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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": "The TSR results of Trian portfolio companies where Nelson Peltz served on the board have been powerful(1): +17% average annualized absolute TSR... +511bps average annualized relative TSR...",
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      "text": "Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24",
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      "text": "Source: FactSet. Note: (1) Represents the average annualized Total Shareholder Return ('TSR') performance...",
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