{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622c-750b-8b9b-ef74b5ffa435",
  "slug": "f950f30722bb",
  "title": "Netflix, Inc. (NFLX)",
  "subtitle": "William A. Ackman · 2022-01",
  "author": "William A. Ackman",
  "date": "2022-01-26 00:00:00",
  "pageCount": 3,
  "kind": "shareholder-letter",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "targetCompany": "Netflix, Inc.",
  "targetTicker": "NFLX",
  "document": {
    "id": "019dd923-622c-750b-8b9b-ef74b5ffa435",
    "slug": "f950f30722bb",
    "title": "Netflix, Inc. (NFLX)",
    "rawTitle": "Capital Management L.P. Releases Letter to Investors 01 26 2022",
    "authorId": "01_Pershing_Square",
    "authorName": "William A. Ackman",
    "authorDisplay": "William A. Ackman",
    "kind": {
      "slug": "shareholder-letter",
      "label": "Shareholder letter"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2022-01-Pershing-Square-Capital-Management-L.P.-Releases-Letter-to-Investors-01-26-2022.pdf",
    "sourceUrl": null,
    "sourceDate": "2022-01-26 00:00:00",
    "presentationDate": "2022-01-26 00:00:00",
    "ingestedAt": "2026-04-23 00:43:16+00",
    "status": "ready",
    "pageCount": 3,
    "orientation": "portrait",
    "aspectRatio": 0.77272725,
    "targetCompany": "Netflix, Inc.",
    "targetTicker": "NFLX",
    "metadata": {
      "local_root": "/tmp/legacy-images/f950f30722bb",
      "activist_firm": "Pershing Square Capital Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 72.15375876426697
    }
  },
  "coverage": {
    "pageCount": 3,
    "pagesIndexed": 3,
    "pagesWithImages": 3,
    "pagesWithMetadata": 3,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 20,
    "chartCount": 0,
    "metricSlides": 0,
    "toolMatches": 0,
    "documentToolMatches": 0,
    "frameworkMatches": 1,
    "arcMatches": 1,
    "beatMatches": 3,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
        "evidence": "The document has a brief executive summary and an appendix, but no clear narrative arc",
        "isPrimary": true,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 22:02:56.361027+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 1,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 1,
        "name": "Setup",
        "beatId": "e357ee85-d1b4-4fbf-8cbd-1f3e3646873e",
        "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
        "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. Almost every arc opens here."
        },
        "evidence": "The document starts with an executive summary",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": null,
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 2,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 2,
        "name": "Evidence",
        "beatId": "c937188f-146e-4c4a-8bc7-ba74943fb80f",
        "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
        "beatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "evidence": "The letter from William A. Ackman provides some evidence of the current situation",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": null,
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 3,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 3,
        "name": "Reflection",
        "beatId": "0fa6437a-6bc3-46d6-a490-d16714003f6b",
        "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
        "beatType": {
          "name": "Reflection",
          "slug": "reflection",
          "status": "active",
          "canonId": "019dd9b8-0510-73fd-8d00-1c7e45f7bc98",
          "version": 1,
          "description": "The \"so what\" beat. Used by analytical arcs (Triple-take, Onion) and learning arcs (Voyage-return, Tragedy)."
