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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with average restaurant sales still 12% below peak levels and margins ~700bps below peak levels",
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      "text": "CMG management reignited sales and profit growth in 2019. CMG has an extensive pipeline of initiatives to drive growth for years to come",
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      "text": "2019 was an outstanding year for all Chipotle stakeholders\nSame-store sales growth of 11% in 2019, including 7% transaction growth\nEach quarter grew faster than the previous quarter on a one- and two-year basis\nDigital orders nearly doubled and now account for just under 20% of sales\nSuccessful launches of loyalty program in March and carne asada in September\nRestaurant margins expanded by 1.8 percentage points in 2019 to 20.5%",
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      "text": "Management has a clear plan to drive continued progress in 2020\nMenu innovations currently in test including queso blanco, quesadillas, and a revamped beverage offering\nStep-up in unit growth in 2020, with Chipotlanes in the majority of new units",
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      "text": "Same-store sales growth: 11%",
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      "text": "Source: Company filings",
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      "text": "Chipotle Mexican Grill (“CMG”)",
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