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Pershing Square Holdings · activist-deck

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

57 pages · 4 arc beats · 0 loops

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

Pershing Square Holdings · 2021-02
arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 15 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Setup 4 slides 100% 4/4 slides 100% 4/4 slides · 10 hits
— 0/4 slides
— 0/4 slides
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100% 4/4 slides
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Complication 4 slides 100% 4/4 slides 100% 4/4 slides · 22 hits
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50% 2/4 slides
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100% 4/4 slides
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Evidence 4 slides 100% 4/4 slides 100% 4/4 slides · 24 hits
— 0/4 slides
50% 2/4 slides 75% 3/4 slides 100% 4/4 slides
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Solution 3 slides 100% 3/3 slides 100% 3/3 slides · 22 hits
— 0/3 slides
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33.3% 1/3 slides 100% 3/3 slides
— 0/3 slides

Slide inventory

57
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Setup
02
other
Open slide detailBeat · Setup
03
front_matter
Open slide detailBeat · Setup
04
transition
Open slide detailBeat · Setup
05
introduce_nominees
Open slide detail
06
appendix
Open slide detail
07
summarize
Open slide detail
08
The chart includes a secondary axis for the discount to NAV. The bottom callout highlights the narrowing of the discount to NAV as of Feb 16, 2021.analyze_data
Open slide detail
09
The slide highlights the impact of 2020 bond issuances on the overall capital structure and debt maturity profile.analyze_data
Open slide detail
10
The chart highlights specific debt issuance events (dates, amounts, and terms) as callouts against the ratio trend line.analyze_data
Open slide detail
11
summarize
Open slide detail
12
summarize
Open slide detail
13
Includes footnotes detailing calculation methodology for share ownership and discount metrics.analyze_data
Open slide detail
14
summarize
Open slide detail
15
other
Open slide detail
16
transition
Open slide detail
17
The slide uses a combination of percentage returns and basis point (bps) outperformance metrics.compare_peers
Open slide detailBeat · Complication
18
The table is split into two periods: PSLP (2004-2012) and PSH (2013-2020).compare_peers
Open slide detailBeat · Complication
19
The chart uses a vertical dashed line to mark the launch of PSH on December 31, 2012.compare_peers
Open slide detailBeat · Complication
20
The table aggregates positions with less than 50 basis points of contribution, except for share buybacks.analyze_data
Open slide detailBeat · Complication
21
analyze_data
Open slide detailBeat · Evidence
22
The chart uses a red dashed box to emphasize the 'Down Months' performance gap.compare_peers
Open slide detailBeat · Evidence
23
The chart uses a dotted line to visually connect the peak loss point for both indices in March 2009.compare_peers
Open slide detailBeat · Evidence
24
The slide uses a callout box to specifically contrast peak losses in March 2020.illustrate_case
Open slide detailBeat · Evidence
25
The slide includes a footnote clarifying that AUM figures are gross of accrued performance fees and include/exclude specific bond proceeds.analyze_data
Open slide detail
26
transition
Open slide detail
27
summarize
Open slide detail
28
The slide highlights a successful hedging strategy that generated $2.6bn in proceeds against $27mm in costs.analyze_data
Open slide detail
29
The chart uses dual y-axes to compare different index types (IG/Main vs HY).quantify_opportunity
Open slide detail
30
The slide highlights the strategic pivot from hedging to unwinding as market conditions evolved.analyze_data
Open slide detail
31
The slide highlights the performance of specific investments made between March 12 and April 3, 2020, showing significant returns by February 2021.analyze_data
Open slide detail
32
establish_context
Open slide detailBeat · Solution
33
The chart uses a dual-line approach to show the adjusted performance including warrants versus the standalone share price.analyze_data
Open slide detailBeat · Solution
34
summarize
Open slide detailBeat · Solution
35
The chart uses bold borders to denote members of the Operational Leadership Group.other
Open slide detail
36
Page number 36 at the bottom.introduce_nominees
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37
transition
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38
The slide uses color-coded horizontal bars to group key strategic points.summarize
Open slide detail
39
The chart highlights the impact of CEO hiring, quarterly earnings reports, and analyst days on share price.illustrate_case
Open slide detail
40
summarize
Open slide detail
41
The chart uses a dashed line to indicate the average cost at announcement date ($405).illustrate_case
Open slide detail
42
summarize
Open slide detail
43
The chart highlights the share price trajectory relative to the Pershing Square entry point ($77*).illustrate_case
Open slide detail
44
The slide uses a color-coded block structure to categorize the narrative into context, problem, actions, and outlook.summarize
Open slide detail
45
The chart uses a dashed line to indicate the average cost at announcement date ($73).illustrate_case
Open slide detail
46
The slide uses color-coded blocks to categorize business updates: blue for management actions, green for sales recovery, and dark red for future outlook.summarize
Open slide detail
47
The slide uses annotations to link specific management decisions or external events to share price movements.expose_contradiction
Open slide detail
48
summarize
Open slide detail
49
The slide uses callout boxes to link specific corporate milestones to share price movements.illustrate_case
Open slide detail
50
Includes a disclosure about Pershing Square's investment history with the company.summarize
Open slide detail
51
The slide highlights the performance of the Pershing Square investment in SBUX, specifically noting the re-entry point in March 2020.analyze_data
Open slide detail
52
The slide uses a mix of checkmarks and crosses to highlight the 'mixed bag' nature of the PSPA modification.summarize
Open slide detail
53
The slide uses a timeline-annotated line chart to correlate stock performance with specific regulatory and judicial events.illustrate_case
Open slide detail
54
transition
Open slide detail
55
The slide justifies an exit strategy by highlighting poor performance and negative management sentiment.diagnose_problem
Open slide detail
56
Page number 56.other
Open slide detail
57
other
Open slide detail