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  "docSlug": "d8fcf9d6086e",
  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-18 00:00:00",
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  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a visual arrow to represent the 'Capacity reduction' process applied to the 2010 margin data.",
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      "kind": "callout",
      "text": "If management becomes more bearish about a recovery, it can reduce capacity further and shrink the cost base. We believe that if the business were right-sized to the current sales base of ~$3.3bn, EBIT margins could be approximately 10%",
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      "kind": "diagram",
      "text": "Capacity reduction arrow",
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      "text": "EBIT margins: 10%",
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      "kind": "table",
      "text": "Table showing Cabinets, Plumbing, Windows Doors, Security & Storage, Segment, Corp. Expense, and Total with columns for % of 2010 Revenue, 2010 Margins, and Normalized Margins.",
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      "text": "What If Capacity Were Reduced Further?",
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