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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-01-26 00:00:00",
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  "notes": "The slide uses a 'before-after' framing to highlight the gap between current performance and potential.",
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      "kind": "callout",
      "text": "While the company has made steady progress in boosting margins, we believe that optimized margins are far higher",
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      "text": "Mondelez EBIT Margin",
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      "text": "EBIT Margin: 17-18%",
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      "text": "Source: MDLZ public filings, Pershing Square estimates. 2013-2015 margins are pro forma for the coffee JV transactions and the deconsolidation of MDLZ's Venezuelan operations.",
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      "text": "Progress on Business Transformation",
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      "evidence": "The document presents a clear before-and-after comparison of Mondelēz International's margins.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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