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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "William Ackman",
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  "presentationDate": "2013-05-08 00:00:00",
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  "notes": "The slide highlights a potential efficiency gap while noting that the analysis ignores P&G's scale advantage.",
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      "text": "However, this benchmarking analysis does not take into account P&G's massive scale advantage",
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      "text": "P&G's Core SG&A Ratio (ex-Advertising and Marketing) is currently 14.4%. The company believes its Core SG&A ratio at peer levels on a category-adjusted basis would be ~14.1%",
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      "text": "P&G Segment, FY 2012, % Mix, Core SG&A Benchmark, Companies. Beauty, $20bn, 24%, 20%, Beiersdorf, L'Oreal, Unilever. Grooming, $8bn, 10%, 19%, Energizer, Beiersdorf. Fabric & Home Care, $27bn, 32%, 10%, CHD, CLX, Henkel, Reckitt, Unilever. Baby & Family Care, $16bn, 19%, 10%, Kimberly-Clark, SCA. Health Care, $12bn, 15%, 15%, Colgate, Kimberly-Clark, J&J.",
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