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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a standard valuation buildup approach to derive future share price and warrant value.",
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      "kind": "callout",
      "text": "The government can generate an enormous profit for taxpayers by monetizing its substantial equity ownership in a fully-capitalized Fannie and Freddie in the next 7 to 10 years",
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      "text": "Illustrative Future Value per Share: $47",
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      "text": "Source: Company filings and Pershing Square estimates",
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      "text": "Illustrative Future Value of the GSEs ($ in Billions, except per share)",
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