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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "pageNumber": 29,
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  "slideType": "problem_statement",
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  "notes": "The slide uses a 'preempt_rebuttal' callout box to clarify that the activist is not anti-investment, but pro-return.",
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      "kind": "callout",
      "text": "We are not telling P&G to stop investing; we are suggesting actionable ideas to ensure future investments drive an adequate return",
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      "text": "Market share losses; Operating profit flat; EPS flat",
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      "text": "Invested Capital Since FY 2011",
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      "text": "Since 2011, P&G has invested ~$96bn in R&D, advertising and promotion (“A&P”) and capital expenditures (“capex”), yet volumes have increased less than 1% annually and market share is down. P&G’s cumulative investment is larger than the market value of most of its competitors. Something is broken in P&G’s “innovation, marketing and growth machine”.",
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      "kind": "source-note",
      "text": "Source: Company SEC filings. Note: Company financials have been adjusted to exclude recent divestitures. (1) Assumes promotion expense of 4% of net sales.",
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      "kind": "title",
      "text": "Big Picture: P&G Investments Have Not Generated Returns For Many Years",
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