{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622c-750b-8b9c-242e23015294",
  "slug": "cb06bd893f1e",
  "title": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "subtitle": "Pershing Square Holdings · 2026-02",
  "author": "Pershing Square Holdings",
  "date": "2026-02-11 00:00:00",
  "pageCount": 85,
  "kind": "activist-deck",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "targetCompany": "Pershing Square Holdings Portfolio (multi-position)",
  "targetTicker": "PSH",
  "document": {
    "id": "019dd923-622c-750b-8b9c-242e23015294",
    "slug": "cb06bd893f1e",
    "title": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
    "rawTitle": "2026 Annual Investor Presentation",
    "authorId": "01_Pershing_Square",
    "authorName": "Pershing Square Holdings",
    "authorDisplay": "Pershing Square Holdings",
    "kind": {
      "slug": "activist-deck",
      "label": "Activist deck"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2026-02-2026-Annual-Investor-Presentation.pdf",
    "sourceUrl": null,
    "sourceDate": "2026-02-11 00:00:00",
    "presentationDate": "2026-02-11 00:00:00",
    "ingestedAt": "2026-04-23 01:07:00+00",
    "status": "ready",
    "pageCount": 85,
    "orientation": "landscape",
    "aspectRatio": 1.3333334,
    "targetCompany": "Pershing Square Holdings Portfolio (multi-position)",
    "targetTicker": "PSH",
    "metadata": {
      "local_root": "/tmp/legacy-images/cb06bd893f1e",
      "activist_firm": "Pershing Square Capital Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 835.181027173996
    }
  },
  "coverage": {
    "pageCount": 85,
    "pagesIndexed": 85,
    "pagesWithImages": 85,
    "pagesWithMetadata": 85,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 499,
    "chartCount": 34,
    "metricSlides": 0,
    "toolMatches": 31,
    "documentToolMatches": 2,
    "frameworkMatches": 31,
    "arcMatches": 1,
    "beatMatches": 4,
    "loopMatches": 2,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
        "evidence": "The document follows a clear sequence of attention, need, satisfaction, and action",
        "isPrimary": true,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 22:03:11.143519+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 4,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 1,
        "name": "Attention",
        "beatId": "2876948b-40ff-4bbf-916e-2898db84c200",
        "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
        "beatType": {
          "name": "Attention",
          "slug": "monroes-sequence-attention",
          "status": "active",
          "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
          "version": 1,
          "description": null
        },
        "evidence": "The document begins with a cover page, disclaimer, and agenda",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Hook",
          "slug": "hook",
          "status": "active",
          "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
          "version": 1,
          "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 12,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 8,
        "name": "Need",
        "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
        "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
        "beatType": {
          "name": "Need",
          "slug": "monroes-sequence-need",
          "status": "active",
          "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
          "version": 1,
          "description": null
        },
        "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 33,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 20,
        "name": "Satisfaction",
        "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
        "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
        "beatType": {
          "name": "Satisfaction",
          "slug": "monroes-sequence-satisfaction",
          "status": "active",
          "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
          "version": 1,
          "description": null
        },
        "evidence": "The document provides a performance review and update on strategic initiatives",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 85,
        "arc": {
          "name": "Monroe's Motivated Sequence",
          "slug": "monroes-sequence",
          "status": "active",
          "bestFor": "Persuasive speeches, call-to-action decks",
          "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 34,
        "name": "Action",
        "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
        "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
        "beatType": {
          "name": "Action",
          "slug": "monroes-sequence-action",
          "status": "active",
          "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
          "version": 1,
          "description": null
        },
        "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
        "position": 3,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Resolution",
          "slug": "resolution",
          "status": "active",
          "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
          "version": 1,
          "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      }
    ],
    "loops": [
      {
        "to": 49,
        "from": 40,
        "loop": {
          "name": "27_cost_of_inaction",
          "slug": "27-cost-of-inaction",
          "status": "active",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "description": "Quantify what happens if the audience does nothing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
        "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
        "position": 0,
        "objective": "Highlighting the benefits of PSH's investment strategy",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 22:03:11.311722+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 26,
        "from": 22,
        "loop": {
          "name": "21_before_after",
          "slug": "21-before-after",
          "status": "active",
          "bestFor": "Product demos, process improvements, ROI justification",
          "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
          "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
          "familyLabel": null,
          "categoryName": "Comparison",
          "categorySlug": "comparison"
        },
        "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
        "evidence": "The document provides before-and-after comparisons of PSH's performance",
        "position": 1,
        "objective": "Showcasing PSH's performance",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:03:11.360533+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "a912d739-9583-494c-a750-702337e50c3a",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:50.209813+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Peer gap chart",
          "slug": "peer-gap",
          "status": "active",
          "bestFor": "When relative underperformance is the core argument",
          "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf",
          "version": 1,
          "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3",
          "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "3ca2b1d8-78dc-46d9-9d97-21f4d6265de4",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When relative underperformance is the core argument",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:50.209813+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n  opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n  against direct peers in the same category.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Audience Definition",
          "slug": "audience-definition",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
          "version": 1,
          "bodyDocId": null,
          "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "bc2d8b70-9477-4a88-bc87-4ce434abb0f7",
        "evidence": "The slide provides an overview of PSH's performance, indicating an audience of investors or financial analysts.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.165922+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 8,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "AIDA Model",
          "slug": "aida-model",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-86fc-773c-813f-d416714b8413",
          "version": 1,
          "bodyDocId": null,
          "description": "Attention, Interest, Desire, Action - classic persuasion sequence",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "b024ad2f-0c96-4c76-a994-49b792c74009",
        "evidence": "The slide presents a clear and concise update on PSUS IPO, which grabs the audience's attention and presents a key message, aligning with the AIDA model's attention and interest stages.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:15.526599+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 13,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Story Moments",
          "slug": "story-moments",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-ae4e-768d-a18b-108e6cda511e",
          "version": 1,
          "bodyDocId": null,
          "description": "Design key emotional beats: The Shock, The Vision, The Proof, The Choice, The Call",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "cfb9196d-5d8b-48b6-bc31-75d966c0275d",
        "evidence": "The slide provides a clear and concise overview of the strategic transaction between HHH and Pershing Square, highlighting key moments in the story.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:15.604378+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "7b38d716-cbba-4e08-a303-0863ff5b5668",
        "evidence": "The slide presents benefits to PSH from the HHH strategic transaction, implying a before-after scenario.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:16:15.680205+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 15,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Data Story Arc",
          "slug": "data-story-arc",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
          "version": 1,
          "bodyDocId": null,
          "description": "Context → Conflict → Insight → Implication structure for data narratives",
          "familyLabel": null,
          "categoryName": "Loop",
          "categorySlug": "loop"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "26c6d4ed-89e0-4632-a5fc-04da60cc337a",
        "evidence": "The slide presents information on HHH's acquisition of Vantage, including details on the transaction and expected outcomes, following a narrative arc.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:16:15.756213+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 16,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "7051c20e-1796-4961-b433-a97ecc8e05d6",
        "evidence": "The slide presents detailed information on PSH preferred investment terms in a table format.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:16:15.87299+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "7d2ef48f-34c0-4d2d-bf66-06341d5cfe6a",
        "evidence": "The slide presents a before-after scenario, highlighting PSH's return to its roots in 2018.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:16:16.064977+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 22,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "96f6d1c9-ab50-4e9a-bb35-949ee97bcff3",
        "evidence": "peer_benchmark type with table/data and callout/primary",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:15.893172+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 25,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "f9a83194-2023-44f0-be29-39d5e4b3d7d8",
        "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:15.975674+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 26,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "a5896f89-a1a3-47c8-ba93-6a328faefe24",
        "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:16.053036+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 27,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "54a9d5e2-51a9-4c55-92c6-199dfb7ce1c7",
        "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:16.131766+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 28,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "babfaabb-24ae-4fdd-9dab-70a9ac5ca957",
        "evidence": "table/data: Alphabet 10.3%, Fannie Mae 5.8%, Freddie Mac 5.0%, Brookfield 3.5%, Uber 2.7%, Amazon 2.4%, Hilton 1.0%, UMG 0.7%, Meta 0.7%, RBI 0.5%, Buybacks 1.2%, Other 0.6%",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:29:39.040859+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 29,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "829c8b10-9d2b-4d43-a2b8-ba591f9dbfef",
        "evidence": "table/data: Chipotle Mexican Grill (4.6%) Nike (2.5%) Total Detractors - Underlying Portfolio (7.1%) Bond Interest Expense (0.8%) Total Detractors - incl. Interest Expense (7.9%)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:29:39.109052+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 30,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "5d3d5a2a-b2c3-4aac-9f38-d02377253fb8",
        "evidence": "The slide compares the market volatility following the April tariff announcement to the current valuation of AMZN.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:18.230992+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 49,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "bc9c1bf4-d03e-421d-a83c-99daa5582c84",
        "evidence": "The slide includes a line chart showing NTM P/E Multiples for the last five years.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.269516+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 49,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "ee23b93c-ba34-4853-ac34-2503c2ac2147",
        "evidence": "The slide provides a brief summary of Brookfield Corporation's profile.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:18.422014+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 52,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "bedf4345-2ea0-47c0-9e6c-42e77c88770f",
        "evidence": "The slide uses a clear and simple line chart to show BN's share price performance.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.498204+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 53,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "d63424f9-d4da-4603-a92f-39dee077b097",
        "evidence": "The slide compares UBER's share price performance since inception.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:18.625302+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "447e6fff-a495-4b6f-82c8-9c192ddb1021",
        "evidence": "The slide provides a brief summary of Amazon's business and opportunities.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:18.776091+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 58,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "625e3cbd-dbaf-4b6d-b56a-ed095d30513c",
        "evidence": "The slide compares AMZN's share price performance since inception.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:18.853263+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 59,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "dd9e8a45-3649-4922-a157-58cb013cd8b3",
        "evidence": "The performance of UMG's share price is provided for illustrative purposes only...",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.286478+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Audience Definition",
          "slug": "audience-definition",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
          "version": 1,
          "bodyDocId": null,
          "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "adc4f891-db98-41c3-9ce8-89e5aab8f13f",
        "evidence": "This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.350757+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 62,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "4770c2dc-2c47-46b9-9db8-7b5125dfd31a",
        "evidence": "Source: Company filings. This slide contains Pershing Square's own views and opinions...",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.383592+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 62,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "438fd7af-a77b-4ab6-9e1c-af24ebfee8ad",
