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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 a CEO quote to contradict the company's stated capital allocation strategy.",
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      "text": "Capital return program is not designed to create shareholder value\nAllergan's buyback program aims only to offset the dilution from stock based compensation – Valuation is not a consideration\nDid not buy back shares last year when the stock fell to the $80-$90 per share range and stayed in that range for several months",
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      "kind": "paragraph",
      "text": "David Pyott, Allergan Chairman and CEO; Q4 2013 Earnings Call:",
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      "text": "Well, maybe ending with the easiest part. On share repurchase, over a long period of time, our goal has been to hold the share count roughly flat. We'll go up and down at the margin quarter-to-quarter, so the treasury is on the other side, if you like of the dilution caused by employees appropriately exercising their stock options.",
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      "text": "Flawed Capital Allocation Framework: Share Buybacks",
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