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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The table models four scenarios based on annual M&A spend ($0bn, $5bn, $10bn, $20bn).",
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      "text": "We believe Valeant can earn ~$28 to ~$39 per share in 2020, if management is able to continue its historically successful capital allocation strategy",
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