        "evidence": "GOOG's share price including dividend reinvestment increased 65% in 2025 and has increased 3% year-to-date in 2026",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:16:18.448584+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 63,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "2097fdae-ade8-408e-9b06-e22ef3d7d91e",
        "evidence": "We believe Meta's current share price underappreciates the company's long-term upside potential from AI and represents a deeply discounted valuation for one of the world's greatest businesses",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:16:18.513724+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 64,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Thesis archetype",
          "slug": "thesis-archetype",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
          "version": 1,
          "bodyDocId": null,
          "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "ec2fa903-917c-4e6d-9009-98b3f3d0390e",
        "evidence": "Meta's business model is one of the clearest beneficiaries of AI integration",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:16:18.579189+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 65,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "optional",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Executive summary",
          "slug": "executive-summary",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
          "version": 1,
          "bodyDocId": null,
          "description": "A condensed view of the entire argument on a single slide / block.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "deb5668d-6ea6-46c6-90ac-c295d0b3f63b",
        "evidence": "2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:16:18.681455+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 69,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "b0468e04-88fa-45d3-8ecb-13fe95564582",
        "evidence": "HHH's share price increased 4% in 2025 and has increased 6% year-to-date in 2026",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:18.746271+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 70,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "dcca0daa-d5e3-4565-af01-7dfb559d0f61",
        "evidence": "The slide compares the share price performance of NKE before and after the inception of the investment.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:29:37.078577+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 81,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "a90b0250-8cf2-48e4-bade-459bc17642a4",
        "evidence": "Linking specific debt issuance/redemption events to changes in the debt ratio over time.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:58:46.754+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "frameworkName": "causal-chain"
      },
      {
        "matchId": "549f11b8-8989-406a-bdfc-582c4319945e",
        "evidence": "The slide uses a bulleted list to present strategic arguments.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:47.433+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "list-presentation"
      },
      {
        "matchId": "33f760f7-615d-4956-bb56-316bac83751d",
        "evidence": "The slide explicitly divides the timeline into three periods (First 11.5 Years, Challenging Period, Permanent Capital Era) to frame the 2018 pivot.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-05-02 19:58:48.313+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 22,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "2d9ebe6a-d775-448e-96a8-ec2135d90073",
        "evidence": "Direct comparison of PSH performance against multiple market benchmarks.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:48.405+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 24,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "842b74ba-32b6-4d6c-ba5f-0d36efbcd9b4",
        "evidence": "Direct comparison of performance metrics between two entities across different market conditions.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:48.786+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 27,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "53453e16-297c-4655-8b55-48ea4729ba23",
        "evidence": "Direct comparison of PSH performance metrics against S&P 500 benchmark.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:52.211+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 28,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "73eea5a9-155b-48f0-ba64-ae7348ec3c51",
        "evidence": "The slide uses a structured list to present key investment takeaways.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:58:50+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 35,
        "frameworkName": "list-presentation"
      },
      {
        "matchId": "c7ed1922-1cee-4372-9c2b-a0eba8b6a25e",
        "evidence": "Visual representation of company hierarchy.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:58:49.832+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 37,
        "frameworkName": "org-chart"
      },
      {
        "matchId": "8c00b7ce-c90a-4aaf-b705-6d62ec2601a5",
        "evidence": "Decomposing market returns into EPS growth and P/E multiple expansion components.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:51.415+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 42,
        "frameworkName": "decomposition"
      },
      {
        "matchId": "96cf1783-ef39-419b-a52e-c937267e156c",
        "evidence": "The slide explicitly compares two time periods (pre-COVID vs post-COVID) to demonstrate an improvement in EPS growth.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:58:50.872+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 43,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "188c71c5-b75b-4d5a-9c94-19b307ab311b",
        "evidence": "Links EPS growth to P/E multiple expansion",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:50.595+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 45,
        "frameworkName": "causal-chain"
      },
      {
        "matchId": "cfbb1318-4dbd-4a2e-8e92-bb7b8028a31a",
        "evidence": "Direct comparison of portfolio holdings against market indices on valuation and growth metrics.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:51.435+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 46,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "be950116-c9d3-4343-8fda-ee5d809ddaa8",
        "evidence": "Contrasts the 'AI loser' narrative of March 2023 with the 'AI winner' narrative of Nov 2025 to justify entry.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-05-02 19:58:51.224+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 47,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "748e2af1-62b7-4f70-8b0b-127ab739c796",
        "evidence": "Contrasting P/E compression with EPS growth to justify investment thesis",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:58:51.823+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 48,
        "frameworkName": "valuation-bridge"
      },
      {
        "matchId": "9df63e6e-6998-47ba-8a71-1d59e3bf0403",
        "evidence": "Contrasts historical valuation with the entry point following a specific market event.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:51.828+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 49,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "405f70fb-b656-49f5-b70a-d998f243fa8b",
        "evidence": "The slide explicitly structures arguments to support a 'partnership' investment thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:52.563+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 54,
        "frameworkName": "investment-thesis"
      },
      {
        "matchId": "c2ec836e-c5ae-4858-9e68-79a7460cabaa",
        "evidence": "The slide contrasts the 2025 performance with the 2026 YTD performance to frame the current situation.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:52.059+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "62446ba0-a632-48f9-b97c-496279da48d6",
        "evidence": "Chronological mapping of events against share price performance",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:58:53.35+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 57,
        "frameworkName": "timeline"
      },
      {
        "matchId": "1d7389a2-e811-4cee-a66b-a1f5d1818859",
        "evidence": "The slide contrasts the 2025 growth period with the 2026 YTD decline.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:58:57.819+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 59,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "e5087379-ac7c-42e1-bfbb-305c90410541",
        "evidence": "Structured argument presenting company quality, growth drivers, and valuation discount.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:53.871+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 60,
        "frameworkName": "investment-thesis"
      },
      {
        "matchId": "ff0686c9-a609-42d5-a6ae-ee5e83b000ec",
        "evidence": "The chart uses a chronological x-axis with annotated events to explain share price movements.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:54.208+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "frameworkName": "timeline"
      },
      {
        "matchId": "31484aa9-3895-417e-a4e2-0bdfc2bb84cb",
        "evidence": "The chart uses a chronological x-axis with specific event callouts linked to points on the line.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:54.83+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 63,
        "frameworkName": "timeline"
      },
      {
        "matchId": "ae7052ef-7da2-4070-bde8-ded615b62612",
        "evidence": "The slide uses a structured list of bullet points to present the investment thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:54.205+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 65,
        "frameworkName": "list-presentation"
      },
      {
        "matchId": "780f5af0-963e-4a40-a2c0-61088872858e",
        "evidence": "Uses historical share price performance to frame the value creation story.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:58:55.063+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 68,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "12c7ec62-7975-42b8-80fe-69d63673c662",
        "evidence": "Uses historical data to frame the current share price performance relative to past events.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:55.616+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 70,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "ccdae8fc-19eb-4128-a0b9-45d8e9122bfd",
        "evidence": "The slide compares share price performance before and after a strategic transaction.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:54.302+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 71,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "85fefc05-b5ea-49fe-8677-5ac0eaf9bb4d",
        "evidence": "Contrasts the successful turnaround period with recent management struggles and exit rationale.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:56.088+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 75,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "e39c4181-11f3-47dd-b5ab-3d15eda2c981",
        "evidence": "Chronological annotation of events on a line chart",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:55.065+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 76,
        "frameworkName": "timeline"
      },
      {
        "matchId": "fe1c2051-0863-41b7-89fb-f11331c32c2a",
        "evidence": "Shows performance from inception to exit with key milestones as drivers",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:55.771+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 78,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "5e899aeb-6ec9-4213-96f0-a09c3e03bd78",
        "evidence": "Events are plotted chronologically against a time-series chart.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:58:56.314+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 80,
        "frameworkName": "timeline"
      },
      {
        "matchId": "7b3459b8-936f-4fd6-8205-f68a8a69801e",
        "evidence": "The slide contrasts the initial investment price with the current performance to highlight a negative outcome.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:58:55.808+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 81,
        "frameworkName": "before-after-framing"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "analytical",
    "notes": "Fund-level annual investor presentation (PSH), not a single-target activist thesis — classified as follow_up per guidance. Target is PSH itself (the London-listed permanent-capital vehicle); coverage spans discount-to-NAV strategy, HHH/Vantage diversified-holdco transformation, PSUS IPO re-evaluation, and 11 portfolio positions (BN, UBER, FNMA/FMCC, GOOG, AMZN, UMG, META, plus exits CMG, HLT, CPKC, NKE). SCQA components left null per guidance for fund-level updates without a single-target thesis. Stake of 28% refers to PSCM affiliate ownership of PSH itself. Signature Pershing Square editorial craft: navy-blue palette, yellow callout-box annotations, and the recurring annotated share-price-since-inception timeline template (GOOG, FNMA/FMCC, UBER, BN, CMG, HLT). Ackman is Chairman/voice but document is signed institutionally — author_name null.",
    "kpisCited": [
      {
        "detail": "20.9% net of fees vs. S&P 500 17.9%",
        "metric": "PSH 2025 NAV return"
      },
      {
        "detail": "33.9% including dividend reinvestment",
        "metric": "PSH 2025 total shareholder return"
      },
      {
        "detail": "22.6% vs. S&P 500 14.3% (830bps outperformance)",
        "metric": "Permanent Capital Era NAV CAGR (8-year)"
      },
      {
        "detail": "1,280bps annually",
        "metric": "NAV outperformance vs. HFRX Activist Index (8yr)"
      },
      {
        "detail": "Narrowed from 31.2% start-2025 to 24.1% year-end, 23.3% YTD 2026",
        "metric": "Discount to NAV"
      },
      {
        "detail": "74mm shares (29.7% of initial) at avg $25 and 29% discount",
        "metric": "Share buybacks cumulative"
      },
      {
        "detail": "6.6mm shares at avg $56 and 29% discount",
        "metric": "2025 buybacks"
      },
      {
        "detail": "19.5% at 12/31/25; asset coverage 5.1x",
        "metric": "Total debt / total capital"
      },
      {
        "detail": "3.6%, 6-year WAM; Fitch upgrade to BBB+ Dec 2025",
        "metric": "Weighted-average cost of debt"
      },
      {
        "detail": "28% through outright purchases",
        "metric": "Pershing Square affiliate ownership of PSH"
      },
      {
        "detail": "$900M at $100/share May 2025; beneficial ownership 47% (voting capped at 40%)",
        "metric": "HHH primary investment"
      },
      {
        "detail": "$2.1B cash at ~1.4x P/BV at close; $1B PSH preferred backstop",
        "metric": "Vantage acquisition price"
      },
      {
        "detail": "Alphabet 10.3%, FNMA 5.8%, FMCC 5.0%, Brookfield 3.5%, Uber 2.7%",
        "metric": "2025 top contributors"
      },
      {
        "detail": "Chipotle (4.6)%, Nike (2.5)%",
        "metric": "2025 detractors"
      },
      {
        "detail": "15.7x NTM earnings on 3/2/2023 amid AI-loser narrative, now 26.7x",
        "metric": "Alphabet entry multiple"
      },
      {
        "detail": "26.6x NTM P/E on 1/7/25 to 21.0x; EPS +43%, price +13%",
        "metric": "Uber entry vs. current"
      },
      {
        "detail": "25.4x NTM on 4/21/25 post-Liberation Day tariffs",
        "metric": "Amazon entry multiple"
      }
    ],
    "closingAsk": null,
    "extraction": {
      "at": "2026-04-23 01:07:00+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 835.181,
      "promptVersion": null
    },
    "scqaReward": null,
    "thesisTypes": [
      "undervaluation",
      "capital_return"
    ],
    "top3Reasons": [
      "PSH NAV compounded 22.6% over 8 years — 830bps above the S&P 500.",
      "Discount to NAV narrowed from 31.2% to 24.1% in 2025 via performance and buybacks.",
      "HHH transformation: $900mm primary investment plus $2.1bn Vantage insurance acquisition."
