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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "The chart highlights two recession periods (2001-2002 and 2008-2009) to demonstrate industry stability.",
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      "text": "Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions",
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      "kind": "chart",
      "text": "Security Alarm Monitoring and Servicing Industry Revenue",
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      "text": "Services are valuable to customers: safety and security of family and property represents a non-discretionary expenditure. Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions. Customers are generally middle and upper class homeowners with assets to protect",
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      "kind": "title",
      "text": "Defensive, Predictable Business Model",
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