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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "Uses a simple additive model for valuation based on benchmark yield plus credit spread.",
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      "kind": "callout",
      "text": "The TIP-like Security should trade at a small spread to TIPS of 195 – 245 bps",
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      "text": "yield: 4.75% - 5.25%",
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      "text": "The current TIPS yield of 2.8% implies an expected 20-year inflation rate of only 1.6%. If the expected 20-year inflation rate increased to 2.0% and the 20-year Treasury rate remained constant, then the 20-year TIPS would yield 2.4% and TIP REIT would yield 4.35% – 4.85%. The higher the inflation rate, the more valuable TIP REIT will be",
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      "text": "20-year TIP Yield Today (2.8%) + Current TGT Unsecured CDS (1.95%-2.45%) = TIP REIT Yield (4.75%-5.25%)",
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      "text": "TIP REIT: (1) Valuing the TIP-like Security",
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