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  "notes": "The slide uses the 3G Capital model as a precedent to justify Valeant's strategy.",
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      "text": "3G has achieved extraordinary success in various businesses by implementing a culture of efficiency, cost discipline, zero-based budgeting, and shareholder-oriented capital allocation",
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      "text": "3G Case Studies: ABI ($175bn market cap, 511% TSR), BKW (TEV $4bn to $11bn), HNZ (EBITDA margins up 300-400bps)",
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      "text": "(1) Deutsche Bank estimate, April 8, 2014.",
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