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  "documentTitle": "Lowe's Companies, Inc. (LOW)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-11-08 00:00:00",
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      "text": "Aggressive share repurchase program is a catalyst; Lowe's has ~8% current cash earnings yield; The Company is returning all cash earnings to shareholders in the form of buybacks and dividends; Investors are effectively paid to wait for a recovery",
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      "text": "We think Lowe's is a good business in an attractive retail category; However, sentiment is poor because of the Company's more recent underperformance relative to Home Depot; We think this underperformance is more temporary than structural",
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      "text": "The current stock price is not factoring in a sales recovery, but we believe one is likely in the next several years",
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      "text": "Even if no sales recovery occurs, we believe downside is limited; Minimal financial leverage, limited lease leverage, cheap stock",
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