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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-21 00:00:00",
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  "notes": "The slide uses a red box to highlight the performance delta between Trian investments and P&G.",
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      "kind": "callout",
      "text": "The reality is, Nelson Peltz's track record speaks for itself - every Trian investment on whose board Nelson Peltz has served has outperformed P&G during Trian's involvement.",
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      "text": "TSR: 341%",
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      "kind": "paragraph",
      "text": "We are disappointed in the quality of the presentation that the Board and Management of Procter & Gamble released on September 19, 2017 which is filled with a significant number of material data errors...",
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      "kind": "paragraph",
      "text": "Management would like shareholders to believe that P&G has a “strategy that is working” and that performance has improved meaningfully under David Taylor. This is not true.",
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      "text": "1 Filed with the SEC on September 6, 2017, and is available at www.RevitalizePG.com\n2 Source: Bloomberg. All total shareholder returns (“TSRs”) are measured from the date of Trian's initial investment...",
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      "text": "ALL Trian Investments with Nelson Peltz on the Board",
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