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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide uses a diagnostic approach to identify why a subsidiary is underperforming relative to franchisees.",
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      "text": "\"Corporate subsidies\" in the form of uncharged rent and uncharged franchisee fees have led to McOpCo being run inefficiently over time",
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      "text": "McOpCo does not pay a market rent or a franchise fee, unlike a typical franchisee",
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      "text": "Adjusting for a market rent and a franchise fee, McOpCo has lower average unit margins than those of an average U.S. franchisee",
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      "text": "Objective 1: Improve McOpCo's Operating Performance",
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