    ],
    "scqaSituation": null,
    "thesisSummary": "Pershing Square Holdings' 2026 annual presentation recaps a 20.9% NAV year and 33.9% total shareholder return that lifted 8-year Permanent Capital Era NAV compounding to 22.6% — 830bps above the S&P 500 and 1,280bps above the HFRX Activist Index. The board treats PSH's discount to NAV as the central strategic problem; 2025 saw it narrow 7.1 points from 31.2% to 24.1%, supported by 6.6 million shares of buybacks at a 29% discount and an 84% dividend increase since 2019. The headline strategic move is a $900 million primary investment into Howard Hughes at $100/share, lifting Pershing's beneficial ownership to 47% and launching HHH's transformation into a diversified holding company anchored by the $2.1 billion Vantage specialty-insurance acquisition. New megacap positions (Amazon, Meta, Uber, Alphabet) exploit narrative-driven mispricings; Chipotle and Nike were exited.",
    "primaryDemands": [],
    "scqaResolution": null,
    "thesisOneLiner": "Pershing Square's 22.6% 8-year NAV CAGR validates the permanent-capital model; 2025's 33.9% TSR narrowed the NAV discount and the HHH/Vantage transformation extends the compounding runway.",
    "precedentsCited": [
      "Chipotle turnaround under Brian Niccol (2016-2024, 3.9x on exit)",
      "Hilton long-duration compounding (4.2x, 2018-2026)",
      "Pershing 2018 'Return to Our Roots' restructuring"
    ],
    "scqaComplication": null,
    "narrativeInterest": 3,
    "notableSlidePages": [
      22,
      24,
      47,
      53,
      57,
      76
    ],
    "peerCompaniesCited": [
      "S&P 500",
      "S&P 500 Equal-Weight",
      "FTSE 100",
      "MSCI World",
      "HFRX Activist Index",
      "HFRX Equity Hedge Index"
    ],
    "valuationFrameworks": [
      "multiple_comparison"
    ],
    "visualCraftInterest": 4
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/5Yxp3y8Ce_JNDAlgbJGIT6nHKliUrY9xiwzqH16Xkaw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jYjA2YmQ4OTNmMWUvcDAwMS5qcGc",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "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": 6,
        "componentCount": 3,
        "textChars": 69,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:45.535+00",
          "seconds": 2.287,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/1",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-1",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.24,
            "x": 0.06,
            "y": 0.82
          },
          "kind": "image",
          "text": "Pershing Square Holdings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:45.535+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbb324ab-297d-429f-a326-e4fddca80129",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "title",
          "text": "Annual Investor Presentation",
          "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 19:58:45.535+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c30fc812-3253-4f85-8b37-8440e4666755",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.35,
            "y": 0.41
          },
          "kind": "title",
          "text": "February 11, 2026",
          "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 19:58:45.535+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "80751182-7195-4bd0-bffe-3fede79b06bf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "2876948b-40ff-4bbf-916e-2898db84c200",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Attention",
            "slug": "monroes-sequence-attention",
            "status": "active",
            "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
            "version": 1,
            "description": null
          },
          "evidence": "The document begins with a cover page, disclaimer, and agenda",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/x_CIKwvENEYgmOfk8-RB15bNxLU3UnB0Huhg4n2rauI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jYjA2YmQ4OTNmMWUvcDAwMS5qcGc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/Bft7bjUEFqCVUflAXR9lojLooAx3-DuS-IOCMsD_mi8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jYjA2YmQ4OTNmMWUvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/GoVgIbepzbq7K10E-vIjZ_R4-3VPKRmsmihGy79QVEc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jYjA2YmQ4OTNmMWUvcDAwMS5wbmc"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "other",
      "rawType": "disclaimer",
      "block": null,
      "metadata": {
        "slideType": "disclaimer",
        "slideTypeCanon": {
          "name": "Disclaimer",
          "slug": "disclaimer",
          "status": "active",
          "canonId": "019de52d-0801-727b-b98a-5ed095aeee78",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 18,
        "componentCount": 4,
        "textChars": 415,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.726+00",
          "seconds": 4.436,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/2",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-2",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION",
          "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": "2026-04-22 23:38:28+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-2b66-7100-896d-04476ecc9007",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.685,
            "w": 0.914,
            "x": 0.043,
            "y": 0.198
          },
          "kind": "disclaimer",
          "text": "All information provided herein is for informational purposes only and should not be deemed a recommendation to buy or sell any security mentioned...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.726+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b6b3d8dc-57c7-41f5-843b-5c619981c994",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.914,
            "x": 0.043,
            "y": 0.698
          },
          "kind": "paragraph",
          "text": "SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION",
          "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 19:58:47.726+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "153b47c8-3a25-4929-9ddf-0287c19aee0b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.038,
            "w": 0.238,
            "x": 0.043,
            "y": 0.093
          },
          "kind": "title",
          "text": "Disclaimer",
          "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 19:58:47.726+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86210b98-84a4-47ad-9004-300528d83085",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "2876948b-40ff-4bbf-916e-2898db84c200",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Attention",
            "slug": "monroes-sequence-attention",
            "status": "active",
            "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
            "version": 1,
            "description": null
          },
          "evidence": "The document begins with a cover page, disclaimer, and agenda",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "front_matter",
      "rawType": "agenda",
      "block": null,
      "metadata": {
        "slideType": "agenda",
        "slideTypeCanon": {
          "name": "Agenda",
          "slug": "agenda",
          "status": "active",
          "canonId": "019de52d-061b-7470-b138-3ffa5e612cce",
          "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": 5,
        "componentCount": 2,
        "textChars": 173,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "numbered_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:45.276+00",
          "seconds": 1.972,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/3",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-3",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.72,
            "w": 0.812,
            "x": 0.094,
            "y": 0.18
          },
          "kind": "list",
          "text": "Chairman's Introduction; Strategic Update; 2025 PSH Performance Review; Business & Organizational Update; Market Developments Since COVID; Equity Portfolio Update; Q&A",
          "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 19:58:45.276+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6d1a0d9e-9a56-41ba-af6d-966c5a013678",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.055,
            "w": 0.178,
            "x": 0.042,
            "y": 0.088
          },
          "kind": "title",
          "text": "Agenda",
          "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 19:58:45.276+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ecd90ce2-f482-4457-b0d0-bf45b55a4560",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "2876948b-40ff-4bbf-916e-2898db84c200",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Attention",
            "slug": "monroes-sequence-attention",
            "status": "active",
            "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
            "version": 1,
            "description": null
          },
          "evidence": "The document begins with a cover page, disclaimer, and agenda",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 1,
        "componentCount": 1,
        "textChars": 23,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.684+00",
          "seconds": 4.37,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/4",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-4",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.435,
            "x": 0.465,
            "y": 0.425
          },
          "kind": "title",
          "text": "Chairman's Introduction",
          "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 19:58:47.684+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53198c13-72a0-4a23-ad2f-62e264106c92",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 4,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Attention",
          "beatId": "2876948b-40ff-4bbf-916e-2898db84c200",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Attention",
            "slug": "monroes-sequence-attention",
            "status": "active",
            "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938",
            "version": 1,
            "description": null
          },
          "evidence": "The document begins with a cover page, disclaimer, and agenda",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Hook",
            "slug": "hook",
            "status": "active",
            "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5",
            "version": 1,
            "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "setup",
      "title": "The slide lists 6 directors with headshots and bulleted experience summaries.",
      "function": "introduce_nominees",
      "rawType": "team_bio",
      "block": null,
      "metadata": {
        "slideType": "team_bio",
        "slideTypeCanon": {
          "name": "Team bio",
          "slug": "team_bio",
          "status": "active",
          "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e",
          "version": 1,
          "description": null
        },
        "function": "introduce_nominees",
        "functionCanon": {
          "name": "Introduce nominees",
          "slug": "introduce_nominees",
          "status": "active",
          "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 8,
        "componentCount": 3,
        "textChars": 198,
        "nDataPoints": 0,
        "notes": "The slide lists 6 directors with headshots and bulleted experience summaries.",
        "elementsJson": [
          "headline_text",
          "data_table",
          "headshot",
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:45.596+00",
          "seconds": 2.213,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/5",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-5",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.87
          },
          "kind": "callout",
          "text": "Bilge Ogut and Jean-Baptiste Wautier joined the Board of Directors in 2025 while Bronwyn Curtis and Tope Lawani departed the Board",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:45.596+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4060a95b-cc91-4191-96b8-447acadc2966",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.68,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "table",
          "text": "Board Director and Summary Experience table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:45.596+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a2ea10b0-d3c8-484d-8883-a591f701f210",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Board of Directors of PSH",
          "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 19:58:45.596+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "663260b4-3400-41c3-b04d-28fdc99d775e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "appendix",
      "function": "summarize",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 7,
        "textChars": 476,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.446+00",
          "seconds": 3.006,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/6",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-6",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.82,
            "x": 0.06,
            "y": 0.57
          },
          "kind": "list",
          "text": "Board Committees (membership limited to independent directors except for risk committee)",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "07641403-3ca4-4349-97a6-3d2e892e04a1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.67,
            "x": 0.06,
            "y": 0.17
          },
          "kind": "list",
          "text": "Quarterly meetings; additional meetings as needed",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3368027d-cbc9-4f62-bb8c-e0b670e1d748",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.06,
            "y": 0.9
          },
          "kind": "list",
          "text": "Additional matters",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3b10bd99-f487-41ff-a2a6-8944c5da0713",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.06,
            "y": 0.23
          },
          "kind": "list",
          "text": "Review and monitor",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ba0252f-a65b-4d37-ae65-e03fa0054e0c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.47,
            "x": 0.12,
            "y": 0.66
          },
          "kind": "list",
          "text": "Audit Committee; Management Engagement Committee; Nomination Committee; Remuneration Committee; Risk Committee",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9039b9ee-824d-49da-93a9-6af0099138f1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.23,
            "w": 0.47,
            "x": 0.12,
            "y": 0.28
          },
          "kind": "list",
          "text": "Investment performance and portfolio; Operational risk management; Investor relations and global marketing; Share price performance; Expenses; Compliance and regulatory matters",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bd6fc106-d2e8-477b-b64a-b6b80d0bb7b3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.39,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSH Board Process",
          "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 19:58:46.446+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3c4ba3e2-2bdc-4e0b-888f-d956f3329966",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "appendix",
      "function": "summarize",
      "rawType": "appendix",
      "block": null,
      "metadata": {
        "slideType": "appendix",
        "slideTypeCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-0762-71f8-b564-89ab863301cc",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 8,
        "componentCount": 2,
        "textChars": 293,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:45.809+00",
          "seconds": 2.336,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/7",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-7",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "list",
          "text": "Share buybacks\nDividend policy\nDebt strategy\nFee-related amendments to the Investment Management Agreement\nHoward Hughes strategic transaction with Pershing Square\nHoward Hughes preferred stock investment\nStrategies for addressing discount to NAV",
          "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 19:58:45.809+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b3b3cd7-04cf-40d3-8a79-4a5ccae9fe3d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "PSH Board Additional Matters Considered in 2025",
          "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 19:58:45.809+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7bd6542e-a7a5-4d75-827e-830e25238a6b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "analysis",
      "title": "The slide highlights PSH's performance relative to benchmarks and notes the narrowing discount to NAV.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 65,
        "componentCount": 6,
        "textChars": 1672,
        "nDataPoints": 45,
        "notes": "The slide highlights PSH's performance relative to benchmarks and notes the narrowing discount to NAV.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.373+00",
          "seconds": 3.809,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/8",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-8",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.75
          },
          "kind": "callout",
          "text": "PSH's discount to NAV narrowed by 7.1% from 31.2% in the beginning of 2025 to 24.1% at year end, and has narrowed slightly to 23.3% thus far in 2026(3)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "05458a61-4fad-46ce-8217-c26e059b5d95",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "In 2025, PSH's NAV grew 20.9% and total shareholder return (\"TSR\") was 33.9%. In 2026 to-date, PSH NAV has declined (5.4)% and TSR has been (4.5)%(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1a05bfc-621e-4fbb-a44d-1f17566a9a14",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) for the period up until 12/31/24 and thereafter reflects the performance of the public shares listed on the London Stock Exchange in USD (PSH:LN) and includes dividend reinvestment. All index returns include dividend reinvestment. All index returns include dividend reinvestment. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) Year-to-date returns as of 2/9/26. (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. 2026 data not available as of 2/9/26. (3) Reflects discount to PSHD:LN for the dates presented and as of 2/9/26.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0bb0a2ab-0f38-408b-b4f6-a71f901d556b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NAV: 20.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:28+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-2b66-7100-896d-3d58e67d4504",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "table",
