{
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  "docSlug": "ff2d385c560d",
  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "pageNumber": 65,
  "pageCount": 104,
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  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a mix of checkmarks for positive performance and an 'x' for negative FX impact.",
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      "kind": "callout",
      "text": "We have taken advantage of recent price declines to add to our position and believe QSR remains a compelling long-term investment",
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      "kind": "callout",
      "text": "QSR's intrinsic value meaningfully increased in 2015, despite substantial headwinds from strengthening USD",
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      "text": "Impressive SSS growth at both Burger King (~6%) and Tim Hortons (+5%)\nContinued progress on Burger King US turnaround (SSS +7%)\nSignificantly reduced Tim Hortons expenses and capex\nOverhead costs reduced by more than 40%\nMaintained high level of net unit growth (5%) at both Burger King and Tim Hortons\nStrengthening of the USD has materially reduced reported financial results\nFX reduced reported EBITDA growth ~13%",
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      "kind": "paragraph",
      "text": "Strong financial performance in 2015: ~20% EBITDA growth before FX",
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      "text": "Note: Financial results for 2015 represent YTD results for the nine months ended 9/30/15.",
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      "kind": "title",
      "text": "Restaurant Brands International",
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