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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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      "text": "Collectively, since 2008, Valeant has earned a >20% unlevered return (before tax efficiencies) on its acquisitions",
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      "text": "Management has completed 100+ acquisitions and licenses, investing $19bn+ since 2008. Acquisitions have been highly accretive. Collectively, since 2008, Valeant has earned a >20% unlevered return on its acquisitions. Future FCF will be allocated to acquisitions.",
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