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  "documentTitle": "Fortune Brands Home & Security (FBHS)",
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  "authorName": "William Ackman",
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  "presentationDate": "2011-10-18 00:00:00",
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  "notes": "The slide highlights the resilience of the 'small ticket' plumbing category during an economic downturn.",
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      "text": "The Plumbing segment, which contributed 54% of FBHS pre-corporate 2010 EBIT, has performed exceptionally well in the downturn due to both marketplace gains and the “small ticket” aspect of the category",
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      "text": "Manufactures faucets, accessories, and kitchen sinks under the #1 Moen brand; Large installed base helps win replacement sales; Faucets are a “small ticket” remodeling expenditure; Generally a stable category; Variable-cost business model",
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