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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 a series of quotes to demonstrate management's failure to act on admitted inefficiencies.",
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      "kind": "quote",
      "text": "I think this will be more a case of evolution versus revolution.",
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      "text": "You're quite right that we've had very high SG&A ratios relative to the rest of the industry.... So the good news is that we have a lot more room for maneuver than most companies, and that will be helpful as we start doing that form of scenario planning.",
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      "kind": "quote",
      "text": "And one more big-picture question, I guess, for David. You talked a little bit about going to SG&A levels of sort of 35% over time, anything structurally that you're planning for next year?",
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      "text": "Allergan Management has Admitted that SG&A is \"Very High\" but has not Made Meaningful Progress Solving the Problem (Cont.)",
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