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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "The slide uses a 'villain' framing by attributing the discount to a 'fundamental misconception' about the business.",
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      "text": "Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers. We believe this discount is due to a fundamental misconception about McDonald's business.",
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      "text": "(1) McDonald's stock price is based on a 30-day average trailing price as of 11/11/05.",
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