{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-b5e2117e169a", "slug": "ff2d385c560d", "title": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)", "subtitle": "William Ackman · 2016-01", "author": "William Ackman", "date": "2016-01-28 00:00:00", "pageCount": 104, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)", "document": { "id": "019dd923-622c-750b-8b9b-b5e2117e169a", "slug": "ff2d385c560d", "title": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)", "rawTitle": "Annual Update Presentation Jan 2016", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2016-01-Pershing-Square-Annual-Update-Presentation-Jan-2016.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2016-01-28 00:00:00", "ingestedAt": "2026-04-23 00:24:38+00", "status": "ready", "pageCount": 104, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)", "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/ff2d385c560d", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 253.97757601737976 } }, "coverage": { "pageCount": 104, "pagesIndexed": 104, "pagesWithImages": 104, "pagesWithMetadata": 104, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 422, "chartCount": 43, "metricSlides": 0, "toolMatches": 37, "documentToolMatches": 4, "frameworkMatches": 34, "arcMatches": 1, "beatMatches": 6, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "6a55172f-d765-45bb-87f0-a909e1af4338", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting challenges and proposed solutions", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:48.595761+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Setup", "beatId": "642862df-9a04-4057-9451-47c1747a503a", "matchId": "6a55172f-d765-45bb-87f0-a909e1af4338", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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Other arcs embed evidence inline within development." }, "evidence": "Data and charts supporting the proposed solutions", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 104, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 95, "name": "Conclusion", "beatId": "72a32faf-4d65-416a-ab1d-efb6b246c54c", "matchId": "6a55172f-d765-45bb-87f0-a909e1af4338", "beatType": null, "evidence": "Summary of key takeaways and personnel updates", "position": 5, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 30, "from": 20, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "dd33ab9a-e9db-46a0-97c5-96fa77f7e2f4", "evidence": "Comparison of current and potential performance for portfolio companies", "position": 0, "objective": "Highlighting the contrast between current and potential performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:48.851339+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 50, "from": 40, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "2f31f28d-57eb-40a0-b1b1-25dcdb4565dd", "evidence": "Discussion of consequences of not taking action", "position": 1, "objective": "Emphasizing the importance of taking action", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:48.887689+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 70, "from": 60, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "5f658574-e39b-45f8-a160-fd2d5595f516", "evidence": "Before-and-after comparisons for portfolio companies", "position": 2, "objective": "Showcasing progress and improvements", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:48.923968+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f16813e3-f861-4790-9bb7-a557d1bd6c90", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f75e9939-a9f2-46b0-9277-4505ef812cfe", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ab26c5a7-eafa-41e3-81fc-b4a58bcb8f15", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. 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Post-mortem framing is unusually candid for Pershing: page 16 'Principal Mistakes We Made in 2015' explicitly names Valeant ('we relied too much on platform value', 'did not sufficiently discount regulatory risk at $196 average cost'), Platform Specialty, and CP as trim-miss errors. Page 18 'While We Wait for the Weighing Machine' is the strongest SCQA moment — classic Buffett/Graham invocation to justify staying the course. Herbalife section (pp.87-94) is the only adversarial/short thesis and uses CEO Michael Johnson's recruiting quote as the contradiction device. Mondelez section (pp.20-30) is the cleanest peer-gap + 3G-precedent case and is the most reusable for a swipe file. Deck uses standard Pershing Square blue-and-green institutional template — clean but not editorial-tier. 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Pershing Square Capital Management, L.P. (\"Pershing Square\") believes this presentation contains a balanced presentation of the performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:58.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b8ba2c4-1cb8-410f-b573-682523b080f3", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.832, "x": 0.084, "y": 0.325 }, "kind": "disclaimer", "text": "This presentation contains information and analyses relating to all of the publicly disclosed positions over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (\"PSH\" or the \"Company\") during 2015. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing Square investment.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:58.