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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses color-coded quote boxes to present a narrative of persistent management failure.",
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      "kind": "quote",
      "text": "But in your contingency plans, I would imagine that there will be a lot of room to restructure, given how high your SG&A ratio is. Can you talk about how variable your costs are and how realistic it would be to bring down those costs...?",
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      "kind": "quote",
      "text": "And do you see a scenario where you could bring your SG&A ratio to the low 30s from, what 37%, 38%?",
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      "kind": "quote",
      "text": "You've talked about bringing your SG&A down to 35% over the last couple of years. But [I] understand why you are spending as much as you did in terms of SG&A, but are you still thinking of taking the SG&A amount down to 35%? And what do you mean by medium-term and near-term because it's been four years now you've been saying that. How should we be thinking about it?",
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      "text": "Analysts Recognize the Cost Opportunity but have Repeatedly Questioned Management's Commitment to Solving the Problem",
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