
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Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
03
Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
04
Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
05
Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
06
Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
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Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
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Bristol-Myers Squibb Company (BMY)Bristol-Myers Squibb Company (BMY) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)1 hit
08
The slide uses strong, emotive language ('wrong spin-off', 'value destructive', 'permanently impaired') to frame the management's proposal as a threat to shareholder value.Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
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Darden Restaurants, Inc. (DRI)Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
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Darden Restaurants, Inc. (DRI)Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
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Darden Restaurants, Inc. (DRI)Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
12
The slide uses a 'break-even' analysis to highlight the risk of multiple compression in a spin-off scenario.Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
13
Darden Restaurants, Inc. (DRI)Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Hypothesis Test1 hit
14
The slide uses a valuation bridge to demonstrate the value leakage of keeping real estate assets within an operating company (OpCo) versus separating them into a REIT structure.Darden Restaurants, Inc. (DRI) · 03_Starboard_Value
Activist deck Activist investor Beat · Problem (Identify pain)Loop · Cost Of Inaction1 hit
02
The slide uses a bar chart to highlight significant negative performance gaps.Huntsman Corporation (HUN) · Jeffrey C. Smith
Shareholder letter Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
07
The slide uses a red color palette to emphasize negative performance and urgency.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · Problem1 hit
08
Uses a sum-of-the-parts valuation bridge to highlight the valuation gap.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · Problem1 hit
09
Uses a waterfall-bridge chart to illustrate value creation from current price to target price.Phillips 66 (PSX) · Elliott
Activist deck Activist investor Beat · Problem1 hit
10
The slide uses a list-based diagnostic approach to frame the company's decline.Southwest Airlines (LUV) · Elliott
Activist deck Activist investor Beat · ProblemLoop · Logic Chain1 hit