          "text": "Annualized Returns table comparing PSH against S&P 500, FTSE 100, MSCI World, and HFRX indices.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8acf13b2-be9e-45ee-a9ef-052b59782a56",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Performance Overview",
          "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 19:58:47.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fa9936cb-3ee6-437a-bcc9-85c05a394dc5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Audience Definition",
            "slug": "audience-definition",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
            "version": 1,
            "bodyDocId": null,
            "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "bc2d8b70-9477-4a88-bc87-4ce434abb0f7",
          "evidence": "The slide provides an overview of PSH's performance, indicating an audience of investors or financial analysts.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.165922+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 8,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Need",
          "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "setup",
      "function": "establish_context",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "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": "dense",
        "densityScore": 56,
        "componentCount": 7,
        "textChars": 749,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.741+00",
          "seconds": 2.917,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/9",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-9",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "PSH's ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "19504d4c-7a58-4422-8a9f-9e6345887715",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.85,
            "x": 0.07,
            "y": 0.28
          },
          "kind": "list",
          "text": "PSH has attractive credit characteristics; Simple, transparent, and highly liquid investment portfolio; Significant asset coverage: PSH debt is covered 5.1x by total assets; Underlying portfolio companies are diversified; Proven investment strategy; Facilitates opportunistic issuances",
          "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 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "07f71036-969e-44bb-affd-8b610c8b900b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.85,
            "x": 0.07,
            "y": 0.78
          },
          "kind": "list",
          "text": "No margin leverage; No mark-to-market covenants",
          "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 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8f6fc8a-18d2-4c5c-aea2-63d270601d81",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.85,
            "x": 0.07,
            "y": 0.65
          },
          "kind": "list",
          "text": "Laddered maturities from 2027 to 2039 are well matched with PSH's long-term investment horizon; Weighted-average maturity of 6 years; weighted-average cost of capital of 3.6%",
          "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 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e64dbf2d-6f36-4649-8ea9-bbd9a1f78844",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "asset coverage: 5.1x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:28+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-2b66-7100-896d-5477851d4c1d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "(1) Total Assets is defined as Net Asset Value plus Total Debt as of 12/31/25.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b205977a-b506-4396-a540-9bbeac4eed2b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Long-Term Debt Financing Strategy",
          "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 19:58:46.741+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b647efa-6bce-4536-9723-5e4e3768c4a1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Need",
          "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 10,
      "type": "analysis",
      "title": "The chart uses callout boxes to link specific financial events to fluctuations in the debt ratio.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 5,
        "textChars": 565,
        "nDataPoints": 10,
        "notes": "The chart uses callout boxes to link specific financial events to fluctuations in the debt ratio.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.754+00",
          "seconds": 2.745,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/10",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-10",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0389bc4e-d595-4b59-abf6-441fd8acac4f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.92,
            "x": 0.04,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Total Debt as % of Total Capital",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ee9f8af7-8cc4-4086-b806-dde97b7343dd",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Debt to Total Capital Ratio: 19.5%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:28+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-2b66-7100-896d-254a1252631a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Note: Total Capital and the ratio of Total Debt to Total Capital are calculated in accordance with the PSH Bonds' Indentures. Total Capital is defined as Net Asset Value plus Total Debt and is net of accrued performance fee. (1) Assumes a 1.18x EUR/USD exchange rate for the €500mm and €650mm EUR-denominated bonds.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2efc119e-3692-43b5-8f19-722f4d5cacd9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.65,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Total Debt to Total Capital Ratio Over Time",
          "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 19:58:46.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "96c9cb67-c14e-4a36-8c4f-b70e5d4c1a03",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "a90b0250-8cf2-48e4-bade-459bc17642a4",
          "evidence": "Linking specific debt issuance/redemption events to changes in the debt ratio over time.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:58:46.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "frameworkName": "causal-chain"
        }
      ],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Need",
          "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 11,
      "type": "setup",
      "function": "propose_solution",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 537,
        "nDataPoints": 8,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.186+00",
          "seconds": 6.94,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/11",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-11",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.81
          },
          "kind": "callout",
          "text": "The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.186+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0ace4b9d-a021-4bec-bff9-752448fba240",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Note: Pershing Square began its \"permanent capital era\" on 1/1/18... (1) The 1-year, 5-year, and 10-year compound annual NAV net returns... (2) Initial shares outstanding... (3) Ownership percentage... (4) FTSE 100 companies...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.186+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "37f48cd8-e39c-4b98-9634-ced9b22e622a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.06,
            "y": 0.15
          },
          "kind": "list",
          "text": "Strong investment performance; Corporate actions; Global marketing efforts outside of the United States",
          "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 19:58:51.186+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7eb5cc03-6905-4365-b3c0-8053360789b3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NAV discount: 29%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99a-cda3d7d8b453",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Strategies to Address the Discount",
          "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 19:58:51.186+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27f452c2-8cb1-45c8-9392-11df58045f25",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Need",
          "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 12,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 0,
        "componentCount": 1,
        "textChars": 16,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.94+00",
          "seconds": 2.577,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/12",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-12",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.312,
            "x": 0.593,
            "y": 0.425
          },
          "kind": "title",
          "text": "Strategic Update",
          "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 19:58:46.94+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a4a09b07-615d-4fb7-a9e0-ad2b98fe778b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 12,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 8,
          "name": "Need",
          "beatId": "2c41c779-25bd-4442-b5e3-aea6094c1776",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Need",
            "slug": "monroes-sequence-need",
            "status": "active",
            "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694",
            "version": 1,
            "description": null
          },
          "evidence": "The document highlights PSH's performance overview and strategies to address the discount",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 13,
      "type": "setup",
      "function": "summarize",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 17,
        "componentCount": 4,
        "textChars": 249,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.823+00",
          "seconds": 2.412,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/13",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-13",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Launch of PSUS should result in material reduction of PSH’s performance fees",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99a-f450a1b2650a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.21
          },
          "kind": "list",
          "text": "Made the decision to re-evaluate PSUS’s IPO structure to address investor feedback",
          "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 19:58:46.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87526774-e216-4edd-bf2b-99e4ccb2d0c7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.47
          },
          "kind": "list",
          "text": "Launch of PSUS should result in material reduction of PSH’s performance fees",
          "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 19:58:46.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "937393ad-8308-467e-9ce2-18554efa3e8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "PSUS IPO Update",
          "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 19:58:46.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df20e095-76db-4d73-9301-f54e38ea36be",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "AIDA Model",
            "slug": "aida-model",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-86fc-773c-813f-d416714b8413",
            "version": 1,
            "bodyDocId": null,
            "description": "Attention, Interest, Desire, Action - classic persuasion sequence",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "b024ad2f-0c96-4c76-a994-49b792c74009",
          "evidence": "The slide presents a clear and concise update on PSUS IPO, which grabs the audience's attention and presents a key message, aligning with the AIDA model's attention and interest stages.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:15.526599+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 13,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 14,
      "type": "appendix",
      "function": "establish_context",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "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": 77,
        "componentCount": 9,
        "textChars": 1069,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.733+00",
          "seconds": 3.245,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/14",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-14",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "In May 2025, Pershing Square invested $900 million of primary capital as part of a plan to transform HHH into a diversified holding company",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29e69b4d-9f50-4f69-97c5-8d840be5c832",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.87,
            "x": 0.08,
            "y": 0.74
          },
          "kind": "list",
          "text": "The entire Pershing Square team will support HHH in its transformation in exchange for management fees",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10131554-a9f5-4929-9740-a53d07acd740",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.83,
            "x": 0.12,
            "y": 0.55
          },
          "kind": "list",
          "text": "HHH signed a definitive agreement to acquire Vantage Group Holdings, Ltd. in December 2025",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2dae485a-2185-467e-99eb-5a2b166c465f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.87,
            "x": 0.08,
            "y": 0.66
          },
          "kind": "list",
          "text": "Bill Ackman rejoined HHH's Board as Executive Chairman and Ryan Israel joined the Board and HHH's executive team as Chief Investment Officer",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4063f3c8-9db3-4b83-b385-7f2bdd46eb4a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.83,
            "x": 0.12,
            "y": 0.6
          },
          "kind": "list",
          "text": "Existing HHC real estate subsidiary will continue its core MPC business with no change in strategy",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "668d9c83-952c-4ec6-8b07-f09ac9cd3c27",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.83,
            "x": 0.12,
            "y": 0.38
          },
          "kind": "list",
          "text": "Along with PSH's and the private funds' interest, Pershing Square's beneficial ownership of HHH has increased to 47%, with voting power capped at 40%",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92e82b30-8e25-4fca-85b6-8e4d36f5d861",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.87,
            "x": 0.08,
            "y": 0.47
          },
          "kind": "list",
          "text": "Investment by Pershing Square enables HHH to begin its transformation into a diversified holding company seeking controlling stakes in high-quality, durable growth companies",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a0136c89-544b-4ded-b77e-9a0fc9963ee5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.87,
            "x": 0.08,
            "y": 0.3
          },
          "kind": "list",
          "text": "The Pershing Square management company (Pershing Square HoldCo, L.P.) purchased 9 million newly issued HHH shares for $100 per share",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a0fca53e-90b5-4281-b23f-5cdceb7f0775",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "HHH Strategic Transaction with Pershing Square",
          "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 19:58:47.733+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ee3e9c1-0688-4e87-bdb0-208720b76f45",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Story Moments",
            "slug": "story-moments",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-ae4e-768d-a18b-108e6cda511e",
            "version": 1,
            "bodyDocId": null,
            "description": "Design key emotional beats: The Shock, The Vision, The Proof, The Choice, The Call",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "cfb9196d-5d8b-48b6-bc31-75d966c0275d",
          "evidence": "The slide provides a clear and concise overview of the strategic transaction between HHH and Pershing Square, highlighting key moments in the story.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:15.604378+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 15,
      "type": "setup",
      "title": "The slide uses a list-based structure to highlight three primary value drivers.",
      "function": "summarize",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 31,
        "componentCount": 4,
        "textChars": 704,
        "nDataPoints": 1,
        "notes": "The slide uses a list-based structure to highlight three primary value drivers.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.519+00",
          "seconds": 3.025,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/15",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-15",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "PSH management fees will be reduced dollar for dollar by the proportionate share of fees paid to PSCM by HHH attributable to the HHH common stock held by PSH(1)",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-0d83e09f0c28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Note: This slide contains Pershing Square's current views and expectations and is provided for illustrative purposes only. This slide does not constitute a guarantee or promise with respect to any outcome and there can be no assurance that these expectations will be achieved. (1) PSH currently owns 16.5 million shares of HHH.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "45b4cabb-e4bc-4596-a453-c62855c6bdd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.88,
            "x": 0.06,
            "y": 0.18
          },
          "kind": "list",
          "text": "Reduction in PSH management fees; Improved HHH should enhance the value of PSH's stake in the company; PSH and HHH will pursue distinct yet synergistic investment mandates",
