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  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2013-05-01 00:00:00",
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      "kind": "callout",
      "text": "Previous P&G leadership believed a 52% gross margin was only the starting point for a company that had not yet reached peer levels",
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      "text": "- A.G. Lafley, Former CEO 2007 Annual Report",
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      "text": "We’ll also continue to improve gross margins. The Company’s current gross margin is about 52%. We can earn a higher total company margin by achieving best-in-class margins in more categories and business units. Based on industry benchmarking, we believe that only about half of P&G businesses have gross margins better than their competitive peer set. As we get more of our businesses to best-in-class levels, we’ll increase our total company margin.",
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      "text": "Gross Margins – Untapped Opportunity",
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