Pershing Square Portfolio (multi-position annual update)

Pershing Square Capital Management · 2015-01
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON

Slide inventory

81
every slide · same image gating as the playbook
01
Slide 1
front_matter
03
front_matter
04
transition
Open slide detailBeat · Attention
05
compare_peers
Open slide detailBeat · Interest
06
The chart highlights the significant outperformance of Pershing Square (696.2%) compared to the S&P 500 (132.1%).analyze_data
Open slide detailBeat · Interest
07
The slide highlights superior performance in down markets compared to the S&P 500.compare_peers
Open slide detailBeat · Interest
08
The slide displays two side-by-side tables categorizing investments as 'Winners' or 'Losers' with their respective percentage returns.analyze_data
Open slide detailBeat · Interest
09
Includes a footnote regarding HKD call options for specific years.analyze_data
Open slide detailBeat · Interest
10
Includes a detailed disclaimer regarding the calculation of AUM and specific fund inclusions.analyze_data
Open slide detailBeat · Interest
11
The chart includes a horizontal dashed line representing the historical average of 13.6%.analyze_data
Open slide detailBeat · Desire
12
transition
Open slide detailBeat · Desire
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summarize
Open slide detailBeat · Desire
14
summarize
Open slide detailBeat · Desire
15
The slide uses checkmarks and an 'x' to visually indicate goal attainment.summarize
Open slide detailBeat · Desire
16
The diagram uses a central triangle to represent the entity, with arrows indicating capital inflows from public and private sources.establish_context
Open slide detailBeat · Desire
17
analyze_data
Open slide detailBeat · Desire
18
The chart shows a shift from shorter-term capital (1-2 year) to longer-term/permanent capital between 2009 and 2014.analyze_data
Open slide detailBeat · Desire
19
The slide uses a simple table to demonstrate the liquidity benefit of permanent capital structures.analyze_data
Open slide detailBeat · Desire
20
transition
Open slide detailBeat · Desire
21
summarize
Open slide detailBeat · Action
22
front_matter
Open slide detailBeat · Action
23
This slide outlines the chronological sequence of the Allergan investment case.illustrate_case
Open slide detailBeat · Action
24
summarize
Open slide detailBeat · Action
25
establish_context
Open slide detailBeat · Action
26
Uses red 'x' icons to emphasize hostile actions.expose_contradiction
Open slide detailBeat · Action
27
The slide uses a timeline-annotated line chart to demonstrate value creation following activist intervention.illustrate_case
Open slide detailBeat · ActionLoop · Before After
28
transition
Open slide detailBeat · Action
29
This slide uses a 'villain' framing technique to discredit the company's business model.expose_contradiction
Open slide detailBeat · Action
30
The slide uses callout boxes to annotate specific dates on a line chart, illustrating the correlation between events and stock performance.illustrate_case
Open slide detailBeat · Action
31
The slide uses a line chart with callout boxes to correlate specific news events with stock price drops.summarize
Open slide detailBeat · Action
32
The slide uses a clear 'before-after' framing to validate the activist's short thesis.analyze_data
Open slide detailBeat · ActionLoop · Before After
33
The slide uses a red box to highlight the delta in growth, emphasizing the negative trend.diagnose_problem
Open slide detailBeat · Action
34
The chart illustrates the 'debt-for-equity' swap dynamic where debt increased while market cap declined.diagnose_problem
Open slide detailBeat · Action
35
front_matter
Open slide detailBeat · Action
36
Slide 36 from a Pershing Square activist deck.summarize
Open slide detailBeat · Action
37
introduce_nominees
Open slide detailBeat · Action
38
summarize
Open slide detailBeat · Action
39
The slide uses callout boxes to link specific corporate milestones to share price movements.illustrate_case
Open slide detailBeat · Action
40
The slide uses callout boxes to link specific dates and events to movements in the stock price.illustrate_case
Open slide detailBeat · Action
41
front_matter
Open slide detailBeat · Action
42
summarize
Open slide detailBeat · Action
43
summarize
Open slide detailBeat · Action
44
The chart tracks share price from Jan 2014 to Dec 2014, ending at $224.analyze_data
Open slide detailBeat · ActionLoop · Before After
45
The slide uses a timeline-annotated line chart to correlate corporate milestones with stock price appreciation.illustrate_case
Open slide detailBeat · Action
46
front_matter
Open slide detailBeat · Action
47
summarize
Open slide detailBeat · Action
48
The chart highlights the impact of the Tim Hortons acquisition on share price.illustrate_case
Open slide detailBeat · Action
49
The chart highlights a significant growth period for the stock.analyze_data
Open slide detailBeat · Action
50
front_matter
Open slide detailBeat · Action
51
summarize
Open slide detailBeat · Action
52
The slide uses callouts to correlate specific M&A events with stock price movements.illustrate_case
Open slide detailBeat · Action
53
The chart highlights a significant growth period for the stock.analyze_data
Open slide detailBeat · Action
54
front_matter
Open slide detailBeat · Action
55
This slide serves as a company profile for an activist investment target.introduce_nominees
Open slide detailBeat · Action
56
The slide uses a line chart to demonstrate value creation following activist intervention.illustrate_case
Open slide detailBeat · Action
57
front_matter
Open slide detailBeat · Action
58
establish_context
Open slide detailBeat · Action
59
The chart highlights the year-end price of $130.analyze_data
Open slide detailBeat · Action
60
The slide highlights a significant positive return following a corporate spinoff.summarize
Open slide detailBeat · Action
61
The slide is minimalist, containing only the logos of the two government-sponsored enterprises on a grey background bar.front_matter
Open slide detailBeat · Action
62
The slide outlines the core conflict between shareholders and the U.S. Treasury regarding the GSEs.frame_problem
Open slide detailBeat · Action
63
The chart highlights a specific event (court dismissal) that correlates with a sharp drop in share price.expose_contradiction
Open slide detailBeat · Action
64
The chart tracks two entities over time, showing a significant rise and subsequent decline in share price.analyze_data
Open slide detailBeat · Action
65
transition
Open slide detailBeat · Action
66
appendix
Open slide detailBeat · Action
67
The chart illustrates the impact of an M&A event on share price.illustrate_case
Open slide detailBeat · Action
68
The chart uses a callout to mark the acquisition event.analyze_data
Open slide detailBeat · Action
69
The slide highlights a negative performance outcome for the activist investor's position.summarize
Open slide detailBeat · Action
70
illustrate_case
Open slide detailBeat · Action
71
The slide highlights the lack of performance during the holding period.analyze_data
Open slide detailBeat · Action
72
The chart illustrates the value creation of the GGP investment including Howard Hughes and Rouse spinoffs.illustrate_case
Open slide detailBeat · Action
73
transition
Open slide detailBeat · Action
74
The chart includes a legend for new hires and operational leadership group members.other
Open slide detailBeat · Action
75
introduce_nominees
Open slide detailBeat · Action
76
introduce_nominees
Open slide detailBeat · Action
77
introduce_nominees
Open slide detailBeat · Action
78
introduce_nominees
Open slide detailBeat · Action
79
introduce_nominees
Open slide detailBeat · Action
80
Standard legal boilerplate for an activist investor presentation.other
Open slide detailBeat · Action
81
other
Open slide detailBeat · Action