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    "notes": "Code-named 'Doppio' on the cover — Pershing's internal nickname for the SBUX investment — with no named human signatory, so author_name is null per guidance. Atypical Pershing deck: this is a friendly long thesis endorsing management rather than an adversarial campaign. PS already owned 15.2M shares at ~$51 avg cost, broadly supports CEO Kevin Johnson, and makes no board demands — no villain, no CEO-quote-contradiction device. Stake is disclosed as a share count (15.2M of ~1,402M diluted ≈ 1.1%) rather than explicitly as a percentage, so stake_disclosed_pct left null. Valuation is single-multiple P/E reversion anchored on coffee-M&A precedents; no sum-of-parts.",
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