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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The chart uses a dual-axis approach to show both absolute EBIT and EBIT as a percentage of receivables.",
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      "text": "Target’s board decided not to transfer credit risk in a credit card transaction, despite Pershing Square’s repeated requests. In 2008, Target’s credit card operating profits fell 65% predominantly due to increased credit risk and bad debt expense",
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      "text": "Comparison of Credit Card EBIT and % of average receivables between 2007A and 2008A",
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      "text": "Target's board decided not to transfer credit risk in a credit card transaction, despite Pershing Square's repeated requests. In 2008, Target's credit card operating profits fell 65% predominantly due to increased credit risk and bad debt expense",
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      "text": "Source: Company filings",
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      "kind": "title",
      "text": "Board's Strategic Mistake: Credit Card",
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