Multiple holdings (Pershing Square portfolio)

Pershing Square · 2016-04
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

5
coverage by narrative range · generated from this deck JSON

Slide inventory

82
every slide · same image gating as the playbook
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Slide 1
front_matter
Open slide detailBeat · Situation & Context
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other
Open slide detailBeat · Situation & Context
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front_matter
Open slide detailBeat · Situation & Context
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transition
Open slide detailBeat · Situation & Context
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compare_peers
Open slide detailBeat · Situation & Context
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The chart highlights the significant outperformance of Pershing Square relative to the S&P 500 index over the specified period.compare_peers
07
The slide uses a split-table format to contrast positive and negative performance contributors.analyze_data
08
The slide uses a table to demonstrate historical performance attribution.analyze_data
09
The slide includes a footnote clarifying the relationship between core funds and co-investment vehicles.analyze_data
10
transition
11
transition
12
This slide serves as a company profile for an activist investor presentation.establish_context
13
establish_context
14
summarize
15
The chart highlights Mondelez's underperformance relative to peers, with Mondelez shown in red.compare_peers
16
Uses a timeline to illustrate the accumulation of brands over time.diagnose_problem
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide uses a comparison frame to expose a gap between Mondelez's performance and the 'gold standard' 3G Capital approach.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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quantify_opportunity
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide uses a before-after comparison to demonstrate operational efficiency gains.illustrate_case
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide advocates for 3G Capital-style operational efficiency measures.propose_solution
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
21
The chart uses a visual bridge to show the gap between the 2018 target and the activist's 'optimized' projection.quantify_opportunity
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
22
The chart highlights the correlation between activist intervention/company news and stock price movement.analyze_data
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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front_matter
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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summarize
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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summarize
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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The slide highlights the correlation between activist intervention (Pershing Square) and stock price appreciation.illustrate_case
Open slide detailBeat · Evidence & ProofLoop · Before After
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front_matter
Open slide detailBeat · Evidence & ProofLoop · Before After
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Slide 27 from an activist deck, likely Pershing Square.introduce_nominees
Open slide detailBeat · Evidence & ProofLoop · Before After
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The slide uses a chronological list format to document historical milestones of the activist campaign.summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
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The slide outlines specific levers for cost reduction and provides early evidence of success in Q4 2015.present_solution
Open slide detailBeat · Evidence & ProofLoop · Before After
31
The slide uses a simple list-based structure to compare historical results against forward-looking guidance.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Before After
32
The slide highlights the correlation between activist involvement (Pershing Square) and stock price appreciation.illustrate_case
Open slide detailBeat · Evidence & ProofLoop · Before After
33
front_matter
Open slide detailBeat · Evidence & ProofLoop · Before After
34
summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
35
The slide uses a mix of checkmarks for positive performance and an 'x' for the negative FX impact.summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
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The chart uses a dashed line to indicate the average cost basis of $16.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Before After
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transition
Open slide detailBeat · Evidence & ProofLoop · Before After
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Slide 37 of an activist deck.summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
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OR refers to Operating Ratio, a key metric in the railroad industry.summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
40
The chart uses a line graph to track stock price over time, with callout boxes highlighting specific dates and events.illustrate_case
Open slide detailBeat · Evidence & ProofLoop · Before After
41
front_matter
42
The slide serves as a company profile and thesis summary for an activist investor deck.establish_context
43
The slide uses a two-part structure: positive business developments followed by a preemptive rebuttal regarding market concerns.summarize
44
The chart highlights the starting price of $37 and the ending price of $103.analyze_data
45
transition
46
frame_situation
Open slide detailLoop · Cost Of Inaction
47
The slide uses a line chart to correlate specific corporate announcements with stock price volatility.expose_contradiction
Open slide detailLoop · Cost Of Inaction
48
Page number 47.transition
Open slide detailLoop · Cost Of Inaction
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The slide uses a chronological list format to demonstrate momentum and positive change following activist engagement.summarize
Open slide detailLoop · Cost Of Inaction
50
introduce_nominees
Open slide detailLoop · Cost Of Inaction
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The slide highlights the massive value destruction of the investment.diagnose_problem
Open slide detailLoop · Cost Of Inaction
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front_matter
Open slide detailLoop · Cost Of Inaction
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The slide highlights EBITDA decline, FX headwinds, leadership turnover, guidance cuts, and high leverage.diagnose_problem
Open slide detailLoop · Cost Of Inaction
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summarize
Open slide detailLoop · Cost Of Inaction
55
The slide uses a callout to highlight Pershing Square's initial investment and subsequent purchase, contrasting the stock's performance against the initial $10 expose_contradiction
Open slide detailLoop · Cost Of Inaction
56
Likely a section divider or placeholder slide in an activist deck regarding mortgage finance.filler
57
The slide highlights core business improvement, the indispensability of the GSEs, and legal momentum regarding the Net Worth Sweep.summarize
58
The chart uses dashed lines to indicate the average cost basis for both stocks.analyze_data
59
front_matter
60
Slide 59 of an activist investor deck.summarize
61
The chart highlights the decline from the $10.50 entry point to the $8.28 price as of April 2016.diagnose_problem
62
transition
63
Uses a CEO quote and legislative action to build a case for the pyramid scheme thesis.expose_contradiction
64
This slide is part of an activist investor presentation (Pershing Square) arguing for a short position.preempt_rebuttal
65
This is a classic activist investor slide designed to undermine management credibility by contrasting past projections with current reality.diagnose_problem
66
The slide uses a dual-axis combo chart (bar + line) to illustrate the correlation between member counts and YoY growth rates.diagnose_problem
67
The slide explicitly calls out a statement by President Des Walsh as 'false'.expose_contradiction
68
expose_contradiction
69
The slide highlights a divergence between operational performance and valuation multiples.analyze_data
70
The slide uses a dashed line to indicate the average cost basis of $47 against the current price of $58.analyze_data
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transition
Open slide detailBeat · Impact & Next Steps
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summarize
Open slide detailBeat · Impact & Next Steps
73
The slide defines 'Permanent' capital as the sum of GP and affiliates (4%), deferred incentive fees (3%), PSH NAV (33%), and PSH bond (8%).analyze_data
Open slide detailBeat · Impact & Next Steps
74
The slide provides a snapshot of the valuation gap between the market price and the NAV of the fund.analyze_data
Open slide detailBeat · Impact & Next Steps
75
The slide uses a dual-line chart to visualize the valuation gap.diagnose_problem
Open slide detailBeat · Impact & Next Steps
76
The chart highlights a significant disparity between broker-traded and exchange-traded volumes.analyze_data
Open slide detailBeat · Impact & Next Steps
77
The slide highlights that broker trading volume is 2.3x exchange traded volume.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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Page number 80 at the bottom center.other
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps