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Global slide inventory for the active corpus filters, with each row opening the slide detail view.

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Corpus coverage

319,975 slides

319,974 are described (100%), so the treemap can explain the corpus instead of just counting files.

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319,975
Described
319,974
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Showing 319,974 described slides — 100.0% of 319,975 rendered pages

+Context & problem43,76713.7% · 6,592 docs+Data & charts72,62022.7% · 8,666 docs+Meta & navigation45,93614.4% · 9,739 docs+Recommend & act67,04121.0% · 9,324 docs+Cases & evidence31,2569.8% · 6,067 docs+Frameworks2,1230.7% · 1,232 docs+Appendix35,68211.2% · 6,614 docs+Other21,5496.7% · 5,566 docs

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Slide collection

144,001-144,060 of 319,975

filter-aware
13
The slide uses a value-chain style breakdown to explain the economic model of McDonald's real estate and franchise operations.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
14
The slide uses a structural diagram to contrast the high-value real estate/franchise business with the lower-margin restaurant operator business.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
15
The slide uses a hierarchical structure to categorize business units and then compares them across four key financial metrics.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
16
Uses a before-after bridge diagram to illustrate the shift in EBITDA contribution.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
17
Uses a before-after bridge to illustrate the shift in business contribution profile.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
18
Includes specific arrows pointing to inter-company eliminations; mentions 75/25 G&A allocation assumption.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
19
The slide uses a specific G&A allocation assumption (75% to Real Estate/Franchise) to derive the EBITDA split.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
20
The slide uses a stacked bar chart to demonstrate that the Real Estate and Franchise segment is the primary driver of EBITDA growth, accounting for ~80% of the total.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Loop · Logic Chain1 hit
21
Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Assumes McOpCo pays franchise fees of 4% of sales and rent of 9% of sales.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
22
The slide uses historical context to frame the current McOpCo (McDonald's Company-Operated) model as a deviation from the original franchise-focused strategy.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
23
Includes a quote from Fred Turner to support the thesis that owner-operators are more effective than corporate managers.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
24
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & Approach1 hit
25
Outlines specific financial mechanics for a corporate spin-off/restructuring proposal.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
26
Uses a before-after transition diagram to illustrate the structural change.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
27
The slide uses a callout box for the thesis and bulleted lists for the supporting arguments.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
28
The slide uses a 'before-after' comparison structure to justify a corporate restructuring proposal.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
29
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
30
The slide uses a yellow callout box to summarize the thesis of the proposal.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
31
Part of Pershing Square's McOpCo IPO proposal.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
32
The slide uses a weighted average for the industry total to provide a benchmark for the proposed McOpCo IPO valuation.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
33
Includes detailed footnotes explaining the derivation of net debt, McOpCo stake, and share buyback assumptions.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & ApproachLoop · The Reveal1 hit
34
Includes a footnote reference (1) regarding after-tax IPO proceeds.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & Approach1 hit
35
Includes detailed footnotes explaining debt allocation, McOpCo stake, and share repurchase assumptions.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & Approach1 hit
36
The slide outlines a $14.7bn financing plan to recapitalize McDonald's, resulting in a 3.5x Total Debt/EBITDA ratio.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor Beat · Solution & Approach1 hit
37
Part of Pershing Square's proposal for a McOpCo IPO.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
38
The slide uses peer data to justify the financial feasibility of the proposed McDonald's spin-off structure.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
39
Part of a section on the McOpCo IPO proposal.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
40
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
41
The slide acts as a section divider or transition to the detailed analysis of the four areas.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
42
The slide uses a three-column layout to categorize management's objections and concludes with a summary statement that these are not gating issues.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
43
The slide highlights a specific qualitative judgment from advisors regarding market perception of the spun-off entity.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
44
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
45
Part of a section titled 'Developing a Response to the Company'.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
46
Uses the 'skin in the game' concept to challenge the necessity of corporate-owned units.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
47
Part of a section titled 'Developing a Response to the Company'.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
48
Part of section V: Developing a Response to the Company.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
49
The slide uses a provocative thesis to reframe the company's business model.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
50
The slide argues for a valuation re-rating of McDonald's based on its business model characteristics.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
51
The slide uses a scenario table to demonstrate how yield changes as the stock price increases, assuming a constant FCF per share.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
52
The chart distinguishes between 'Based on Pershing Assumptions' (1990-1999) and 'Based on Reported Financials' (2000-2004).Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
53
The slide uses a comparison frame to argue for the attractiveness of the proposed McDonald's restructuring.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
54
The slide uses a comparison table to highlight the yield advantage of the proposed McDonald's restructuring over risk-free government debt.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
55
The slide uses a comparative framework to highlight the yield advantage of McDonald's stock over government bonds.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
56
Includes a specific footnote regarding the McOpCo stake valuation.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
57
Part of section V: Developing a Response to the Company.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
58
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
59
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
60
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
61
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
62
Part of Pershing Square's proposal for McDonald's.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
63
Part of Pershing Square's activist proposal for McDonald's.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
64
The slide calculates taxable gain based on equity market value, IPO percentage, and adjusted basis, then applies a 38% tax rate to determine final after-tax distributions.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
65
The slide breaks down property value and leasehold value to arrive at a total collateral value of $46.4 billion.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
66
Part of Pershing Square's proposal analysis.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
67
Includes WACC sensitivity tables against Equity Risk Premium and Debt/TEV.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
68
Pershing Square | Activist Presentation Deck | 79 slidesPershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
69
Page number 68. Includes specific financial ratios and growth assumptions.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
70
The slide highlights that McOpCo is not paying market rent or franchise fees, as evidenced by the allocation of costs.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
71
Includes a footnote regarding D&A allocation assumptions.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit
72
Part of a Pershing Square activist deck regarding McDonald's.Pershing Square | Activist Presentation Deck | 79 slides · Pershing Square Capital Management
Activist deck Activist investor 1 hit