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  "documentTitle": "Starbucks (SBUX)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new unit economics in China are even higher",
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      "text": "Premium coffee is a secularly growing and attractive category. Frequent consumption creates loyal customer base and trade-up potential. Aligned with health and wellness and sustainability trends.",
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