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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Uses red circles to highlight the correlation between EPS growth and the chemical price index recovery.",
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      "kind": "callout",
      "text": "Management shouldn't take credit for half of a “chemical cycle”, while not also taking into account performance into the downdraft",
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      "text": "EPS Growth Was Generated Primarily By The Cyclical Recovery",
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      "text": "Under current management, the only time DuPont achieved its stated goal of 12% EPS growth was in 2010 and 2011. Trian believes that EPS growth in 2010 and 2011 was driven by the cyclical snap back from unprecedented dislocations in the commodity markets during the financial crisis",
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      "text": "EPS: 12%",
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      "text": "Source: SEC Filings & DuPont Sept 2014 Presentation, (1) Source: Bureau of Labor Statistics (BLS), as referenced by DuPont in Q3 2012 earnings presentation. Data from Jan 2004 – Aug 2014, the last date for which data is considered final by the BLS. Index reference base of 100 in 1982. (2) Midpoint of Company guidance ($4.00-$4.20) provided on Q4 2014 earnings call (January 27, 2015).",
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      "text": "While Subjective, Trian Believes The Only EPS Growth Management Achieved Was Driven By The Cyclical Recovery",
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