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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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      "text": "Contrary to ADP’s focus on long term value, Pershing’s fee structure encourages a “Swing for the Fences” mentality.",
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      "text": "Contrary to ADP’s focus on long term value, Pershing’s fee structure encourages a “Swing for the Fences” mentality: More weight on the “Ups” than typical hedge funds (30% vs. 20%)... And less weight on steady growth (no performance fee <5%)",
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      "text": "… you know, incentives, I’ve come to learn, drive all human behavior. - Bill Ackman, August 17, 2017*",
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      "text": "This is like driving a car the wrong way down a one way street... - Jacob Walthour, CEO of Blueprint Capital Advisors, October 28, 2016*",
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      "text": "“... you know, incentives, I’ve come to learn, drive all human behavior.” — Bill Ackman, August 17, 2017*; “This is like driving a car the wrong way down a one way street... incentive fees are headed toward 10% with the addition of hurdles, not 30. Raising fees at any level of return is unacceptable when you think of the financial condition of our nation’s pension funds. The greed and arrogance in this industry just never ceases to amaze me.” — Jacob Walthour, CEO of Blueprint Capital Advisors, which works with institutional investors to invest in hedge funds, October 28, 2016*",
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      "text": "Notes: 1. Source: Reuters article “Ackman’s Pershing Square shakes up fees amid losses” by Lawrence Delevingne, published on October 28, 2016. 2. Cost basis for options is calculated as disclosed cost to purchase plus strike price, per Pershing Square 13D/A, dated 8/31/2017.",
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      "text": "Pershing Square’s New Fee Structure Further Incentivizes Investment Decision-Making That Is Not Aligned With the Interests of Many of Our Shareholders",
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