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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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      "text": "Good execution of cost savings program; COGS productivity and SGA savings being achieved ahead of plan; However, reinvestment and the cost of geographic expansion has not allowed for material margin improvement",
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      "text": "Improved U.S. market performance after very weak results last year; Currently ~65% of U.S. portfolio is gaining or holding share, up from 15% in June 2012; Strong pricing interventions and improving innovation helping U.S. share position",
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      "text": "Strong capital allocation and good free cash flow productivity; Repurchasing approximately $6 billion of stock this year; Converting ~90% of net earnings to free cash flow",
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      "text": "P&G is Showing Some Initial Progress...",
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