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  "docSlug": "a7c3404fe6d9b07e562dfbed52ad51d0",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 4,
  "pageCount": 43,
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  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a callout to point out a specific event (tax reform) that boosted earnings, contrasting it with the stagnant share price.",
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      "kind": "callout",
      "text": "U.S. corporate tax reform boosts earnings by ~11% before reinvestment(1)",
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      "kind": "chart",
      "text": "Share Price From 10/5/2015 to 10/5/2018",
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      "text": "Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50%",
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      "kind": "source-note",
      "text": "Source: Bloomberg (1) SBUX announced plans to reinvest approximately 45% of the savings from corporate tax reform into higher wages and benefits for U.S. partners and digital initiatives.",
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      "text": "Share Price Down Over the Last 3 Years",
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