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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2013-05-08 00:00:00",
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  "notes": "The slide uses a 'problem-solution' framing where the problem is diagnosed as a set of fixable operational inefficiencies.",
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      "kind": "callout",
      "text": "The good news is that most of these issues are readily fixable and that P&G's brands and products are generally in a strong position",
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      "text": "Bloated overhead cost structure; Suboptimal manufacturing productivity levels; Inefficient organizational design; Emerging market regions are still building scale and require investment; Marketing investments are not achieving appropriate returns; Pricing in certain categories not optimized",
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      "kind": "title",
      "text": "Why is P&G Under-Earning?",
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