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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide is part of an activist deck (likely Pershing Square's Valeant presentation) justifying non-GAAP accounting adjustments.",
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      "text": "These are impairments of pipeline assets that Valeant is required to capitalize under GAAP purchase accounting rules. These impairments do not impact the company's free cash flow in the reporting period or management's expectation of future free cash flow. Valeant underwrites all of its acquisitions assuming the value of the target's pipeline is zero.",
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