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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 29,
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  "slideType": "problem_statement",
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  "nDataPoints": 18,
  "notes": "The slide uses a stacked bar chart to show the breakdown of capital allocation over time, contrasting high investment with poor performance outcomes.",
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      "kind": "callout",
      "text": "We are not telling P&G to stop investing; we are suggesting actionable ideas to ensure future investments drive an adequate return",
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      "text": "Market share losses\nOperating profit flat\nEPS flat",
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      "text": "Invested Capital Since FY 2011",
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      "kind": "disclaimer",
      "text": "Source: Company SEC filings. Note: Company financials have been adjusted to exclude recent divestitures. (1) Assumes promotion expense of 4% of net sales.",
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      "text": "A&P Capex R&D",
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      "text": "Since 2011, P&G has invested ~$96bn in R&D, advertising and promotion (“A&P”) and capital expenditures (“capex”), yet volumes have increased less than 1% annually and market share is down\nP&G’s cumulative investment is larger than the market value of most of its competitors, including Henkel, Kimberly-Clark, Colgate-Palmolive, Reckitt Benckiser, Church & Dwight, Clorox and Edgewell Personal Care\nSomething is broken in P&G’s “innovation, marketing and growth machine”",
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      "kind": "title",
      "text": "Big Picture: P&G Investments Have Not Generated Returns For Many Years",
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