Procter & Gamble Co. and activist investor Nelson Peltz were each likely hoping the company's Friday earnings report provided an occasion to say, "I told you so." The consumer-goods company and Peltz's Trian Fund Management LP are fresh off a hard-fought proxy fight, in which Peltz angled for a seat on P&G's board, arguing it was a lumbering bureaucracy needing fresh ideas. Peltz appears to have lost that fight by a razor-thin margin.