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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": "At the current price of $78/share, we believe P&G's stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%",
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      "text": "At the current price of $78/share, we believe P&G’s stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%",
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      "text": "P&G's current valuation does not fully reflect its:\n- Ownership of many of the best brands in the industry\n- Portfolio of highly attractive categories\n- Leading market shares\n- Strong footprint in emerging markets\n- Strong level of advertising spend\n- Shareholder-friendly capital allocation\n- Strongest margin opportunity in the industry (excluding public, family-controlled HPC companies)",
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      "text": "Valuation: Limited Downside",
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