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  "documentTitle": "PepsiCo (PEP)",
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  "authorName": "Nelson Peltz",
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      "text": "While management says \"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return,\" it simply is not true.",
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      "text": "total shareholder return: 47%",
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      "text": "The beverage business generates strong, stable free cash flow today and we believe can generate far more cash flow under focused leadership.",
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      "text": "In the end, the wisdom or fallacy of an integrated portfolio is quantifiable. While management says 'holistically, this portfolio provides a platform for balanced growth... it simply is not true.'",
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      "text": "disagree and would note: a) PepsiCo has not competed effectively against Coca-Cola for many years... b) Dr Pepper Snapple has shined since it was spun-off... c) PepsiCo has some of the best beverage brands in the world...",
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      "text": "Last week's earnings announcement and 2014 guidance reinforce our view. Backing out the benefits of a lower-than-expected tax rate... EPS grew only 5% in 2013.",
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      "text": "Management will inevitably defend performance by questioning our timeframes. They argue that if you go back further, PepsiCo's performance looks better. However, we did not choose our timeframe arbitrarily.",
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