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

William Ackman · 2017-04
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
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Deck intelligence map

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coverage by narrative range · generated from this deck JSON

Slide inventory

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every slide · same image gating as the playbook
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Slide 1
front_matter
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other
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summarize
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Open slide detailBeat · Interest
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summarize
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The slide uses a standard 'Winners and Losers' format common in investor reporting to attribute performance to specific portfolio positions.compare_peers
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analyze_data
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transition
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transition
Open slide detailBeat · Desire
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establish_context
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summarize
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summarize
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The slide uses a 'before-after' framing to argue that current progress is insufficient compared to potential.diagnose_problem
Open slide detailBeat · DesireLoop · Before After
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The chart uses a red bar for the subject company (Mondelez) and blue bars for peers to highlight the performance gap.compare_peers
Open slide detailBeat · DesireLoop · Before After
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The chart uses a dashed line to indicate the reference price of ~$39 (average cost).analyze_data
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The slide is minimalist, featuring only the company logo and a capital allocation percentage.transition
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summarize
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summarize
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The chart highlights specific acquisition and purchase events by Pershing Square.analyze_data
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transition
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Page number 21 is present at the bottom.summarize
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summarize
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quantify_opportunity
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The chart uses callout boxes to link specific dates to corporate events, illustrating the impact of activist intervention.illustrate_case
Open slide detailBeat · DesireLoop · Before After
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transition
Open slide detailBeat · DesireLoop · Before After
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establish_context
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frame_situation
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summarize
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Uses a comparison table to highlight ingredient simplicity as a brand differentiator.summarize
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The slide uses a simple comparison-style table to define the company's competitive advantage.present_framework
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size_opportunity
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The slide uses a convergence diagram to show how three distinct market segments are funneling demand into the 'Fast Casual' category.frame_situation
Open slide detailBeat · Desire
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quantify_opportunity
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summarize
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summarize
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The chart illustrates a significant recovery in same-store sales starting in late 2016.analyze_data
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The chart uses a timeline-based annotation style to correlate corporate events with stock price movements.illustrate_case
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transition
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frame_situation
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The slide uses a two-part structure: operational progress updates followed by a preemptive rebuttal regarding market concerns.summarize
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The slide uses a timeline-annotated line chart to correlate stock performance with specific management actions.summarize
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Minimalist transition slide with company logo.transition
Open slide detailBeat · Desire
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The slide highlights the regulatory action taken against Herbalife and the financial impact of the settlement.cite_precedent
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Uses direct quotes from legal documents to validate the activist's thesis.cite_precedent
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diagnose_problem
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Slide 47 of an activist investor deck.summarize
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The slide uses a dashed line to indicate the average cost basis ($47) against the current price ($60).expose_contradiction
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This appears to be a fragment or a placeholder slide in a larger deck.other
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The slide reiterates a long-standing investment thesis originally presented in 2014.summarize
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summarize
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cite_precedent
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cite_precedent
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preempt_rebuttal
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The chart uses dashed horizontal lines to indicate average cost basis for the investor.analyze_data
Open slide detailBeat · Desire
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transition
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The slide uses a 'positive progress vs. valuation discount' contrast to set up an activist investment thesis.summarize
Open slide detailBeat · Desire
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The chart highlights specific acquisition announcements and leadership changes alongside Pershing Square's entry and cost basis.illustrate_case
Open slide detailBeat · Desire
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transition
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summarize
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The chart highlights the entry point of Pershing Square at $10.50 and the current price of $11.36.illustrate_case
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transition
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This appears to be a placeholder or redacted slide in an activist investor presentation.appendix
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The slide uses a callout box to emphasize the 94% loss, framing the investment performance as a significant negative outcome.analyze_data
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transition
Open slide detailBeat · Action
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transition
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summarize
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summarize
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propose_solution
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This slide outlines the 'Specified Matters' for the London listing, likely related to governance and shareholder rights.other
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summarize
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plan_implementation
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transition
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propose_solution
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transition
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The chart illustrates a widening discount over time, reaching approximately -20% by late 2016.analyze_data
Open slide detailBeat · Action
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The chart highlights a significant disparity between broker-traded and exchange-traded volumes.analyze_data
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Includes a specific callout regarding the ratio of broker trading volume to exchange traded volume.analyze_data
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transition
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The slide details the retirement of the COO and subsequent promotions of the CFO, Senior Controller, and other finance team members.summarize
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The slide only lists two of the four mentioned additions.introduce_nominees
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introduce_nominees
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The chart displays various departments including Investment Team, Legal & Compliance, Trading, Investor Relations, Finance, Human Resources, Public Relations, aother
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summarize
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other
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Contains specific dates (April 18, 2017; July 29, 2015; August 5, 2015) and regulatory references (ERISA, 13D filing).appendix
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