          "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 19:58:47.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "221d59dc-b9b6-42b0-ace1-7f173e8adae3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Benefits to PSH from HHH Strategic Transaction",
          "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 19:58:47.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a5e09779-21e5-4b6d-9c32-afc7e61ba3c6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "7b38d716-cbba-4e08-a303-0863ff5b5668",
          "evidence": "The slide presents benefits to PSH from the HHH strategic transaction, implying a before-after scenario.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:16:15.680205+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 15,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "type": "appendix",
      "function": "present_solution",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "present_solution",
        "functionCanon": {
          "name": "Present solution",
          "slug": "present_solution",
          "status": "active",
          "canonId": "019de52d-15b8-71da-bd23-2b767850cbce",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 42,
        "componentCount": 6,
        "textChars": 589,
        "nDataPoints": 6,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "paragraph",
          "bullet_list",
          "footnote"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:46.932+00",
          "seconds": 2.381,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/16",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-16",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Based on the highly cash-generative nature of HHH’s real estate assets, we expect that HHH will redeem PSH’s preferred stock and increase its economic ownership of Vantage to 100% within three years",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-4b7f6e9e4bc7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "purchase price: $2.1 billion",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-4fdac38f19d2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "In December 2025, HHH signed a definitive agreement to acquire Vantage Group Holdings, Ltd., a leading specialty insurance and reinsurance 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 19:58:46.932+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "935b7454-ebf3-47a6-9b7e-7cf1902f2780",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "(1) The preferred stock will bear a mandatory dividend in the event of a default on HHH's obligation to repurchase the stock in certain circumstances.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.932+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4112eb5e-9636-4eb7-886a-aaf346f52673",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "table",
          "text": "Purchase Price, Timing, Funding Sources",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:46.932+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "415017dc-b90f-4933-80ac-8f2e11076d75",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "HHH's Acquisition of Vantage",
          "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 19:58:46.932+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "31fc63c6-3888-4d13-9866-4506b382716c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Data Story Arc",
            "slug": "data-story-arc",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
            "version": 1,
            "bodyDocId": null,
            "description": "Context → Conflict → Insight → Implication structure for data narratives",
            "familyLabel": null,
            "categoryName": "Loop",
            "categorySlug": "loop"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "26c6d4ed-89e0-4632-a5fc-04da60cc337a",
          "evidence": "The slide presents information on HHH's acquisition of Vantage, including details on the transaction and expected outcomes, following a narrative arc.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:16:15.756213+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 16,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "setup",
      "function": "present_solution",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "version": 1,
          "description": null
        },
        "function": "present_solution",
        "functionCanon": {
          "name": "Present solution",
          "slug": "present_solution",
          "status": "active",
          "canonId": "019de52d-15b8-71da-bd23-2b767850cbce",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 26,
        "componentCount": 3,
        "textChars": 814,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.433+00",
          "seconds": 2.823,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/17",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-17",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00175
          },
          "kind": "callout",
          "text": "We believe the acquisition of Vantage is an ideal transaction to begin HHH’s transformation into a diversified holding company",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.433+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3bd04542-32af-48b8-9474-1ce8104caa6b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "list",
          "text": "Well-diversified insurance platform across lines of business with both specialty insurance and reinsurance exposure\nHighly experienced management team\nLimited risk to existing reserves (Vantage was launched in 2020)\nIn-place regulatory licenses and credit ratings (A.M. Best and S&P A- Rating)\nLeverages Pershing Square’s investment expertise\nAddition of a higher-return, faster-growth insurance subsidiary materially accelerates HHH’s overall growth profile and diversifies its earnings stream\nProvides additional opportunities for reinvesting HHH’s real estate subsidiary's excess cash, which will initially be used to redeem PSH’s preferred stock",
          "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 19:58:47.433+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c4eb6024-a961-43f0-b76a-58bb15766498",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Vantage Acquisition Strategic Rationale",
          "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 19:58:47.433+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "13dd0b5e-d285-46af-bfb9-b18c60c37c60",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "549f11b8-8989-406a-bdfc-582c4319945e",
          "evidence": "The slide uses a bulleted list to present strategic arguments.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:47.433+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "list-presentation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 18,
      "type": "setup",
      "title": "The slide outlines a structured financial instrument with specific call options and governance rights.",
      "function": "summarize",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 42,
        "componentCount": 5,
        "textChars": 892,
        "nDataPoints": 2,
        "notes": "The slide outlines a structured financial instrument with specific call options and governance rights.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.438+00",
          "seconds": 2.506,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/18",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-18",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.84
          },
          "kind": "callout",
          "text": "Over time, we expect HHH to fully exercise its call options on all tranches of PSH's preferred stock and increase its economic ownership of Vantage to 100%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.438+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cfaf725f-da33-435b-ba58-02a0dde9d1f8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Over time, we expect HHH to fully exercise its call options on all tranches of PSH’s preferred stock and increase its economic ownership of Vantage to 100%",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99a-e2d58c210ecc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.7,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) The preferred stock will bear a mandatory dividend in the event of a default on HHH's obligation to repurchase the stock in certain circumstances. (2) On an as exchanged basis. Subject to a minimum repurchase price equal to the original issue price plus 4% per annum through the date of repurchase.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.438+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9bfec6e7-6749-4525-9b55-0a08a56c6266",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.185
          },
          "kind": "table",
          "text": "PSH Investment: Non-interest-bearing preferred stock, $1B in 14 tranches, exchangeable for common stock after 7 years. Repurchase Call Option: Annual repurchase right for 7 years at 1.50x book value. Governance: Pari passu, change of control trigger.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:47.438+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3872f591-fd4c-4793-bfbe-a02dd9665d04",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSH Preferred Investment Terms",
          "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 19:58:47.438+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8b290149-065b-4030-83f0-8ea5fe076fcd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "7051c20e-1796-4961-b433-a97ecc8e05d6",
          "evidence": "The slide presents detailed information on PSH preferred investment terms in a table format.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:16:15.87299+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 19,
      "type": "setup",
      "function": "summarize",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "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": 54,
        "componentCount": 6,
        "textChars": 1144,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.072+00",
          "seconds": 3.059,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/19",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-19",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "We believe PSH’s preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.072+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29122260-764e-4a09-85e5-6a10b10b7327",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We believe PSH's preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-ab400fb5fff2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.08,
            "y": 0.29
          },
          "kind": "list",
          "text": "Highly attractive return profile on a stand-alone basis\nContractual exit liquidity mechanism at a pre-determined multiple(1)\nEconomically similar to an investment in the PSH portfolio\nVantage transaction materially enhances the value of HHH, a core holding of PSH",
          "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 19:58:48.072+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f18417ee-98fc-4b8a-aaeb-20a2fc126b71",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.82,
            "x": 0.14,
            "y": 0.52
          },
          "kind": "paragraph",
          "text": "Prospective returns on PSH’s preferred investment should reflect growth in Vantage’s book value plus the benefit of P / BV multiple expansion from entry to exit\nGrowth in Vantage’s book value should closely track overall PSH portfolio returns\nVantage transaction will accelerate HHH’s transformation into a diversified holding company\nPSH’s existing investment in HHH common stock is ~40% larger than its maximum preferred commitment",
          "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 19:58:48.072+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "75a9d17e-8f57-41a8-bc9b-f09a8fbb8355",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.55,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "(1) Subject to a minimum repurchase price equal to the original issue price plus 4% per annum through the date of repurchase.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.072+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16358fac-3f6a-4315-977b-a4a396625a56",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSH Preferred Investment Highlights",
          "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 19:58:48.072+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "afcfea5b-4c87-45db-9251-e77b9a910687",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 20,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 1,
        "componentCount": 1,
        "textChars": 23,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:47.015+00",
          "seconds": 1.971,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/20",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-20",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.294,
            "w": 0.648,
            "x": 0.176,
            "y": 0.353
          },
          "kind": "title",
          "text": "2025 Performance Review",
          "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 19:58:47.015+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e578ac55-8db9-48e4-9f22-14a32f2b91ef",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 21,
      "type": "setup",
      "title": "The chart uses a dashed vertical line to separate PSH performance from market indices and peer benchmarks.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 531,
        "nDataPoints": 7,
        "notes": "The chart uses a dashed vertical line to separate PSH performance from market indices and peer benchmarks.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.531+00",
          "seconds": 6.196,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/21",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-21",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.22
          },
          "kind": "callout",
          "text": "2025 Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9d56788-32f9-484d-81f3-9f1f6d2835df",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.88,
            "x": 0.06,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Bar chart showing returns for PSH NAV (20.9%), PSH Share Price (33.9%), S&P 500 (17.9%), FTSE 100 (35.1%), MSCI World (21.6%), HFRX Activist Index (18.0%), and HFRX Equity Hedge Index (10.1%).",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86db8fdc-54e4-47c1-8460-2155cb428215",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Note: Reflects returns from 12/31/24 through 12/31/25... (1) FTSE 100 index reflects USD-denominated returns... (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9bcb4720-c224-4740-ab33-68fc61baa843",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Return: 33.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-2521beb25d1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.35,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "2025 Performance Overview",
          "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 19:58:51.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "900b94a7-ac41-4305-9bab-6d8e46e6f445",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "evidence",
      "title": "The chart uses a vertical dashed line to mark the 2018 'Return to Our Roots' strategic shift, dividing the timeline into three distinct periods.",
      "function": "analyze_data",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 67,
        "componentCount": 9,
        "textChars": 700,
        "nDataPoints": 4,
        "notes": "The chart uses a vertical dashed line to mark the 2018 'Return to Our Roots' strategic shift, dividing the timeline into three distinct periods.",
        "elementsJson": [
          "headline_text",
          "line_chart",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.313+00",
          "seconds": 2.846,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/22",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-22",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.54,
            "w": 0.36,
            "x": 0.215,
            "y": 0.245
          },
          "kind": "callout",
          "text": "2018: Return to Our Roots. Created a strong path forward that reminds us of our early roots.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "188b0d2b-d248-4253-bc67-a2507bbf026c",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Created a strong path forward that reminds us of our early roots",
          "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": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-8ddaaae8522f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.92,
            "x": 0.04,
            "y": 0.22
          },
          "kind": "chart",
          "text": "Cumulative performance line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8deaf395-2a52-4527-863e-cda666f1b1b5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "disclaimer",
          "text": "Note: All market and return data as of 2/9/26. Represents returns an investor would have earned if such investor had invested in PSLP at its 1/1/04 inception...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ed3ba032-d444-42d4-9c3a-04a622fd8909",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.34,
            "x": 0.225,
            "y": 0.3
          },
          "kind": "list",
          "text": "Restructured to a smaller investment-centric organization; Reinforced our core investment principles; Exited problematic investments; Stabilized our capital base",
          "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 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "25fcfc29-0bb8-4ac2-b310-e8971572a25a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cumulative Net Return: 2,503%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-97f164e769b9",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "2018: Return to Our Roots — PSH Annual Investor Presentation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-91959f322c5a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.16,
            "x": 0.125,
            "y": 0.605
          },
          "kind": "table",
          "text": "Since PSH Inception (12/31/12 - 2/9/26) PSH: 391% S&P 500: 518%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "48ad3912-a633-4a9b-9f1a-ef5a78231a9f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.77,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Cumulative Net Returns Since Inception",
