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  "documentTitle": "Pershing Square | Investor Presentation Deck | 57 slides",
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  "presentationDate": "2021-02-01 00:00:00",
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  "notes": "Includes a disclosure about Pershing Square's investment history with Starbucks.",
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      "text": "Pershing Square exited our initial investment in Starbucks in January 2020. We opportunistically repurchased a stake in the company during the March market downturn",
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      "text": "The \"great human reconnection\" will further strengthen Starbucks",
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      "text": "Pent-up consumer demand for the \"third place\" experience; Opportunity to regain sales driven by breakfast and commuting routines",
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      "text": "China's growth plan is firmly intact, with 600 stores set to open this year; Demise of Luckin Coffee improves competitive environment in China",
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      "text": "December investor day underscored management's confidence; Increased long-term outlook for revenue growth, margins, and earnings growth",
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      "text": "Outstanding recent performance despite severe headwinds from COVID",
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      "text": "SBUX is already nearing a full sales recovery and should be a major beneficiary of a reopened global economy",
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      "text": "Source: Company filings",
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