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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2023-01-12 00:00:00",
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  "notes": "This is a classic activist investor 'case for change' slide, grouping grievances into three thematic buckets.",
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      "kind": "disclaimer",
      "text": "Source: SEC filings, FactSet, Trian analysis... Note: (1) Represents the $71bn equity purchase price of Fox...",
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      "text": "Capital Allocation: EPS cut in half despite $162bn spend; poor M&A judgment (Fox, Sky); dividend elimination.",
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      "text": "Corporate Strategy and Operations: Flawed DTC strategy; lack of cost discipline; overearning in Parks to subsidize streaming.",
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      "text": "Corporate Governance: Poor shareholder engagement; failed succession planning; over-the-top compensation.",
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      "text": "A Strong Case for Change at Disney",
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