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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 bridge-like visual to demonstrate the impact of scale on expense ratios.",
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      "kind": "callout",
      "text": "P&G's revenue base is more than four times the size of its peer benchmark average, which should allow P&G to operate at a significantly lower Core SG&A Ratio than its peers benchmark",
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      "text": "We believe P&G's scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio",
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      "text": "We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio",
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      "text": "Assumes 30% of Core SG&A expense is fixed",
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      "text": "Core SG&A Ratio: 11%",
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      "text": "FY 2012 Revenue: $20,000 vs $84,000; Core SG&A Expense: $2,820 vs $9,140; % Fixed: 30%; % Variable: 70%; Core SG&A Ratio: 14.1% vs ~11%",
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