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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "Uses a 'ceo-quote-contradiction' framework to contrast management's own admission of strategic flip-flopping with poor performance metrics.",
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      "kind": "callout",
      "text": "P&G’s performance has deteriorated, we believe partly due to the lack of an appropriate and consistent long-term strategy to address critical challenges – a direct responsibility of the Board",
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      "text": "Weak total shareholder returns: Over 10-year period, P&G’s TSR was less than half that of its peers and has been in the bottom quartile over most recent time frames; Consistent market share losses; EPS has been flat since 2011, vs. peer average of +7% annual EPS growth; $96bn of total investment in capital expenditures, R&D, and marketing expenses over the last 6 years has not driven improved market shares or earnings growth",
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      "text": "[G]o back a few years ago when we went to more countries, more places, we got out of balance on the top line. We went hard on the top line and what happened is we started to have real profit issues. We got overextended, overinvested in some countries.... Then we went, I think, pretty hard the other way on costs. We went through cuts and cuts, many of us around the world were reorganizing, trying to work at cost. – David Taylor, August 3, 2017 Employee Webcast",
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      "text": "[G]o back a few years ago when we went to more countries, more places, we got out of balance on the top line. We went hard on the top line and what happened is we started to have real profit issues. We got overextended, overinvested in some countries.... Then we went, I think, pretty hard the other way on costs. We went through cuts and cuts, many of us around the world were reorganizing, trying to work at cost. — David Taylor, August 3, 2017 Employee Webcast",
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      "text": "Source: Bloomberg, SEC filings and annual reports",
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      "text": "P&G Flip-Flopped on Strategy Over the Past Decade: Long-Term Strategic Planning is the Board's Responsibility",
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