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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-05-16 00:00:00",
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  "notes": "The slide highlights JCP's 'Last' rank across all metrics compared to Macy's, Kohl's, TJ Maxx, and Nordstrom.",
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      "text": "While the consumer environment has been challenging, JCP has vastly underperformed",
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      "text": "Total Shareholder Return: -54%",
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      "text": "Source: Company Data. Nordstrom: Excludes credit card business; JCP: EBIT and EBITDAR exclude restructuring charges, markdowns related to new pricing strategy, and qualified pension expense. Shareholder returns are through 6/13/2011 – the day before Ron Johnson’s hiring was announced",
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      "text": "The Competitors Have Been Winning",
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