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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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      "text": "McDonald's business structure hierarchy",
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      "text": "(1) Typical margins are illustrative restaurant EBITDA margins and assume the payment of a market rent and franchisee fee, similar to a franchisee. (2) Typical betas are Pershing approximations based on selected companies' Barra predictive betas.",
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      "text": "Characteristics of Cash Flow Streams",
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      "name": "Logic Chain",
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