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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "notes": "The chart compares Pershing's assumptions for earlier years against reported financials for later years.",
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      "text": "McDonald's Consolidated EBITDA ($ in billions)",
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      "text": "Notes: Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Assumes McOpCo franchise fees of 4% of sales and rent of 9% of sales.",
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