          "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 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c68487a3-9e6f-43e9-a1d9-06c8cdd1efb8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "7d2ef48f-34c0-4d2d-bf66-06341d5cfe6a",
          "evidence": "The slide presents a before-after scenario, highlighting PSH's return to its roots in 2018.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:16:16.064977+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 22,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "33f760f7-615d-4956-bb56-316bac83751d",
          "evidence": "The slide explicitly divides the timeline into three periods (First 11.5 Years, Challenging Period, Permanent Capital Era) to frame the 2018 pivot.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-05-02 19:58:48.313+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 22,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 26,
          "from": 22,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
          "evidence": "The document provides before-and-after comparisons of PSH's performance",
          "position": 1,
          "objective": "Showcasing PSH's performance",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:11.360533+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 23,
      "type": "setup",
      "title": "The slide uses a textured background for the list and a grid of icons for the summary.",
      "function": "summarize",
      "rawType": "key_messages",
      "block": null,
      "metadata": {
        "slideType": "key_messages",
        "slideTypeCanon": {
          "name": "Key messages",
          "slug": "key_messages",
          "status": "active",
          "canonId": "019de52d-0712-703f-89f5-bda6688faf3f",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 21,
        "componentCount": 4,
        "textChars": 520,
        "nDataPoints": 0,
        "notes": "The slide uses a textured background for the list and a grid of icons for the summary.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "icon_grid",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.347+00",
          "seconds": 2.763,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/23",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-23",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "disclaimer",
          "text": "Note: The above is intended to be illustrative. While PSCM generally seeks investments with some or all the above characteristics, there is no guarantee that PSCM will be able to identify investments or create a portfolio that reflects these characteristics.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.347+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e478e1d1-8370-43b1-9408-eeba626ed99b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.75,
            "w": 0.4,
            "x": 0.55,
            "y": 0.15
          },
          "kind": "image",
          "text": "Grid of 6 icons representing investment principles",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Icon grid",
              "slug": "icon-grid",
              "status": "active",
              "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "icon-grid",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.347+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c7c66d70-5a50-4921-bb82-b084c1d961c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.38,
            "x": 0.1,
            "y": 0.18
          },
          "kind": "list",
          "text": "Pershing Square's Core Investment Principles: Key Business Characteristics, Attractive Valuation, Exceptional Management and Governance, Occasional Mispriced Probabilistic Investments",
          "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 19:58:48.347+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c294b56e-d4ce-4763-a47d-3b19a81cda00",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Commitment to Core Principles",
          "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 19:58:48.347+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20173a28-2517-4896-ac03-06fa7de8297e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 26,
          "from": 22,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
          "evidence": "The document provides before-and-after comparisons of PSH's performance",
          "position": 1,
          "objective": "Showcasing PSH's performance",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:11.360533+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 24,
      "type": "setup",
      "title": "The slide uses a vertical dashed line to separate the subject (PSH) from the benchmark indices.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 55,
        "componentCount": 7,
        "textChars": 678,
        "nDataPoints": 12,
        "notes": "The slide uses a vertical dashed line to separate the subject (PSH) from the benchmark indices.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.405+00",
          "seconds": 2.678,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/24",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-24",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return",
          "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": "2026-04-22 23:38:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-fc5afd73d3f7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Bar chart showing returns for PSH NAV, PSH Share Price, S&P 500, FTSE 100, MSCI World, HFRX Activist Index, and HFRX Equity Hedge Index.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f352bf61-61fe-4cc4-80a2-40802e733e09",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.95,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Note: Reflects returns from 12/31/17 through 12/31/25... (1) FTSE 100 index reflects USD-denominated returns... (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8b4d5e19-bb32-427c-9b1a-8823c28f4d9d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Compound Annual Return: 23.0%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-014af86edeb6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.82
          },
          "kind": "table",
          "text": "PSH NAV Annual Outperformance table showing bps values for each index.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9a80fbb-c42c-43f2-b8cd-b1af00e63364",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "title",
          "text": "8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "39206fa5-7fec-49f5-adb2-af35a099bc08",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Permanent Capital Era Annualized Returns",
          "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 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86db9edc-394b-421b-9428-41fcdda05577",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "2d9ebe6a-d775-448e-96a8-ec2135d90073",
          "evidence": "Direct comparison of PSH performance against multiple market benchmarks.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:48.405+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 24,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 26,
          "from": 22,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
          "evidence": "The document provides before-and-after comparisons of PSH's performance",
          "position": 1,
          "objective": "Showcasing PSH's performance",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:11.360533+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 25,
      "type": "setup",
      "title": "The table distinguishes between PSLP (unlevered) and PSH (modestly levered) fee structures.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 377,
        "nDataPoints": 48,
        "notes": "The table distinguishes between PSLP (unlevered) and PSH (modestly levered) fee structures.",
        "elementsJson": [
          "headline_text",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.656+00",
          "seconds": 2.893,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/25",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-25",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.2,
            "x": 0.74,
            "y": 0.29
          },
          "kind": "callout",
          "text": "PSLP: 1.5% Management fee, 20% Incentive fee, Unlevered",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "36679e89-3a38-40c4-95de-958541a2a240",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.2,
            "x": 0.74,
            "y": 0.6
          },
          "kind": "callout",
          "text": "PSH: 1.5% Management fee, 16% Incentive fee, Modestly levered",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7ca381e9-d5b3-468f-8ea8-2a8946027645",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.95,
            "x": 0.04,
            "y": 0.935
          },
          "kind": "disclaimer",
          "text": "Note: All market and return data as of 2/9/26. Past performance is not necessarily indicative of future results. (1) Represents NAV net returns...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76cc49ce-f226-4d46-8a0c-eb001c9224eb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Annual Net Returns: 15.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:29+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-7ae1f1054b65",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.435,
            "x": 0.265,
            "y": 0.165
          },
          "kind": "table",
          "text": "Annual return data for PSLP/PSH vs S&P 500 from 2004-2026 YTD",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b4ba765-38d6-4333-8878-67f806071168",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.58,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSLP / PSH Annual Net Returns",
          "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 19:58:48.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0ba1ca39-068c-421c-9480-6b3bb1f2a7bb",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "96f6d1c9-ab50-4e9a-bb35-949ee97bcff3",
          "evidence": "peer_benchmark type with table/data and callout/primary",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:15.893172+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 25,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 26,
          "from": 22,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
          "evidence": "The document provides before-and-after comparisons of PSH's performance",
          "position": 1,
          "objective": "Showcasing PSH's performance",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:11.360533+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 26,
      "type": "setup",
      "title": "The chart highlights significant outperformance since firm inception (2,644% vs 836%).",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 28,
        "componentCount": 5,
        "textChars": 348,
        "nDataPoints": 12,
        "notes": "The chart highlights significant outperformance since firm inception (2,644% vs 836%).",
        "elementsJson": [
          "headline_text",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.197+00",
          "seconds": 5.434,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/26",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-26",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.86,
            "x": 0.07,
            "y": 0.2
          },
          "kind": "callout",
          "text": "Net Returns vs. S&P 500 through December 31, 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.197+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82e68328-8253-4faf-8a28-2e5b7070765f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.86,
            "x": 0.07,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Grouped bar chart showing returns for 1, 5, 8, 10 years, since PSH inception, and since firm inception.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.197+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dc280940-60f4-4d76-8280-04caecb22da6",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cumulative Net Returns: 2,644%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-bc6e9f7999ad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Note: PSLP/PSH data represents returns an investor would have earned if such investor had invested in PSLP at its 1/1/04 inception...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.197+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f21b35d1-af57-4800-a2f7-2182abe7faaf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSLP / PSH Cumulative Net Returns",
          "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 19:58:51.197+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "96026e9f-03a0-4ae1-8c79-6a63dcb5e9f9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "f9a83194-2023-44f0-be29-39d5e4b3d7d8",
          "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:15.975674+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 26,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 26,
          "from": 22,
          "loop": {
            "name": "21_before_after",
            "slug": "21-before-after",
            "status": "active",
            "bestFor": "Product demos, process improvements, ROI justification",
            "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
            "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison",
            "familyLabel": null
          },
          "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
          "evidence": "The document provides before-and-after comparisons of PSH's performance",
          "position": 1,
          "objective": "Showcasing PSH's performance",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:11.360533+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 27,
      "type": "setup",
      "title": "The chart highlights superior performance in down months for PSLP/PSH compared to the S&P 500.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 36,
        "componentCount": 5,
        "textChars": 652,
        "nDataPoints": 6,
        "notes": "The chart highlights superior performance in down months for PSLP/PSH compared to the S&P 500.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.786+00",
          "seconds": 2.978,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/27",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-27",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.88,
            "x": 0.06,
            "y": 0.185
          },
          "kind": "callout",
          "text": "PSLP / PSH Average Monthly Net Return vs. S&P 500 through December 31, 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.786+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "41e92ec4-8737-47f6-8223-d99a0479c430",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.84,
            "x": 0.08,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Grouped bar chart showing returns for PSLP/PSH and S&P 500 across three categories: Average Monthly Return, Average Return in Up Months, and Average Return in Down Months.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.786+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "907d1ac4-41be-4d3d-8cad-ffea09bdb4d5",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Average Monthly Net Return: 1.4%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-bb06fa620cc7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.9,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Note: Data starting from PSLP inception on 1/1/04. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.786+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "09b136b1-4a82-4180-a860-8239698ae21d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSLP / PSH Average Monthly Net Return vs. S&P 500",
          "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 19:58:48.786+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "620bf513-5ca1-4cc3-a3a1-1cd68c2b059e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "a5896f89-a1a3-47c8-ba93-6a328faefe24",
          "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:16.053036+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 27,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "842b74ba-32b6-4d6c-ba5f-0d36efbcd9b4",
          "evidence": "Direct comparison of performance metrics between two entities across different market conditions.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:48.786+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 27,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 28,
      "type": "setup",
      "title": "The chart highlights PSH's performance in down months using a red dashed box.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 6,
        "textChars": 567,
        "nDataPoints": 6,
        "notes": "The chart highlights PSH's performance in down months using a red dashed box.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.211+00",
          "seconds": 6.224,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/28",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-28",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.88,
            "x": 0.06,
            "y": 0.18
          },
          "kind": "callout",
          "text": "PSH Average Monthly Net Return vs. S&P 500 through December 31, 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4817121b-079b-4b1f-b2d1-c3bdb52c1cd7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.08,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Grouped bar chart showing returns for PSH and S&P 500 across three categories: Average Monthly Return, Average Return in Up Months, and Average Return in Down Months.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e1923e7f-bbe0-4952-8ca6-f2fa489f2402",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.9,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "disclaimer",
          "text": "Note: Data starting from PSH inception on 12/31/12. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a8103114-eef4-4961-a71a-a560dcce9425",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.18,
            "x": 0.41,
            "y": 0.775
          },
          "kind": "legend",
          "text": "PSH (dark blue), S&P 500 (light grey)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "02ad97dc-f89d-4a50-bacc-debf03d859cd",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Average Monthly Net Return: 1.2%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-e7de6882fa0a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.87,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSH Average Monthly Net Return vs. S&P 500",
