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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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  "nDataPoints": 4,
  "notes": "Uses a hypothetical mathematical example to illustrate the 'conglomerate discount' or misvaluation trap.",
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      "kind": "callout",
      "text": "We believe valuing this business as a 0% grower is wrong",
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      "text": "The market does not do a good job valuing a business comprised of segments with materially different growth prospects",
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      "text": "Consider a company with the following growth characteristics: 75% of revenue grew at 10%, 25% of revenue grew at -30%, Consolidated revenue growth = 0%",
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      "text": "Analysts would likely assign a multiple to the this business based on its 0% consolidated growth rate",
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      "kind": "title",
      "text": "Why Detailed Growth Disclosure is Important",
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