Pershing Square Holdings Portfolio (multi-position) (PSH)

William Ackman · 2017-01
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
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Deck intelligence map

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coverage by narrative range · generated from this deck JSON

Slide inventory

95
every slide · same image gating as the playbook
01
Slide 1
front_matter
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front_matter
04
transition
Open slide detailBeat · Attention
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compare_peers
Open slide detailBeat · Attention
06
The chart highlights the significant outperformance of Pershing Square, L.P. (503.1%) compared to the S&P 500 (163.4%) over the specified period.analyze_data
07
The slide highlights Pershing Square's performance relative to the S&P 500, specifically emphasizing lower losses in down months.compare_peers
08
The slide uses a split-table format to contrast positive and negative performance drivers.analyze_data
09
Includes a footnote regarding a change in reporting methodology for HKD call options between 2010-2014 and 2015-2016.analyze_data
10
The slide provides a breakdown of AUM by fund entity.analyze_data
11
transition
12
The chart displays 52 quarters of performance data.analyze_data
13
The slide explicitly attributes the negative performance period to the Valeant investment.analyze_data
Open slide detailBeat · Need
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The slide highlights specific portfolio actions (CP, Zoetis, Chipotle, Valeant) and internal organizational progress.summarize
Open slide detailBeat · Need
15
The slide uses a table structure to categorize holdings by percentage of capital.summarize
Open slide detailBeat · Satisfaction
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transition
Open slide detailBeat · Satisfaction
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establish_context
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
20
The slide uses a 'before-after' framing to highlight the gap between current performance and potential.expose_gap
Open slide detailBeat · SatisfactionLoop · Before After
21
The chart highlights Mondelez in red, separated from the peer group by a dashed line.compare_peers
Open slide detailBeat · SatisfactionLoop · Before After
22
The chart highlights specific dates (2/3/16, 6/30/16, 8/29/16) and their corresponding impact or context on the stock price.analyze_data
Open slide detailBeat · SatisfactionLoop · Before After
23
The chart uses callout boxes to link specific dates and corporate events to fluctuations in the stock price.illustrate_case
Open slide detailBeat · SatisfactionLoop · Before After
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transition
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
26
The slide uses a green callout box for the CEO's performance and a yellow highlight for the track record of EPS growth.summarize
Open slide detailBeat · Satisfaction
27
summarize
Open slide detailBeat · Satisfaction
28
The chart uses a dual-line approach to show the adjusted performance (APD + VSM) versus the standalone APD stock price.illustrate_case
Open slide detailBeat · SatisfactionLoop · Before After
29
The chart tracks two lines: APD (green) and APD + VSM (blue), illustrating the value creation including the Versum spinoff.illustrate_case
Open slide detailBeat · SatisfactionLoop · Before After
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transition
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
32
summarize
Open slide detailBeat · Satisfaction
33
The chart includes a callout box annotating a specific event in early January 2016.analyze_data
Open slide detailBeat · Satisfaction
34
The chart illustrates the total return including dividends since the merger.analyze_data
Open slide detailBeat · Satisfaction
35
transition
Open slide detailBeat · Satisfaction
36
establish_context
Open slide detailBeat · Satisfaction
37
The slide uses a contrast-based structure to highlight operational success versus market perception.summarize
Open slide detailBeat · Satisfaction
38
analyze_data
Open slide detailBeat · Satisfaction
39
The chart highlights the growth from an initial price of $37 to a final price of $106.analyze_data
Open slide detailBeat · Satisfaction
40
Minimalist slide featuring the Chipotle logo and a capital allocation percentage.transition
Open slide detailBeat · Satisfaction
41
establish_context
Open slide detailBeat · Satisfaction
42
Uses a 'buy the dip' investment thesis logic.frame_situation
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
44
The slide uses a comparison table to expose the complexity of competitor ingredients versus Chipotle's simple, recognizable list.compare_peers
Open slide detailBeat · Satisfaction
45
The slide uses a color-coded grid (green=positive, yellow=neutral/mixed, red=negative) to highlight Chipotle's superiority.compare_peers
Open slide detailBeat · Satisfaction
46
quantify_opportunity
Open slide detailBeat · Satisfaction
47
Uses a convergence diagram to show market share shift toward Fast Casual.frame_situation
Open slide detailBeat · Satisfaction
48
Page 48 of an activist deck.quantify_opportunity
Open slide detailBeat · Satisfaction