        },
        "evidence": "The appendix provides some additional information about Pershing Square Capital Management",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": null,
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      }
    ],
    "loops": [],
    "tools": [],
    "frameworks": [
      {
        "matchId": "dfe29d0a-af87-415b-805a-652354992ab8",
        "evidence": "Explains the logic of liquidating a hedge to fund a new equity position based on risk/reward.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 20:00:13.501+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 2,
        "frameworkName": "capital-allocation-framework"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "collaborative",
    "notes": "Three-page investor letter (press-release wrapper around a Bill Ackman letter) announcing a new Netflix long after the stock fell on a weak subscriber print. Purely a long-equity 'buy-the-dip' thesis rather than an activist campaign: no demands, no villain, no valuation math, no peer charts. Doubles as a narrative on Pershing's asymmetric interest-rate swaption hedge, which was unwound to fund the purchase. Stake size disclosed only qualitatively (top-20 shareholder, 3.1M+ shares); no percent ownership given. Classified as 'letter' rather than 'press_release' because the substantive content is the investor letter; media contact block on page 3 is boilerplate. Ackman later exited NFLX at a loss in April 2022, making this letter a specimen of a short-lived thesis. Minimal visual craft - Word-doc typography, bullet list, no charts.",
    "kpisCited": [
      {
        "detail": "Acquired more than 3.1 million NFLX shares, making Pershing a top-20 shareholder",
        "metric": "Position size"
      },
      {
        "detail": "$1.25 billion generated to fund the Netflix purchase",
        "metric": "Interest rate hedge unwind proceeds"
      },
      {
        "detail": "Notional size of interest rate hedge reduced by 80%",
        "metric": "Hedge notional reduction"
      },
      {
        "detail": "Dollar investment in hedges reduced by more than 90%",
        "metric": "Hedge dollar investment reduction"
      }
    ],
    "closingAsk": null,
    "extraction": {
      "at": "2026-04-23 00:43:16+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 72.153755,
      "promptVersion": null
    },
    "scqaReward": "Ackman expects Netflix to continue compounding intrinsic value at high rates over the long term as streaming penetration grows, though the letter gives no explicit price target or percentage upside.",
    "thesisTypes": [
      "undervaluation"
    ],
    "top3Reasons": [
      "Top-20 NFLX stake of 3.1M+ shares built after short-term sellers dumped the stock on weak guidance",
      "Subscription recurring revenue, content scale, pricing power and improving FCF support long-term compounding",
      "Funded by unwinding ~80% of notional interest-rate swaption hedge, generating $1.25bn of proceeds"
    ],
    "scqaSituation": "Netflix is the leading global streaming platform with recurring subscription revenue, a unique high-performance culture, content-scale advantages, pricing power and an improving free-cash-flow profile supporting both reinvestment and capital return.",
    "thesisSummary": "On January 21-26, 2022 Pershing Square acquired more than 3.1 million Netflix shares, a top-20 position, after the stock sold off sharply on weak near-term subscriber guidance and broader market volatility. Ackman frames Netflix as the primary beneficiary of streaming's displacement of linear TV, citing highly recurring subscription revenue, a best-in-class management team and high-performance culture, content-driven economies of scale, pricing power, and an improving free-cash-flow profile that should fund both reinvestment and eventual capital return. To finance the purchase, Pershing unwound roughly 80% of the notional on its interest-rate swaption hedge, generating about $1.25 billion in proceeds, arguing the Netflix risk/reward was more compelling than waiting for further gains on rates. The letter positions Netflix as a long-term compounder discarded by short-horizon sellers, not as an activist campaign demanding change.",
    "primaryDemands": [],
    "scqaResolution": "Pershing Square bought more than 3.1 million shares, becoming a top-20 holder, funded by unwinding roughly 80% of its interest-rate swaption hedge for about $1.25bn of proceeds. No operational demands.",
    "thesisOneLiner": "Pershing Square builds a top-20 Netflix stake after the post-earnings selloff, betting streaming economics, content moat and margin expansion make NFLX a long-term compounder at dislocated prices.",
    "precedentsCited": [],
    "scqaComplication": "Short-horizon investors dumped NFLX after soft forward subscriber guidance and market volatility, pushing the stock to a price that implies structural damage rather than a transient quarterly wobble.",
    "narrativeInterest": 2,
    "notableSlidePages": [
      1
    ],
    "peerCompaniesCited": [
      "Universal Music Group"
    ],
    "valuationFrameworks": [
      "not_shown"
    ],
    "visualCraftInterest": 1
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "title": "This is a formal investor letter from Bill Ackman regarding a new position in Netflix.",
      "function": "establish_context",
      "imagePath": "https://imgproxy.kitesheet.com/fbH2KoTeV36frMd0IjNfiiG3XzYCmPxeDzYcZ1ec5h8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mOTUwZjMwNzIyYmIvcDAwMS5wbmc",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "version": 1,
          "description": null
        },
        "function": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 79,
        "componentCount": 10,
        "textChars": 1122,
        "nDataPoints": 1,
        "notes": "This is a formal investor letter from Bill Ackman regarding a new position in Netflix.",
        "elementsJson": [
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:00:13.812+00",
          "seconds": 3.326,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9b-ef74b5ffa435/1",
        "deck": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435#slide-1",
