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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a simple additive model to derive a target yield range for the security.",
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      "kind": "callout",
      "text": "The TIP-like Security should trade at a small spread to TIPS of 165 – 215 bps",
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      "text": "yield: 4.65% - 5.15%",
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      "text": "The current TIPS yield of 3.0% implies an expected 20-year inflation rate of only 1.4%. 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 4.05% – 4.55%. The higher the inflation rate, the more valuable TIP REIT will be",
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      "text": "20-year TIP Yield Today: 3.0% | Current TGT Unsecured CDS: 1.65% - 2.15% (165-215 bps) | TIP REIT: 4.65% - 5.15% (165-215 bps)",
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      "text": "TIP REIT: (1) Valuing the TIP-like Security",
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