          "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 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bafd6262-352a-43fe-9fae-e7b86f3ad867",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "54a9d5e2-51a9-4c55-92c6-199dfb7ce1c7",
          "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:16.131766+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 28,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "53453e16-297c-4655-8b55-48ea4729ba23",
          "evidence": "Direct comparison of PSH performance metrics against S&P 500 benchmark.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:52.211+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 28,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 29,
      "type": "analysis",
      "title": "The slide breaks down performance contributors, with a note explaining that positions under 50 basis points are aggregated.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 6,
        "textChars": 517,
        "nDataPoints": 14,
        "notes": "The slide breaks down performance contributors, with a note explaining that positions under 50 basis points are aggregated.",
        "elementsJson": [
          "headline_text",
          "kpi_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.634+00",
          "seconds": 2.58,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/29",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-29",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "disclaimer",
          "text": "Note: Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated. Past performance is not a guarantee of future results.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.634+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "55a07c15-7e23-476a-a37c-a5595a50f16c",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Gross Return: 26.5%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:30+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99b-d255bbfe8e47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "table",
          "text": "Alphabet 10.3%, Fannie Mae 5.8%, Freddie Mac 5.0%, Brookfield 3.5%, Uber 2.7%, Amazon 2.4%, Hilton 1.0%, UMG 0.7%, Meta 0.7%, RBI 0.5%, Buybacks 1.2%, Other 0.6%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.634+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "12c3d761-38b9-4f89-bfcf-c34e41ebaaa7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.75
          },
          "kind": "table",
          "text": "Total Contributors 34.4%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "KPI table",
              "slug": "kpi",
              "status": "active",
              "canonId": "019de52d-0324-7799-a84e-d0885a8ad400",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "kpi",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.634+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3c52859a-eec7-4b4c-9fa7-99ec6d0ff092",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.82
          },
          "kind": "table",
          "text": "Total PSH Returns: Gross 26.5%, Net 20.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "KPI table",
              "slug": "kpi",
              "status": "active",
              "canonId": "019de52d-0324-7799-a84e-d0885a8ad400",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "kpi",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.634+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6063fe2e-6704-4d7d-8378-3548c665a809",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "2025 Contributors",
          "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 19:58:48.634+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f5f82fc7-f03b-41bd-938a-3c2f73daf554",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "babfaabb-24ae-4fdd-9dab-70a9ac5ca957",
          "evidence": "table/data: Alphabet 10.3%, Fannie Mae 5.8%, Freddie Mac 5.0%, Brookfield 3.5%, Uber 2.7%, Amazon 2.4%, Hilton 1.0%, UMG 0.7%, Meta 0.7%, RBI 0.5%, Buybacks 1.2%, Other 0.6%",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 03:29:39.040859+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 29,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 30,
      "type": "analysis",
      "title": "The slide provides a breakdown of negative performance contributors for the year 2025.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 32,
        "componentCount": 4,
        "textChars": 676,
        "nDataPoints": 6,
        "notes": "The slide provides a breakdown of negative performance contributors for the year 2025.",
        "elementsJson": [
          "headline_text",
          "kpi_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.999+00",
          "seconds": 2.778,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/30",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-30",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "disclaimer",
          "text": "Note: Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated. Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.999+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2f941ea6-f810-4160-a28e-2f2bfc645c84",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Gross Return: 26.5%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-24b602c3edbc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.205
          },
          "kind": "table",
          "text": "Chipotle Mexican Grill (4.6%) Nike (2.5%) Total Detractors - Underlying Portfolio (7.1%) Bond Interest Expense (0.8%) Total Detractors - incl. Interest Expense (7.9%) Total PSH Returns Gross Return 26.5% Net Return 20.9%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.999+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e64fd61f-a0d5-46e4-b1f9-bb371579e500",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.34,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "2025 Detractors",
          "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 19:58:48.999+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1aba68f7-304e-4bbc-891a-a35475d92b68",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "829c8b10-9d2b-4d43-a2b8-ba591f9dbfef",
          "evidence": "table/data: Chipotle Mexican Grill (4.6%) Nike (2.5%) Total Detractors - Underlying Portfolio (7.1%) Bond Interest Expense (0.8%) Total Detractors - incl. Interest Expense (7.9%)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 03:29:39.109052+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 30,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 31,
      "type": "analysis",
      "title": "The table highlights the alignment of interest through 'Insider Capital' as a percentage of equity.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 34,
        "componentCount": 5,
        "textChars": 504,
        "nDataPoints": 24,
        "notes": "The table highlights the alignment of interest through 'Insider Capital' as a percentage of equity.",
        "elementsJson": [
          "headline_text",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:48.935+00",
          "seconds": 2.604,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/31",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-31",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.89
          },
          "kind": "disclaimer",
          "text": "Note: Assets under management are gross of any accrued performance fees. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ddd9a01-f1d7-4ee6-b839-5c0671ee4e49",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "AUM: $30,040",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-3a8762b1aa89",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "(1) Total AUM includes $2.3 billion and €1.15 billion... (2) Includes Pershing Square employees... (3) Total AUM for HHH refers to the market capitalization...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea8c6382-249b-44fc-8c54-107e4d758cf6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.205
          },
          "kind": "table",
          "text": "AUM and Insider Capital table for PSH, PSLP, PSINTL, and HHH.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:48.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "58ab4f69-2c37-4d0c-b5cf-897454af7722",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Total Assets Under Management",
          "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 19:58:48.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b0a9c0d3-dd32-4116-ae11-2c46e4d56903",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 32,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 1,
        "componentCount": 1,
        "textChars": 32,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.458+00",
          "seconds": 3.66,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/32",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-32",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.158,
            "w": 0.43,
            "x": 0.285,
            "y": 0.421
          },
          "kind": "title",
          "text": "Business & Organizational Update",
          "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 19:58:50.458+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be1f14c3-5f4d-4b5f-923c-bd9fdc937e58",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 33,
      "type": "resolution",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "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": 69,
        "componentCount": 9,
        "textChars": 757,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.595+00",
          "seconds": 3.56,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/33",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-33",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00175
          },
          "kind": "callout",
          "text": "Strong portfolio gains and progress on strategic initiatives drove a PSH total shareholder return of 34% in 2025, 1.9x the return of the S&P 500(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "485db3c5-91d9-48f8-adb2-32519497862e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.07,
            "y": 0.007
          },
          "kind": "list",
          "text": "HHH signed a definitive agreement to acquire Vantage for $2.1bn, which will be partially funded by up to $1bn of preferred stock issued by HHH to PSH",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0f5ba104-699b-4418-84ab-a326f70a6379",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.07,
            "y": 0.004200000000000001
          },
          "kind": "list",
          "text": "Exited investments in Chipotle, CPKC, and Nike in 2025, as well as Hilton in 2026",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "45b8458e-a374-43f5-9efe-55e3ab385558",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.07,
            "y": 0.008400000000000001
          },
          "kind": "list",
          "text": "Continued focus on redesigning the PSUS transaction structure",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e4575ee-2430-48d5-8e60-7c13b6e426d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.07,
            "y": 0.0056
          },
          "kind": "list",
          "text": "Began transformation of HHH into a diversified holding company via a $900mm strategic transaction with PSCM",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b373eae0-4da4-43eb-8880-7eb77673d44a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.07,
            "y": 0.0031
          },
          "kind": "list",
          "text": "New investments in Hertz, Amazon, and Meta",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "da9493b0-d9ef-4109-aa5c-5541044950c8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "total shareholder return: 34%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-7fd2eeb11107",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.04,
            "y": 0.009699999999999999
          },
          "kind": "source-note",
          "text": "(1) PSH return represents the USD-based total shareholder return of PSHD with dividends reinvested.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7db88a1c-32d4-48ea-9f72-21feb9a2c10f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Key Developments in the Last Twelve Months",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "717e53af-04d1-437c-a144-3712dd083e35",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 33,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 20,
          "name": "Satisfaction",
          "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Satisfaction",
            "slug": "monroes-sequence-satisfaction",
            "status": "active",
            "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8",
            "version": 1,
            "description": null
          },
          "evidence": "The document provides a performance review and update on strategic initiatives",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 34,
      "type": "setup",
      "title": "The slide uses a clear split between acquisitions and exits to demonstrate portfolio turnover.",
      "function": "summarize",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 7,
        "textChars": 428,
        "nDataPoints": 12,
        "notes": "The slide uses a clear split between acquisitions and exits to demonstrate portfolio turnover.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "logo_grid",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.191+00",
          "seconds": 6.085,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/34",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-34",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "During the last twelve months, we completed the acquisitions of three new investments and exited four investments",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6df6940-7fae-4ea0-ae1c-f0cfdf303b28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.7,
            "x": 0.15,
            "y": 0.43
          },
          "kind": "image",
          "text": "Hertz, Amazon, Meta logos",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo grid",
              "slug": "logo-grid",
              "status": "active",
              "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo-grid",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "933645c2-d362-4000-970e-c6d08bb4edca",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "(1) Total PSH gross and net returns in 2025 were 26.5% and 20.9%, respectively.",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "38e7d421-5140-4c08-945f-1719438ec454",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.76,
            "x": 0.12,
            "y": 0.63
          },
          "kind": "table",
          "text": "Table showing Position, Year Initiated, Year Exited, and 2025 Attribution for Chipotle, CPKC, Hilton, and Nike.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76e0bf4c-78c1-4c0e-8cec-ca7c1228aa50",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Portfolio Developments",
          "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 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df07598f-741f-463c-824e-e16ef30937a7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.28
          },
          "kind": "title",
          "text": "Positions Acquired in Last Twelve Months",
          "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 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0bf1363c-d0ef-4b8b-bad7-37d91a92257a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.56
          },
          "kind": "title",
          "text": "Positions Exited in Last Twelve Months",
          "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 19:58:53.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "19623502-ea59-443a-8afe-360e355eb5e8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 35,
      "type": "resolution",
      "title": "The slide uses a list-based structure to present investment thesis summaries for Amazon, Meta, and Hertz.",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "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": 71,
        "componentCount": 8,
        "textChars": 1078,
        "nDataPoints": 3,
        "notes": "The slide uses a list-based structure to present investment thesis summaries for Amazon, Meta, and Hertz.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "logo_grid",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50+00",
          "seconds": 2.85,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/35",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-35",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "We completed the acquisitions of two core investments and one opportunistic investment over the last twelve months",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a71376d-7394-4fed-9380-22f3993a2ce4",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Macro-driven market volatility, rapidly changing investor narratives, and idiosyncratic, misunderstood situations create opportunities for Pershing Square",
          "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": "2026-04-22 23:38:31+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-91f6614bb1f3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.7,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "disclaimer",
          "text": "Note: This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein. (1) As of 12/31/25.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92e7bd2b-477d-4d88-a9b0-f54cf5599e9c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.48
          },
          "kind": "list",
          "text": "Meta (10% of capital): Leader in the fast-growing digital advertising space and one of the clearest beneficiaries of AI integration",
          "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 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "176553c6-cb8f-42e7-ac85-a38834dfa5a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.64
          },
          "kind": "list",
          "text": "Hertz (2% of capital): Turnaround opportunity driven by improved industry dynamics, rationalized fleet composition, and operational enhancements",
          "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 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "535b91c7-243d-4481-acd2-9418d4b82a52",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.32
