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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": "Investing in FBHS is a low-risk way to profit from an eventual housing market recovery",
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      "text": "Pace and strength of a housing recovery is difficult to predict\nHowever, at some point, the housing markets will recover\nInvesting in FBHS is a low-risk way to profit from an eventual housing market recovery\nPure-play residential building products company\nBest operators in the business\nImproving marketplace position, even in tough housing markets\nMany of its competitors are on the defensive\nNo liquidity concerns and currently generating a healthy FCF yield of 6%\nDownside is limited, given clean balance sheet and Company’s ability to reduce capacity, if necessary\nUpside potential is enormous, as cyclical growth will not require capital investment above normal levels",
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