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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2019-02-13 00:00:00",
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      "kind": "callout",
      "text": "Despite meaningful share price appreciation since our investment, SBUX still trades at a discount to its average valuation over the last several years",
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      "text": "Dominant brand in the growing and attractive specialty coffee category; Loyal customer base with frequent consumption habit and trade-up potential; Wide competitive moat with advantages over low-cost and boutique players",
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      "text": "We expect Starbucks to compound long-term earnings at a high rate driven by strong secular growth and outstanding unit economics",
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      "text": "New leadership is simplifying the business and driving improved results; Bold actions taken to realign the portfolio, reduce overhead, and return cash; Share buybacks of ~$20bn or ~20% of shares outstanding from 2018-2020; Reacceleration in SSS in the last two quarters driven by beverage innovation",
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      "text": "Long runway for reinvesting free cash flow at exceptional rates of return; Pretax returns on new units of ~55% in the U.S. and ~75% in China; Long-term HSD revenue growth underpinned by international unit growth",
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      "text": "(1) Source: Company filings",
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