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  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2011-10-18 00:00:00",
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      "text": "We think a meaningful recovery in housing starts could happen in the next several years",
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      "text": "Housing starts are currently at the lowest levels in 40 years\nLong-term average of housing starts is ~1.5mm versus today of 600k\nRepair and remodel market is likely facing pent-up demand given aging housing stock\nBefore housing starts return to their long-term trend, we need to absorb the current excess supply of homes – a matter of time\nThe current level of housing starts (~600k) is unsustainable over the longer term\nHistorical levels of annual household formation are far in excess of 600k\nWe think a meaningful recovery in housing starts could happen in the next several years\nHowever, new homes will likely be smaller and more affordable (cheaper products) than in recent years\nFBHS’s market position may improve, given the Company’s skew to more value-priced products",
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