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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 61,
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  "density": "balanced",
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  "notes": "Uses a 'before-after' style logic to highlight a strategic misstep.",
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      "kind": "list",
      "text": "Small, mid-size & local brands are growing market share... Local brands are closing in on their multinational competitors... We believe many small, mid-size & local P&G brands were on-trend... P&G decided to divest these businesses",
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      "kind": "paragraph",
      "text": "P&G’s portfolio “transformation” consisted of exiting ~100 mostly small brands. [Post Coty and exiting ~100 brands] “The businesses that will remain in our portfolio fit very well within our core capabilities... These businesses have proven track records.”",
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      "kind": "source-note",
      "text": "Source: Company transcripts from conference calls. (1) Kantar Worldpanel, “Local brands command 60% of FMCG shopper choices,” 5/19/16.",
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      "kind": "title",
      "text": "Short-Term Thinking: P&G Doubled-Down on “Proven Brands” Just As The World Went “Small”/“Local”",
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