        "deckJson": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The opportunity to acquire Netflix at an attractive valuation emerged when investors reacted negatively to the recent quarter’s subscriber growth and management’s short-term guidance.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-23 02:35:14+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-78b6-764f-bc75-abded751fab4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.15,
            "y": 0.63
          },
          "kind": "list",
          "text": "pricing power derived from the enormous value it delivers to consumers compared with other alternatives",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "556f126c-7de4-4a7f-86d9-d8f4b394bf84",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.15,
            "y": 0.77
          },
          "kind": "list",
          "text": "an improving free cash flow profile which should allow for continued investments in growth as well as the return of cash to shareholders",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "749f9403-2e33-49f2-ba5a-50e0d370eeef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.15,
            "y": 0.56
          },
          "kind": "list",
          "text": "economies of scale and superb quality in its industry-leading content",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "99349358-f62a-4ce4-bf31-451fd96eb1ad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.15,
            "y": 0.7
          },
          "kind": "list",
          "text": "substantial margin expansion, with the opportunity for continued improvement",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9d57c5f-f767-43ff-bcc0-2bc43c9659f6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.75,
            "x": 0.15,
            "y": 0.47
          },
          "kind": "list",
          "text": "a truly best-in-class management team and unique high-performance culture",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bbe1c776-e4d1-4aa2-9360-b583accdab98",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.15,
            "y": 0.42
          },
          "kind": "list",
          "text": "its subscription-based, highly recurring revenues, which have enormous future growth potential",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c2d97712-6e96-4c81-9f66-5efae9417f61",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.2
          },
          "kind": "paragraph",
          "text": "Beginning on Friday and over the last several days, we acquired more than 3.1 million shares of Netflix, Inc. (NASDAQ:NFLX), making us a top-20 shareholder in the company.",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f596fb8-3a40-4e0d-a87a-e5347715ffff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.1,
            "y": 0.12
          },
          "kind": "paragraph",
          "text": "January 26, 2022, New York - // Pershing Square Capital Management, L.P. (\"PSCM\") today released the following letter from Bill Ackman to investors:",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e84da05a-0dda-459e-b722-c1c618269b8b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.2,
            "y": 0.09
          },
          "kind": "title",
          "text": "Pershing Square Capital Management, L.P. Releases Letter to Investors",
          "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 20:00:13.812+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e33a1e2c-af9c-4eb4-8b1e-681e5763a835",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 1,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Setup",
          "beatId": "e357ee85-d1b4-4fbf-8cbd-1f3e3646873e",
          "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
          "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. Almost every arc opens here."
          },
          "evidence": "The document starts with an executive summary",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": null,
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/LdHxMXDne4-SKlRxmVI8fIRyGq3zJXBZC3oRx8lE84M/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mOTUwZjMwNzIyYmIvcDAwMS5wbmc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/AnvydombvxSMu6G4_Sce2jtuI7DCV2Fpz2swvPuHxR0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mOTUwZjMwNzIyYmIvcDAwMS5qcGc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/kSjWgPtP-c6a-kiKlyiLve-WfoCUAI1aRExNn2T6Vcc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mOTUwZjMwNzIyYmIvcDAwMS5qcGc"
    },
    {
      "page": 2,
      "type": "setup",
      "title": "This is a page from a shareholder letter, specifically detailing capital allocation decisions and investment philosophy regarding asymmetric hedges.",
      "function": "summarize",
      "rawType": "executive_summary",
      "block": null,
      "metadata": {
        "slideType": "executive_summary",
        "slideTypeCanon": {
          "name": "Executive summary",
          "slug": "executive_summary",
          "status": "active",
          "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 59,
        "componentCount": 6,
        "textChars": 1126,
        "nDataPoints": 3,
        "notes": "This is a page from a shareholder letter, specifically detailing capital allocation decisions and investment philosophy regarding asymmetric hedges.",
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:00:13.501+00",
          "seconds": 2.907,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9b-ef74b5ffa435/2",
        "deck": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435#slide-2",
        "deckJson": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Many of our best investments have emerged when other investors whose time horizons are short term, discard great companies at prices that look extraordinarily attractive when one has a long-term horizon.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-23 02:35:13+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-78b6-764f-bc75-494803b9f906",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.75
          },
          "kind": "paragraph",
          "text": "Sincerely, William A. Ackman",
          "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 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "00213563-9d35-4698-8048-4dfeb71ced63",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.68
