we're not trying to measure whether peltz made money. we're not in peltz' fund here.only want to know if you could have made money if you bought after peltz's positions became publicly available information. every study we looked at talked about how you would have done if you invested with peltz. that's a false positive. doesn't mean a thing to us. you need to know how you would have done if you invested after the news came out, because that's the only way to do it. the results, believe it or not, if you bought these seven stocks after peltz's closing position, on average would you have beaten the market over the next three, six and 12 months. the biggest outperformance is in the first three months. even if you bought the big spike that comes when peltz announces his position, you would have been up 10%. would have beaten the s&p by an average of 7%. all would suggest this could be a good time to consider buying ingersoll rand. i'm not saying you should buy the stock without doing your own homework. you always have to do the homework. an activist like peltz can do thi

like peltz. so can you actually make money piggybacking off of the work of nelson peltz? we know peltz can make money. but by the time we find out he owns something the stock jumps up like ingersoll rand did last week. can you make money? the answer is yes. piggybacking on peltz consistently worked as a strategy. we do this kind of analysis use the right kind of methodology. we looked back after. we're not trying to measure whether peltz made money. we only want to know if you could have made money if you bought after peltz's positions became publicly available information. every study we looked at talked about how would you have done if you invested with peltz. that's a false positive. doesn't mean a thing to us. you need to know how you would have done if you invested after the news came out because that's the only way to do it. the results, believe it or not, if you bought these seven stocks after peltz's closing average would you have beaten the market over the next three, six and 12 months. the biggest out performance is in the first three months. even if you bought

nelson peltz is reporting now. >> you will love this. apparently as of the first quarter, they made a huge bet against the stock market and showed a massive multimillion bet in the face of an spy put. a giant position against the s&p 500. that's what i meant to say. they are betting big against the market. you also added inger sol rand. he raised his stake and cut his stakes in heinz and tiffany. they had a put at the end of the cutter. in terms of the notional value or what he spent on the puts? >> i don't know what he paid for the put, but he had a 725,000 put position which is worth 5.1 million. 725 and 876,000 put options on the spy. >> okay. brian? >> the thing that is strange about that is also they all caught. with a bullish call on oil and a negative call on the s&p, they go so high it will choke off growth, but that's not what's been playing out and it must be some type of a hedge. >> i agree. we only have part of the picture here. >> that's the other thing to keep in mind. murphy was making the point. we don't know the other si

the fact that these awards are available and we hope that the industry will submit the best many kpa peltz so that we can phrase what is good as we try to encourage everything else to be improved. with that i would like to introduce ken winnig who will report on results of study we did to try to find out what station practices are. we did this to set up the questions for our next two panels. ken is our director of surveys. dr. winnig. >> thank you very much, kathleen. good morning, everybody. hear is the powerpoint. okay. next on sequence. you can start with the first slide. better understand how local broadcast stations deal with third-party ads and fact checking of news and online we surveyed with the help of princeton survey research 206 local broadcast television station managers and executives from march 26th, to may 15th, 2012, online and by elf it. the 206 included those responsible for stations under corporate ownership and those owned by local, owned locally. because this was an opt-in sample, a non-random sample we don't know whether the 206 are representative of practices of bro