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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": "Page number 78.",
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      "text": "This arbitrage trade is feasible for several reasons:",
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      "text": "The TIPS market is highly liquid\nTIP REIT would be a highly liquid security with an initial market capitalization of approximately $28 billion\nTIPS trade, even in the current low liquidity environment, approximately $1 – $2 billion per day\nNormal volume is typically $3 – $5 billion or more per day\nTIPS are readily borrowable and easily shortable\nTIP REIT would pay semi-annual dividends on the exact same day that TIPS pay interest payments (Jan 15th and July 15th)",
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      "kind": "title",
      "text": "How is this Trade Possible?",
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