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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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      "text": "Keep the 190 bps spread (nearly risk-free, given the security offered by $20bn of unencumbered buildings), or hedge Target unsecured risk with CDS",
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      "text": "dividend yield: 190 bps",
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      "text": "Value: (1) Keep the 190 bps spread (nearly risk-free, given the security offered by $20bn of unencumbered buildings), or hedge Target unsecured risk with CDS (2) Get the Land Developer for free, worth $2/share",
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      "text": "Long: TIP REIT @ $38 (mid-point of valuation analysis) – implies a ~490 bps dividend yield",
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      "text": "= Spread: 190 bps",
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      "text": "Short: TIPS @ 300 bps yield",
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