The Rising Influence of Rising Affluence

[DewDiligence]

WSJ on PG’s (inconsequential) proxy vote:

https://www.wsj.com/articles/p-g-shares-look-expensive-with-or-without-nelson-peltz-1507657302

...the result won’t change much. Mr. Peltz’s plan for the company isn’t substantially different from management’s; it mainly involved pushing harder on doors management had already opened, such as improving digital marketing and speeding up decision-making.

…An interesting precedent may be Mr. Peltz’s failure to win a seat on the board of DuPont in 2015. The chemical giant’s management rebuffed the activist’s calls for a breakup, only to propose a far more complex split following a merger with rival Dow Chemical. Mr. Peltz lost the proxy battle but in a sense won the war.

…Whether the efforts of either Mr. Taylor or Mr. Peltz succeed in boosting the share price is another matter. P&G stock has lagged behind peers, but still trades for 21 times forward earnings…

No position.