          },
          "kind": "paragraph",
          "text": "We are pleased to add Netflix to our portfolio. Many of our best investments have emerged when other investors whose time horizons are short term, discard great companies at prices that look extraordinarily attractive when one has a long-term horizon.",
          "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 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27bff169-001f-4f4a-bb96-b6db342d79cd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.1,
            "y": 0.31
          },
          "kind": "paragraph",
          "text": "We invest in hedges not to protect the funds from a short-term mark-to-market loss, but rather because they can become a large source of potential liquidity at precisely the time stocks become cheap.",
          "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 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "376566a5-83e9-4b46-8d35-5a394d512d62",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "The result of all of the above is that the notional size of our interest rate hedge has been reduced by 80%, the term of a substantial portion of the hedge we retain has been extended, and our dollar investment in hedges has been reduced by more than 90%.",
          "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 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f0a4576-5f1d-4e92-9751-0d2d319752a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.1,
            "y": 0.13
          },
          "kind": "paragraph",
          "text": "In order to fund our purchase of Netflix, beginning on Friday and over the last few days, we unwound the substantial majority of our interest rate hedge generating proceeds of $1.25 billion.",
          "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 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b61b56fa-fb8d-476c-920f-84346ce5384e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "dfe29d0a-af87-415b-805a-652354992ab8",
          "evidence": "Explains the logic of liquidating a hedge to fund a new equity position based on risk/reward.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 20:00:13.501+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 2,
          "frameworkName": "capital-allocation-framework"
        }
      ],
      "arcBeats": [
        {
          "to": 2,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Evidence",
          "beatId": "c937188f-146e-4c4a-8bc7-ba74943fb80f",
          "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
          "beatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "evidence": "The letter from William A. Ackman provides some evidence of the current situation",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": null,
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "front_matter",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 20,
        "componentCount": 4,
        "textChars": 281,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:00:16.697+00",
          "seconds": 5.513,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9b-ef74b5ffa435/3",
        "deck": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435#slide-3",
        "deckJson": "/decks/019dd923-622c-750b-8b9b-ef74b5ffa435.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.3,
            "x": 0.117,
            "y": 0.223
          },
          "kind": "paragraph",
          "text": "Pershing Square Capital Management, L.P.\nFrancis McGill\nMcGill@persq.com\n212-909-2455",
          "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 20:00:16.697+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2f472173-06c0-46a6-adc6-17f0c1f2ecc3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.78,
            "x": 0.117,
            "y": 0.157
          },
          "kind": "paragraph",
          "text": "Pershing Square Capital Management, L.P. (\"Pershing Square\"), based in New York City, is a SEC-registered investment advisor to investment funds.",
          "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 20:00:16.697+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e3420ec4-befe-41fc-aea1-2e43cc1a1f47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.117,
            "y": 0.141
          },
          "kind": "title",
          "text": "About Pershing Square Capital Management, L.P.",
          "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 20:00:16.697+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ed52a72c-21a4-4f55-b691-5f6f9975952e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.04,
            "x": 0.117,
            "y": 0.207
          },
          "kind": "title",
          "text": "Media",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 20:00:16.697+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f95f660d-2ee1-4c90-88e5-77d85aa319d2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 3,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 3,
          "name": "Reflection",
          "beatId": "0fa6437a-6bc3-46d6-a490-d16714003f6b",
          "matchId": "1fa2c929-54c5-44e3-97ae-975069fe53be",
          "beatType": {
            "name": "Reflection",
            "slug": "reflection",
            "status": "active",
            "canonId": "019dd9b8-0510-73fd-8d00-1c7e45f7bc98",
            "version": 1,
            "description": "The \"so what\" beat. Used by analytical arcs (Triple-take, Onion) and learning arcs (Voyage-return, Tragedy)."
          },
          "evidence": "The appendix provides some additional information about Pershing Square Capital Management",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": null,
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 1,
      "label": "Setup",
      "description": "The document starts with an executive summary"
    },
    {
      "from": 2,
      "to": 2,
      "label": "Evidence",
      "description": "The letter from William A. Ackman provides some evidence of the current situation"
    },
    {
      "from": 3,
      "to": 3,
      "label": "Reflection",
      "description": "The appendix provides some additional information about Pershing Square Capital Management"
    }
  ],
  "loops": []
}