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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Pershing Square exited our initial investment in Starbucks in January 2020. We opportunistically repurchased a stake in the company during the March market downturn",
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      "text": "SBUX is already nearing a full sales recovery and should be a major beneficiary of a reopened global economy",
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      "text": "China's growth plan is firmly intact, with 600 stores set to open this year. Demise of Luckin Coffee improves competitive environment in China.",
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      "text": "SBUX is already nearing a full sales recovery and should be a major beneficiary of a reopened global economy. Outstanding recent performance despite severe headwinds from COVID. U.S. same-store sales declined only 5% last quarter and 2% in January.",
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      "text": "December investor day underscored management's confidence. Increased long-term outlook for revenue growth, margins, and earnings growth.",
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      "text": "The \"great human reconnection\" will further strengthen Starbucks. Pent-up consumer demand for the \"third place\" experience. Opportunity to regain sales driven by breakfast and commuting routines.",
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      "text": "Source: Company filings",
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