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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "The first step to unlocking shareholder value is to introduce transparent segment financials.",
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      "text": "True profitability of Brand McDonald's\nTrue operating margins and capital requirements at McOpCo",
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      "text": "McOpCo does not pay an “arm's-length” rent or franchise fee to Brand McDonald's\nAs such, reported financials do not make apparent that approximately 80% of McDonald's EBITDA is derived from the higher multiple Brand McDonald's\nIssuing transparent segment financials for McOpCo and Brand McDonald's would demonstrate",
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      "kind": "title",
      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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