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  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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      "text": "“One-time” charges recur annually, and yet Avery would like investors every single year to ignore these costs as “adjustments” to increase margins and EPS.",
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      "text": "restructuring charges: $1 billion",
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      "text": "Avery has a seemingly insatiable appetite and ability to cut costs and restructure its business. In the past 20 years, cumulative charges have amounted to nearly $1 billion. \"One-time\" charges recur annually, and yet Avery would like investors every single year to ignore these costs as \"adjustments\" to increase margins and EPS.",
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      "text": "Source: Avery SEC filings",
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