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  "documentTitle": "PepsiCo (PEP)",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "Uses historical stock performance data to validate the thesis that spin-offs create shareholder value.",
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      "text": "Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations",
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      "kind": "disclaimer",
      "text": "Source: Capital IQ and Trian calculations. Note: End date is not 7/11/13 when either the spin or remaining company has agreed to be acquired...",
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      "text": "total return: 64%",
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      "text": "Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations",
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      "kind": "quote",
      "text": "…Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date) – Goldman Sachs, SOTP Handbook, 5/23/2013",
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      "kind": "title",
      "text": "Tax Free Spin-Offs: A Strong Record of Value Creation",
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