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Pershing Square · activist-deck

Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)

82 pages · 5 arc beats · 2 loops

Activist-Deck Download JSON
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Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)

Pershing Square · 2016-04
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
—

Deck intelligence map

5
coverage by narrative range · generated from this deck JSON
Narrative range 40 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 4 slides 100% 4/4 slides 100% 4/4 slides · 10 hits
— 0/4 slides
— 0/4 slides
— 0/4 slides
100% 4/4 slides
— 0/4 slides
Problem & Complication 5 slides 100% 5/5 slides 100% 5/5 slides · 29 hits
— 0/5 slides
80% 4/5 slides · 6 hits 80% 4/5 slides 100% 5/5 slides · 9 hits 100% 5/5 slides · 8 hits Evidence & Proof 8 slides 100% 8/8 slides 100% 8/8 slides · 49 hits
— 0/8 slides
50% 4/8 slides · 6 hits 62.5% 5/8 slides 100% 8/8 slides · 17 hits 100% 8/8 slides · 12 hits Solution & Approach 11 slides 100% 11/11 slides 100% 11/11 slides · 62 hits
— 0/11 slides
18.2% 2/11 slides · 3 hits 45.5% 5/11 slides 100% 11/11 slides · 18 hits 54.5% 6/11 slides · 8 hits Impact & Next Steps 12 slides 100% 12/12 slides 100% 12/12 slides · 43 hits
— 0/12 slides
8.3% 1/12 slides
— 0/12 slides
100% 12/12 slides
— 0/12 slides

