{
  "docId": "019de06f-3063-736e-8efe-3c325f18f2f1",
  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 58,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a two-column layout to contrast the current issue with the benefits of the proposed solution.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3063-736e-8efe-3c325f18f2f1/31",
  "deckHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1",
  "deckJsonHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1.json",
  "deckAnchorHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.165,
        "w": 0.635,
        "x": 0.333,
        "y": 0.785
      },
      "kind": "list",
      "text": "McOpCo's management can be compensated based on the market performance of its business; McOpCo managerial focus will improve as a result of having greater accountability, increased responsibility, a better performance measuring yardstick via the public markets and more direct incentives",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12267222-08d1-45b5-af37-f265e9038554",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.415,
        "w": 0.635,
        "x": 0.333,
        "y": 0.305
      },
      "kind": "list",
      "text": "IPO of McOpCo would make margin improvement a key focus; No more corporate subsidies to buttress operating margins; McOpCo management can run its business based on the most appropriate operating strategy; Publicly traded arm's-length McOpCo would force improved capital allocation decisions and optimal pricing policy; Refranchising and redeploying capital/resources would better position McDonald's in the most attractive growth markets; Investors will respond well to margin and capital allocation improvement as well as the emerging markets growth story",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9aa38678-0e16-475b-83a0-04f6f1b00d54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.285,
        "x": 0.042,
        "y": 0.785
      },
      "kind": "paragraph",
      "text": "Managerial focus and incentives",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2167da8f-ff87-4be5-85d8-ac2c416a97d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.105,
        "w": 0.285,
        "x": 0.042,
        "y": 0.305
      },
      "kind": "paragraph",
      "text": "McOpCo is not reaching its full business and financial potential",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "901f9dea-2a6e-48f2-937f-92184aeff2cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.605,
        "x": 0.348,
        "y": 0.105
      },
      "kind": "title",
      "text": "Improving McOpCo's Operating Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7bd4c2c-697f-4bd1-86da-324241122918",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Problem-Agitate-Solve (PAS)",
      "slug": "problem-agitate-solve-pas",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "8749c2a4-e1f6-443c-bab5-7937f266e558",
      "evidence": "The slide presents a clear problem (McOpCo's underperformance), agitates it, and then provides a solution (improving managerial focus and incentives).",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}