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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Lowe’s is a high-quality business with strong new leadership that is committed to narrowing the performance gap with Home Depot",
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      "text": "Credible plan to narrow the performance gap with Home Depot\nLowe's current EBIT margin is 9.3% versus 14.5% at Home Depot\nManagement targets a 12% EBIT margin over the medium-term\nWe believe further upside to margins and sales productivity is likely over time",
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      "text": "Secular housing trends support long-term growth and reduce cyclicality\nKey housing metrics remain below long-term average levels\nAging housing stock (~30yrs) requires significant repair and maintenance\nLowe's derives a large portion of its revenue from repair and maintenance",
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      "text": "New management team has relevant track record of success\nNew CEO Marvin Ellison played important role in turnaround at Home Depot\nNew leadership team includes several former Home Depot executives",
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      "text": "(1) Source: Company filings, Analyst Day Presentation (December 2018)",
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      "text": "Lowe's (\"LOW\")",
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