Slide inventory

82
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Situation & Context
02
other
Open slide detailBeat · Situation & Context
03
front_matter
Open slide detailBeat · Situation & Context
04
transition
Open slide detailBeat · Situation & Context
05
compare_peers
Open slide detail
06
The chart highlights the significant outperformance of Pershing Square relative to the S&P 500 index.compare_peers
Open slide detail
07
The slide uses a split-table format to contrast positive and negative performance contributors.analyze_data
Open slide detail
08
The table demonstrates that both long and short strategies have contributed to performance, with short positions providing positive returns in years where long analyze_data
Open slide detail
09
The slide includes a footnote clarifying the relationship between specific funds and the PSV co-investment vehicle.analyze_data
Open slide detail
10
transition
Open slide detail
11
front_matter
Open slide detail
12
Slide 11 from an activist investor deck.establish_context
Open slide detail
13
establish_context
Open slide detail
14
size_opportunity
Open slide detail
15
The chart uses a red bar for Mondelez to emphasize its underperformance relative to the blue-colored peer group.compare_peers
Open slide detail
16
Uses a timeline to illustrate the accumulation of brands (Jacobs, Nabisco, Cadbury, Milka, LU) leading to the formation of Mondelez.diagnose_problem
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
17
The slide uses a visual comparison to frame Mondelez's ZBB implementation as inferior to the 3G benchmark.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
18
The slide uses a table to bridge the gap between asset utilization and margin impact.quantify_opportunity
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
19
The slide uses a before-after comparison to demonstrate operational efficiency gains.illustrate_case
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
20
The slide advocates for 3G Capital-style operational efficiency measures.propose_solution
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
21
The chart uses a waterfall-like progression to show margin expansion potential.quantify_opportunity
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
22
The chart highlights the correlation between activist intervention/company announcements and stock price movement.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Before After
23
front_matter
Open slide detailBeat · Evidence & ProofLoop · Before After
24
summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
25
summarize
Open slide detailBeat · Evidence & ProofLoop · Before After
26
The slide highlights the correlation between activist intervention (Pershing Square) and stock price appreciation.illustrate_case
Open slide detailBeat · Solution & Approach
27
front_matter
Open slide detailBeat · Solution & Approach
28
Slide 27 of an activist deck.establish_context
Open slide detailBeat · Solution & Approach
29
summarize
Open slide detailBeat · Solution & Approach
30
The slide outlines specific levers for cost reduction and provides early evidence of success in Q4 2015.present_solution
Open slide detailBeat · Solution & Approach
31
The slide uses a simple list-based structure to compare historical results against forward-looking guidance.analyze_data
Open slide detail
32
The slide highlights the correlation between activist involvement (Pershing Square) and stock price appreciation.illustrate_case
Open slide detail
33
front_matter
Open slide detail
34
summarize
Open slide detail
35
The slide uses a mix of checkmarks for positive performance and an 'x' for the negative FX impact.summarize
Open slide detail
36
The chart uses a dashed line to indicate the average cost basis of $16.analyze_data
Open slide detail
37
transition
Open slide detail
38
summarize
Open slide detail
39
OR = Operating Ratio; f/x = foreign exchange; bps = basis points; NS = Norfolk Southern.summarize
Open slide detail
40
The slide uses a timeline-annotated line chart to correlate corporate milestones and activist actions with stock price appreciation.illustrate_case
Open slide detail
41
front_matter
Open slide detail
42
The slide serves as a company profile and thesis summary for an activist investor deck.establish_context
Open slide detail
43
The slide uses a two-part structure: positive business developments followed by a preemptive rebuttal regarding market concerns.summarize
Open slide detail
44
The chart highlights the starting price of $37 and the ending price of $103.analyze_data
Open slide detail
45
transition
Open slide detail
46
establish_context
Open slide detail
47
The slide uses a line chart with callout boxes to correlate specific news events with stock price volatility.establish_context
Open slide detail
48
transition
Open slide detail
49
The slide uses a bulleted list format to track events chronologically, effectively serving as a timeline.summarize
Open slide detail
50
introduce_nominees
Open slide detail
51
The slide highlights the massive value destruction of the investment.diagnose_problem
Open slide detail
52
front_matter
Open slide detail
53
The slide highlights EBITDA decline, FX headwinds, leadership turnover, guidance cuts, and high leverage.diagnose_problem
Open slide detail
54
summarize
Open slide detail
55
The slide highlights the poor performance of the stock relative to the initial investment price of $10.expose_contradiction
Open slide detail
56
The slide consists of a grey horizontal bar containing the logos of the two government-sponsored enterprises.front_matter
Open slide detail
57
summarize
Open slide detail
58
The chart includes dashed horizontal lines indicating average cost levels for both stocks.analyze_data
Open slide detail
59
front_matter
Open slide detail
60
Slide 59 of an activist investor deck.summarize
Open slide detail
61
The chart highlights the decline from the $10.50 entry point to the $8.28 price as of April 2016.diagnose_problem
Open slide detail
62
transition
Open slide detail
63
Uses a combination of direct quotes, financial data, and regulatory/political pressure to build the case.expose_contradiction
Open slide detail
64
This is an activist short-seller slide (Pershing Square) framing regulatory risk as a catalyst for the company's collapse.preempt_rebuttal
Open slide detail
65
Uses footnotes to provide context for financial claims.expose_contradiction
Open slide detail
66
The slide uses a dual-axis combo chart (bar + line) to illustrate the correlation between absolute member counts and YoY growth rates.diagnose_problem
Open slide detail
67
The slide uses a 'pyramid' metaphor to describe the business model and explicitly labels a company statement as 'false'.expose_contradiction
Open slide detail
68
expose_contradiction
Open slide detail
69
The slide highlights a divergence between operational performance and valuation multiples.analyze_data
Open slide detail
70
The slide uses a dashed line to indicate the average cost basis of $47 against the current price of $58.analyze_data
Open slide detail
71
transition
Open slide detailBeat · Impact & Next Steps
72
summarize
Open slide detailBeat · Impact & Next Steps
73
The slide defines permanent capital as the sum of GP and Affiliates, Deferred Incentive Fees, PSH NAV, and PSH Bond.analyze_data
Open slide detailBeat · Impact & Next Steps
74
The slide provides a snapshot of the valuation gap between the fund's NAV and its market trading price.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
78
transition
Open slide detailBeat · Impact & Next Steps
79
other
Open slide detailBeat · Impact & Next Steps
80
transition
Open slide detailBeat · Impact & Next Steps
81
Page number 80 at the bottom center.other
Open slide detailBeat · Impact & Next Steps
82
other
Open slide detailBeat · Impact & Next Steps