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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "Includes a specific rebuttal to Disney's methodology regarding measurement windows.",
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      "text": "+17% average annualized absolute TSR across positions from Trian's involvement through year-end 2023 vs. -1% during the 5 years prior",
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      "text": "The analysis to the right highlights the performance of all Trian portfolio companies where Nelson Peltz served on the Board",
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      "text": "Results have been powerful: +17% average annualized absolute TSR across positions from Trian's involvement through year-end 2023 vs. -1% during the 5 years prior",
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      "text": "Disney has used a methodology for evaluating prior Trian investments that we view as flawed for many reasons.",
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      "text": "We believe it is important to measure performance from the time of Trian's involvement through Nelson Peltz's board tenure and beyond. Whenever Nelson joins a board his goal is to drive long-term governance and operational improvements.",
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      "text": "Annualized TSR: +17%",
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      "text": "Nelson Peltz and Trian have worked closely with many blue-chip companies, driving long-term value creation through numerous corporate and brand turnarounds.",
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      "text": "Source: FactSet. Note: Represents the annualized absolute Total Shareholder Return (\"TSR\") performance at each company...",
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      "text": "Annualized TSR of Trian Portfolio Companies Where Nelson Peltz Served on the Board",
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      "text": "Nelson Peltz & Trian Involvement Drives TSR Performance",
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      "text": "TSR Analysis Overview",
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