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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2008-05-01 00:00:00",
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  "notes": "Uses a 'before' snapshot to set up a future turnaround narrative.",
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      "kind": "callout",
      "text": "Just a few years ago, investor sentiment regarding McDonald's was negative",
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      "text": "Wall Street analysts were generally bearish on McDonald's stock citing: Weak same-store sales, Losing share to competitors, Poor consumer environment, Concerns regarding management's ability to turn around the Company, Restaurant companies were trading at low multiples",
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      "text": "EV / Fwd EBITDA: ~8.6x",
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      "text": "Avg stock price: ~$22",
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