49
summarize
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
51
summarize
Open slide detailBeat · Satisfaction
52
The chart illustrates the impact of the 2015-2016 food safety crisis and subsequent recovery.analyze_data
Open slide detailBeat · Satisfaction
53
The chart uses a dashed horizontal line to indicate the average cost basis.analyze_data
Open slide detailBeat · Satisfaction
54
Likely a transition or placeholder slide in an activist investor deck.filler
Open slide detailBeat · Satisfaction
55
The slide references a 2014 investment thesis presented at an Annual Dinner.summarize
Open slide detailBeat · Satisfaction
56
propose_solution
Open slide detailBeat · Satisfaction
57
The slide uses a quote to establish political momentum for a specific investment thesis.cite_precedent
Open slide detailBeat · Satisfaction
58
The slide uses a quote to establish political alignment and the necessity of reform.cite_precedent
Open slide detailBeat · Satisfaction
59
The slide uses a dual-line chart to compare two related financial assets over a one-year period.analyze_data
Open slide detailBeat · Satisfaction
60
The chart includes dashed horizontal lines representing the average cost basis for each stock.analyze_data
Open slide detailBeat · Satisfaction
61
Minimalist slide used to segment the presentation.transition
Open slide detailBeat · Satisfaction
62
The slide highlights the regulatory pressure on Herbalife's business model.cite_precedent
Open slide detailBeat · Satisfaction
63
The slide uses direct quotes from the FTC complaint to validate the activist's thesis.cite_precedent
Open slide detailBeat · Satisfaction
64
diagnose_problem
Open slide detailBeat · Satisfaction
65
The slide uses a dashed line to highlight a specific period of decline following the FTC announcement.expose_contradiction
Open slide detailBeat · Satisfaction
66
Slide 66 from an activist investor presentation.summarize
Open slide detailBeat · Satisfaction
67
The chart illustrates the performance of the short position relative to the entry price.analyze_data
Open slide detailBeat · Satisfaction
68
transition
Open slide detailBeat · Satisfaction
69
The slide uses a 'positive progress vs. valuation discount' framing to set up an activist thesis.summarize
Open slide detailBeat · Satisfaction
70
The chart highlights a significant drop in share price early in the year, followed by volatility.diagnose_problem
Open slide detailBeat · Satisfaction
71
The chart includes annotations for specific investment events by Pershing Square.analyze_data
Open slide detailBeat · Satisfaction
72
The slide is a minimalist section divider with the Valeant logo and a capital allocation metric.transition
Open slide detailBeat · Satisfaction
73
Slide 73 from a Pershing Square activist deck regarding Valeant Pharmaceuticals.summarize
Open slide detailBeat · Satisfaction
74
decompose_segments
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
76
The slide uses a timeline-annotated line chart to correlate specific corporate governance and financial events with a sharp decline in equity value.diagnose_problem
Open slide detailBeat · Satisfaction
77
The slide uses a dashed line to anchor the initial cost basis ($196) against the current price ($15) to visually emphasize the magnitude of the loss.diagnose_problem
Open slide detailBeat · Satisfaction
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transition
Open slide detailBeat · Satisfaction
79
summarize
Open slide detailBeat · Satisfaction
80
The slide uses callouts to correlate specific earnings report dates with stock price movements.diagnose_problem
Open slide detailBeat · Satisfaction
81
The chart highlights the entry point of Pershing Square at $10.50 and the subsequent performance relative to that cost basis.diagnose_problem
Open slide detailBeat · Satisfaction
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transition
Open slide detailBeat · Satisfaction
83
Slide 83 of the deck.analyze_data
Open slide detailBeat · Satisfaction
84
transition
Open slide detailBeat · Satisfaction
85
Contains logos for CP (Canadian Pacific) and Zoetis.appendix
Open slide detailBeat · Satisfaction
86
The chart uses a line graph to track share price over time, with callout boxes marking specific dates and events.illustrate_case
Open slide detailBeat · Satisfaction
87
The chart uses a line graph to correlate specific activist interventions with stock price movements.illustrate_case
Open slide detailBeat · Satisfaction
88
transition
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
90
introduce_nominees
Open slide detailBeat · Satisfaction
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Slide 91 of the deck.summarize
Open slide detailBeat · Satisfaction
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The chart highlights the Investment Team with a blue border, indicating they are part of the Operational Leadership Group.other
Open slide detailBeat · Satisfaction
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Slide 93 of the deck.present_framework
Open slide detailBeat · Satisfaction
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Page number 94 at the bottom.other
Open slide detailBeat · Satisfaction
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appendix
Open slide detailBeat · Satisfaction