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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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      "text": "Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company.",
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      "text": "Pricing dynamics for an oligopoly such as Americas Beverages often replicate a classic “prisoner’s dilemma.”",
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      "text": "Management defended its loss of market share on recent earnings calls by referencing Coca-Cola’s irresponsible pricing as compared to its own rational pricing. Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company.",
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      "text": "Lastly, management has hinted on recent earnings calls that Coca-Cola’s N. American market share gains are an example of chasing unprofitable volume. But Coca-Cola’s price/mix was +1% in 2013 in N. America.",
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