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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2006-11-09 00:00:00",
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      "text": "Unattractive industry\n- \"Amazon risk\"\n- Consumer interest in books is declining\n- Difficult SSS comparisons with Harry Potter\nSecond place operator behind Barnes and Noble\n- More exposure to declining Music category\n- Worse execution (lower working capital turns and sales / sq.ft.)\n- Low margin, legacy mall stores\nLimited free cash flow due to large, recent cap ex initiatives\n- Consolidating distribution centers\n- Significant store remodel program",
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      "text": "Traditional Sentiment on Borders",
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