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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-after-bridge framework to contrast historical problems with current successes.",
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      "kind": "callout",
      "text": "Market perception: \"McDonald's is a global brand business with strong momentum and significant cash flows\"",
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      "text": "Market perception: \"McDonald's is a poor performing restaurant company in need of a turnaround\"",
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      "text": "McDonald's Today",
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      "kind": "list",
      "text": "Introduced strong new products; Improved marketing; Slowed US unit growth, refranchised 30% of McOpCo stores; Improved disclosure; Increased share repurchases and raised dividend 3.75x",
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      "text": "Weak new products; Ineffective marketing; Poorly performing owned stores; Issues with capital allocation; Weak systemwide same-store sales",
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      "text": "(1) Time period referenced is 2002 through the first half of 2003.",
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      "text": "What Happened at McDonald's",
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