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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide highlights the disconnect between capital deployment and shareholder earnings.",
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      "text": "Incremental Invested Capital ($bn)",
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      "text": "While Disney's growth investments and M&A have contributed to total revenue growth of 41% between FY 2018-22, EPS has declined 50% over the same period",
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      "text": "Source: SEC filings, FactSet. Note: (1) M&A Invested Capital calculated as the $71bn equity purchase price of Fox less $0.6bn of acquired net cash...",
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