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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Pershing Square exited our investment as prospective returns became more modest as the market more accurately priced ADP's prospects for continued success",
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      "text": "Accelerated next-generation platforms; Broadened and accelerated the company's Service Alignment Initiative; Executed an early retirement program; Implemented a broad-based workforce optimization effort focused on spans of control and management layers; Launched an accelerated procurement transformation effort",
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