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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "notes": "The slide uses a callout box to emphasize the negative impact of a specific corporate-led initiative.",
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      "text": "\"Made for You\" program is an example of a historical capital investment decision that may have been amended or prevented by an arm's-length McOpCo. Hundreds of millions of dollars of capital invested in a kitchen system that is widely considered inefficient. For many franchisees, it has led to decreased profitability, increased wait times and increased staffing requirements. Testing at McOpCo did not reveal the true economic impact of the program. \"Made for You\" problems could have been prevented if the system had the appropriate \"checks and balances\"",
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      "text": "Low ROIC investments are occasionally forced upon franchisees. McOpCo regional managers often make capital investment decisions they will not have to live with, given their status as salaried employees with limited tenure in any one position.",
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      "text": "(3) Capital allocation criteria / decision-making process varies between McOpCo and the franchisee community",
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      "text": "Strengthening the McDonald's System: What Franchisees Had to Say",
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