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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "This slide is a classic example of an activist investor preempting a company's accounting adjustments by framing them as non-recurring.",
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      "text": "Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow",
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      "text": "Valeant's restructuring charges are cash and non-cash expenses incurred in connection with corporate restructurings\nThe vast majority of these restructurings relate to realizing synergies at newly acquired companies\nWe believe that if acquisitions were to stop today, restructuring charges would drop to zero",
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