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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": "Includes a quote from the CFO to contrast management rhetoric with financial performance.",
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      "text": "Disney Costs - ($bn)",
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      "text": "Despite management's rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps",
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      "text": "We're really going to try to get the algorithm right to cut where we can and not necessarily do things the same way. As I mentioned, we're also using technology to reduce some of our operating costs, and that gives us a little bit of headroom also to absorb some inflation. But we're really trying to use our heads here to come up with a way to kind of mitigate some of these challenges that we have.",
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      "text": "Source: SEC filings, transcripts. Note: 'CAGR' represents compounded annual growth rate.",
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      "text": "We Believe Disney Lacks Cost Discipline as an Organization",
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