{
  "docId": "019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "docSlug": "70a313a8c0c3",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2005-11-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 23,
  "pageCount": 79,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a quote to frame the argument that owner-operators are more efficient than corporate managers.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-296b2ce8c9e2/23",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Running a McDonald's is a 363-day-a-year business and an owner/operator, with his personal interests and incentives, can inherently do a better job than a chain manager.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99c8b322-4611-4043-95aa-43e9a06e8582",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Running a McDonald’s is a 363-day-a-year business and an owner/operator, with his personal interests and incentives, can inherently do a better job than a chain manager.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-a8bc715833ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Levered Returns: 40% and higher",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-b031ae29e984",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Running a McDonald’s is a 363-day-a-year business and an owner/operator, with his personal interests and incentives, can inherently do a better job than a chain manager.” — Fred Turner / Former President and CEO",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-acb8e4cc1dbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.07,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "(1) From McDonald's: Behind the Golden Arches, pgs. 288 - 291. (2) Illustrative leverage and equity return figures. Not based on company data.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9027cc8d-b607-4c86-a706-9388cddc3258",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.48
      },
      "kind": "table",
      "text": "Comparison of Company Operated vs Franchisee Operated restaurants across Structure, Taxes, Leverage, Levered Returns, and General manager.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5a281d9-ffe0-4598-b53a-e8fd7f6ca339",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.28,
        "x": 0.36,
        "y": 0.14
      },
      "kind": "title",
      "text": "Superior Franchisee Economics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d9496a5-dad1-4871-9b5b-ae40760e11b1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "56c2f3af-44d3-4761-a2c6-0b67d226244d",
      "evidence": "Direct comparison table between two business models",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}