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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": "Uses a classic 'They say / We say' structure to expose hypocrisy.",
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      "text": "Target's management and the board have a greater percentage of their ownership in derivatives than Pershing Square",
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      "text": "Pershing Square's sizeable derivative position creates an incentive for risk taking",
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      "text": "Target is Pershing Square's largest investment; Pershing Square owns $1 billion in common stock and $280 million in stock options; Board/management have higher derivative ownership; Management sold $429 million in stock.",
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      "text": "Target's misleading stance vs The ACTUAL FACTS",
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      "text": "“Favoring Risk Taking”",
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