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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "The table breaks down returns into Common Dividends and Proceeds from Stock Sales.",
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      "text": "We believe that Treasury's warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities",
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      "text": "(1) Assumes 20% of UST shares are sold annually in the five years following each company's IPO. Assumes shares are sold at a 5% discount to the then-market price, which is estimated as ~15x forward earnings at the time of sale.",
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      "text": "Total Return on UST Warrants: $311bn",
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      "text": "Illustrative Monetization Path for Treasury ($bn)",
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