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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "Uses a 'before-after' comparison of ad spend to highlight a broken promise and contrast with peer behavior.",
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      "kind": "callout",
      "text": "In reality, P&G cut advertising spend by $125mm in 2017. Those ad savings should have been reinvested in other forms of brand building to regain lost market share. Instead, management chose not to reinvest, in our view benefitting near term earnings at the expense of long-term growth",
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      "text": "Q4 2017 Advertising Spend comparison 2016 vs 2017",
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      "text": "Meanwhile, peers have increased investment in digital advertising:",
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      "text": "P&G originally committed to grow advertising spend in 2017:",
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      "kind": "quote",
      "text": "“…We’re committed to four quarters of brand support. The fourth quarter we increased meaningfully our media investment versus previous year and we’re going to continue that in FY17” – Q4 ‘16 Earnings Call",
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      "kind": "quote",
      "text": "“We’ve stepped up digital [advertising]. Why? Because it’s working, and we’re getting the returns, and we can see the returns both in volume and in sales and importantly, in terms of profit.” – August 2017",
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      "kind": "source-note",
      "text": "Source: SEC filings, earnings transcripts. (1) Estimated based on disclosure from the Q4 2017 earnings press release and Trian analysis.",
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      "kind": "title",
      "text": "P&G Also Cut Advertising Spend in 2017 – Breaking a Cardinal Rule",
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