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c806f59-2857-4c31-99e8-136d5e6785e3", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.832, "x": 0.084, "y": 0.735 }, "kind": "disclaimer", "text": "This document may not be distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. This presentation is expressly qualified in its entirety by reference to PSH's prospectus which includes discussions of certain specific risk factors, tax considerations, fees and other matters, and its other governing documents.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:58.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f6112f7-75d8-4e61-8883-4232aac28f93", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.832, "x": 0.084, "y": 0.815 }, "kind": "disclaimer", "text": "SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:58.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d2e353b-90b5-499a-b65b-d84eb7b42298", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.832, "x": 0.084, "y": 0.535 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square's conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. See also \"Forward-Looking Statements\" in Additional Disclaimers and Notes to Performance Results at the end of this presentation. All trademarks included in this presentation are the property of their respective owners.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:58.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "910d9cba-8f43-48bf-9a76-32c53d7ca6fe", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.832, "x": 0.084, "y": 0.425 }, "kind": "disclaimer", "text": "Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the investments discussed herein. 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In addition, the due diligence performed by Pershing Square before investing may not reveal all relevant facts in connection with an investment;\nWhile Pershing Square may use litigation in pursuit of activist investment strategies, Pershing Square itself and PSH may be the subject of litigation or regulatory investigation;\nPershing Square may participate substantially in the affairs of portfolio companies, which may result in PSH's inability to purchase or sell the securities of such companies;\nPSH may invest in derivative instruments or maintain positions that carry particular risks. 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Ackman;\nPS Holdings Independent Voting Company Limited controls a majority of the voting power of all of PSH's shares;\nPSH shares may trade at a discount to NAV and their price may fluctuate significantly and potential investors could lose all or part of their investment;\nThe ability of potential investors to transfer their PSH shares may be limited by the impact on the liquidity of the PSH shares resulting from restrictions imposed by ERISA and similar regulations, as well as a 4.75 per cent. ownership limit;\nPSH is exposed to changes in tax laws or regulations, or their interpretation; and\nPSH may invest in United States real property holding corporations which could cause PSH to be subject to tax under the United States Foreign Investment in Real Property Tax Act.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:11.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8ec8aef-2f2f-48a3-b191-0ea73a18ce79", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.774, "x": 0.113, "y": 0.212 }, "kind": "paragraph", "text": "Risk Factors\nInvestors in PSH may lose all, or substantially all, of their investment in PSH. Any person acquiring shares in PSH must be able to bear the risks involved. These include, among other things, the following:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:11.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "038a4574-dcb3-411e-aff9-9c84193c2bb9", "parentComponentId": null }, { "bbox": { "h": 0.031, "w": 0.832, "x": 0.084, "y": 0.133 }, "kind": "title", "text": "Additional Disclaimers and Notes to Performance Results", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:11.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4ee603d-f086-48bf-b72c-959fb6514ede", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 104, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 95, "name": "Conclusion", "beatId": "72a32faf-4d65-416a-ab1d-efb6b246c54c", "matchId": "6a55172f-d765-45bb-87f0-a909e1af4338", "beatType": null, "evidence": "Summary of key takeaways and personnel updates", "position": 5, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Setup", "description": "Introduction and table of contents" }, { "from": 16, "to": 18, "label": "Problem Statement", "description": "Discussion of principal mistakes made in 2015" }, { "from": 19, "to": 25, "label": "Complication", "description": "Discussion of challenges faced by portfolio companies" }, { "from": 26, "to": 35, "label": "Solution", "description": "Proposed solutions and enhancements for portfolio companies" }, { "from": 36, "to": 50, "label": "Evidence", "description": "Data and charts supporting the proposed solutions" }, { "from": 95, "to": 104, "label": "Conclusion", "description": "Summary of key takeaways and personnel updates" } ], "loops": [ { "from": 20, "to": 30, "label": "Tale Two Worlds", "description": "Highlighting the contrast between current and potential performance" }, { "from": 40, "to": 50, "label": "Cost Of Inaction", "description": "Emphasizing the importance of taking action" }, { "from": 60, "to": 70, "label": "Before After", "description": "Showcasing progress and improvements" } ] }