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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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  "notes": "Uses a before-after framing to highlight a strategic error.",
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      "kind": "callout",
      "text": "Rather than decisively addressing its culture & structure, P&G decided to divest these businesses",
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      "text": "P&G's 2015 Bet vs The Market Today",
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      "text": "Small, mid-size & local brands are growing market share. Local brands are closing in on their multinational competitors, growing value at nearly twice the rate of global brands.",
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      "text": "P&G's portfolio \"transformation\" consisted of exiting ~100 mostly small brands. The businesses that will remain in our portfolio fit very well within our core capabilities.",
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      "text": "“The businesses that will remain in our portfolio fit very well within our core capabilities. We understand the consumers of these businesses. These businesses fit our brand and product model, are sold primarily in our core channels of distribution and we can source them more effectively and efficiently than third parties. These businesses have proven track records. The more focused portfolio will be much simpler to manage, to operate and to execute in store.” — P&G Presentation at CAGNY, February 19, 2015",
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      "text": "Source: Company transcripts from conference calls. (1) Kantar Worldpanel, \"Local brands command 60% of FMCG shopper choices,\" 5/19/16.",
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      "text": "Short-Term Thinking: P&G Doubled-Down on \"Proven Brands\" Just As The World Went \"Small\"/\"Local\"",
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