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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": "The slide uses a chronological sequence of quotes to demonstrate a lack of progress.",
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      "kind": "quote",
      "text": "Well, clearly, we've stated over the years that gradually, the SG&A rates will come down into the mid-30s.",
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      "text": "Maybe a last comment on SG&A, we've said for some time now, we expect this to gradually trend down into the mid-30s. As a company, we've historically been very high.",
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      "text": "Going back to SG&A leverage, we've always stated that our target in the midterm is the mid-30s, so I'd reiterate that. And clearly, this is not by cutting. It just means the rate of increase for SG&A is lower than the rate of sales growth.",
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      "text": "Source: Company filings.",
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      "text": "SG&A Ratio 2010: 40% 2011: 40% 2013: 39%",
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      "kind": "title",
      "text": "Allergan Management has Admitted that SG&A is \"Very High\" but has not Made Meaningful Progress Solving the Problem",
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