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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 highlights a significant divergence in 2008, with a ~710 bps spread between Target and its competitors.",
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      "kind": "callout",
      "text": "In 2008, Target's bad debt expense as a % of average receivables increased to 14.4% from 6.6% the year prior. This compares to 7.3% for Target's credit card competitors",
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      "kind": "callout",
      "text": "In 2008, Target’s bad debt expense as a % of average receivables increased to 14.4% from 6.6% the year prior. This compares to 7.3% for Target’s credit card competitors",
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      "text": "Bad Debt Expense as a % of Average Receivables",
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      "text": "bad debt expense as a % of average receivables: 14.4%",
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      "text": "Source: Company filings",
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      "kind": "title",
      "text": "Underperforming Relative to Credit Card Peers",
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