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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The chart distinguishes between 'Based on Pershing Assumptions' (1990-1999) and 'Based on Reported Financials' (2000-2004).",
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      "text": "Pershing believes the best way to think about Pro Forma McDonald's is as a growing annuity.",
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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 pays franchise fees of 4% of sales and rent of 9% of sales.",
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      "text": "Pro Forma McDonald's: Stable and Growing",
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