          },
          "kind": "list",
          "text": "Amazon (13% of capital): Largest cloud business by market share, with secular IT infrastructure and process tailwinds, and the dominant retail e-commerce operator",
          "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 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bb0e7849-d2b5-4c16-a58a-e6bbaed92b1f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.81
          },
          "kind": "paragraph",
          "text": "Macro-driven market volatility, rapidly changing investor narratives, and idiosyncratic, misunderstood situations create opportunities for Pershing Square",
          "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 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b818a7f-6010-4900-8447-bea040b683ee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Robust New Idea Generation",
          "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 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ceb65b63-66e7-4fa6-ac7c-29f00f5ab2bd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "73eea5a9-155b-48f0-ba64-ae7348ec3c51",
          "evidence": "The slide uses a structured list to present key investment takeaways.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:58:50+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 35,
          "frameworkName": "list-presentation"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 36,
      "type": "setup",
      "function": "introduce_nominees",
      "rawType": "team_bio",
      "block": null,
      "metadata": {
        "slideType": "team_bio",
        "slideTypeCanon": {
          "name": "Team bio",
          "slug": "team_bio",
          "status": "active",
          "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e",
          "version": 1,
          "description": null
        },
        "function": "introduce_nominees",
        "functionCanon": {
          "name": "Introduce nominees",
          "slug": "introduce_nominees",
          "status": "active",
          "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 71,
        "componentCount": 10,
        "textChars": 863,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.649+00",
          "seconds": 3.495,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/36",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-36",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "Pershing Square is a collaborative and investment-centric organization with a highly experienced and aligned team",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79cabe43-054c-4d32-875d-a6fef650098d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.08,
            "y": 0.45
          },
          "kind": "list",
          "text": "Silver Lake, Private Equity Senior Associate and Analyst (2021 – 2025)\nA.B. in Applied Mathematics and Economics, Harvard College, 2021",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10ea4068-422c-4687-9c86-8f8a064deab9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.29
          },
          "kind": "list",
          "text": "Team stability, tenure, and size relative to assets under management continue to differentiate Pershing Square from the industry",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26fe7be1-1fb9-40fc-9070-7e9ad20afd42",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.08,
            "y": 0.62
          },
          "kind": "list",
          "text": "Previously head of Investor Relations and Corporate Development at Hilton for 11 years\nPrior to Hilton, Jill was an equity research analyst for over a decade",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3fc7844d-64f2-442b-8555-708d40d94721",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.86
          },
          "kind": "list",
          "text": "Manning Feng departed the investment team in December 2025",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "50748f2d-a11d-4661-a57f-bd2539122bc2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.4
          },
          "kind": "list",
          "text": "Jordan Aguiar-Lucander joined the investment team in February 2026",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c6b6856-eb11-4e4c-aa30-e587ddb9adcb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.57
          },
          "kind": "list",
          "text": "Jill Chapman joined to lead Corporate Investor Relations in September 2025",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "888bf1e5-6770-41cd-8b9f-cb030c65213c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.74
          },
          "kind": "list",
          "text": "Lukas Richards joined as General Counsel in January 2026",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8c566ef6-0be0-49c9-adce-bc95335b5eed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.79
          },
          "kind": "list",
          "text": "Previously a Partner at Paul Weiss and Kirkland & Ellis",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cbfc52fc-7aea-41d7-968e-2a95a0c3a4a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Organizational Update",
          "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 19:58:50.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91877308-5bee-4724-9d3b-83611b30fd8e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 37,
      "type": "appendix",
      "title": "The chart includes tenure in years for each individual listed. The asterisk denotes members of the Investment Team.",
      "function": "other",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 10,
        "componentCount": 4,
        "textChars": 134,
        "nDataPoints": 0,
        "notes": "The chart includes tenure in years for each individual listed. The asterisk denotes members of the Investment Team.",
        "elementsJson": [
          "org_chart"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:49.832+00",
          "seconds": 2.658,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/37",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-37",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.75,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "diagram",
          "text": "Hierarchical structure of PSCM departments and personnel.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Org chart",
              "slug": "org-chart",
              "status": "active",
              "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "org-chart",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:49.832+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "72e7a65d-0bc9-4874-ae7d-fe1ebe64eb85",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "disclaimer",
          "text": "* Member of Investment Team",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:49.832+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e8b3ddbf-b350-4508-89be-b0e16e3a8657",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.3,
            "x": 0.35,
            "y": 0.9
          },
          "kind": "legend",
          "text": "Name (PSCM Tenure in Years)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:49.832+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "762f67b6-daf7-490a-8040-c087f2b432b7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "PSCM Organization Chart",
          "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 19:58:49.832+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "80182f60-db90-4529-b9d4-4a97ff1fb27b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c7ed1922-1cee-4372-9c2b-a0eba8b6a25e",
          "evidence": "Visual representation of company hierarchy.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:58:49.832+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 37,
          "frameworkName": "org-chart"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 38,
      "type": "setup",
      "title": "The table highlights the high level of experience and long tenure of the investment team.",
      "function": "introduce_nominees",
      "rawType": "team_bio",
      "block": null,
      "metadata": {
        "slideType": "team_bio",
        "slideTypeCanon": {
          "name": "Team bio",
          "slug": "team_bio",
          "status": "active",
          "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e",
          "version": 1,
          "description": null
        },
        "function": "introduce_nominees",
        "functionCanon": {
          "name": "Introduce nominees",
          "slug": "introduce_nominees",
          "status": "active",
          "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 13,
        "componentCount": 2,
        "textChars": 127,
        "nDataPoints": 18,
        "notes": "The table highlights the high level of experience and long tenure of the investment team.",
        "elementsJson": [
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:49.042+00",
          "seconds": 1.856,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/38",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-38",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.75,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0015
          },
          "kind": "table",
          "text": "Employee, Education and Summary Prior Experience, Career Experience (Years), PSCM Tenure (Years)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:49.042+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8aedd31-8d81-4e83-ab8b-4046b24abc66",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.67,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Pershing Square Investment Team",
          "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 19:58:49.042+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4ff7ab7-3f21-4126-9fd1-bc2450605d30",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 39,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 1,
        "componentCount": 1,
        "textChars": 31,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.737+00",
          "seconds": 4.077,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/39",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-39",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.152,
            "w": 0.474,
            "x": 0.263,
            "y": 0.424
          },
          "kind": "title",
          "text": "Market Developments Since COVID",
          "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 19:58:51.737+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "64fafa61-ab2b-499a-a1b7-1ae8cadcfc6b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 40,
      "type": "analysis",
      "title": "The chart shows a clear recovery and growth trajectory post-COVID-19.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 22,
        "componentCount": 5,
        "textChars": 220,
        "nDataPoints": 3,
        "notes": "The chart shows a clear recovery and growth trajectory post-COVID-19.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.935+00",
          "seconds": 5.218,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/40",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-40",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "The S&P 500 has increased 112% cumulatively, or 13% per annum, from 2020 to 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3a68cc77-ed34-4a1e-b419-11013614b816",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "S&P 500 Index performance chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8fc98eef-b0d6-4862-a8b7-c2263b049fb2",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "S&P 500 Index: 112%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-06206a677dc1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. Excludes dividends.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1cb2b33d-a9cf-475c-902d-e554add81a02",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.8,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Stock Market Performance Since COVID Has Been Strong",
          "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 19:58:52.935+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "44e3cd6e-a482-467d-a1ea-3ba0b86f4abf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 41,
      "type": "setup",
      "title": "The slide uses a simple bar chart to establish a premise of market strength before potentially pivoting to a critique of valuation.",
      "function": "establish_context",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "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": "balanced",
        "densityScore": 33,
        "componentCount": 6,
        "textChars": 352,
        "nDataPoints": 3,
        "notes": "The slide uses a simple bar chart to establish a premise of market strength before potentially pivoting to a critique of valuation.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.621+00",
          "seconds": 5.9,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/41",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-41",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "callout",
          "text": "Many commentators think that these high rates of return suggest the market is overvalued",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.621+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d4f161ca-9e65-4c36-908c-8affe0016e67",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "The S&P 500 index increased 24%, 23%, and 16% in 2023, 2024, and 2025, respectively",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.621+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d59a15ea-a54e-4c10-a6cf-932204cf2c34",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Annual S&P 500 Index Price Change",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.621+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "38f0a6d9-a7bf-4eae-8942-a76fc3db6f5d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "S&P 500 Index Price Change: 24%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-d44a09e320fe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. Excludes dividends.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.621+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "568d5991-d90d-4cdd-8945-2dd35435a96e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Stock Market Performance Has Been Particularly Strong Over the Last Three Years",
          "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 19:58:53.621+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1333fe63-8656-4afd-b4b6-848d13a91dd5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 42,
      "type": "analysis",
      "title": "The chart uses a stacked bar approach to show the attribution of market returns.",
      "function": "analyze_data",
      "rawType": "kpi_overview",
      "block": null,
      "metadata": {
        "slideType": "kpi_overview",
        "slideTypeCanon": {
          "name": "KPI overview (contrarian)",
          "slug": "kpi_overview",
          "status": "active",
          "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 62,
        "componentCount": 8,
        "textChars": 610,
        "nDataPoints": 18,
        "notes": "The chart uses a stacked bar approach to show the attribution of market returns.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.415+00",
          "seconds": 3.599,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/42",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-42",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "The S&P 500 annualized return of 13% from 2020-2025 has been primarily driven by 10% EPS growth, while P/E multiple expansion has only been 3%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "135e5ff4-7477-42fb-a4d2-908714563128",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%",
          "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": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-a7ef9db40577",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.88,
            "x": 0.07,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Annual S&P 500 Index Price Change",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0d198939-04d7-4b89-8f07-48addaa8298c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.32,
            "x": 0.34,
            "y": 0.815
          },
          "kind": "legend",
          "text": "Change in NTM EPS; Change in P/E Multiple",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91b9662b-1341-477d-beb5-4b12f7c07271",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "S&P 500 Index Price Change: 112%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-a8b47ab448b1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.86
          },
          "kind": "paragraph",
          "text": "The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%",
          "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 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "746e1c59-6a2a-43ce-a35b-a177257666c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. Excludes dividends.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5a9c051-e90d-4370-afdc-e8920bec99ba",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Earnings Growth Has Driven Market Return",
          "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 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "011f94bd-b43a-4f5b-8d82-f19095d716eb",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "8c00b7ce-c90a-4aaf-b705-6d62ec2601a5",
          "evidence": "Decomposing market returns into EPS growth and P/E multiple expansion components.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:51.415+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 42,
          "frameworkName": "decomposition"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 43,
      "type": "evidence",
      "title": "The slide uses a split-chart approach to contrast two distinct time periods.",
      "function": "analyze_data",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 33,
        "componentCount": 6,
        "textChars": 254,
        "nDataPoints": 11,
        "notes": "The slide uses a split-chart approach to contrast two distinct time periods.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.872+00",
          "seconds": 3.047,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/43",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-43",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1330bd4c-dc5d-4f87-b483-329dd32be85e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.48,
            "w": 0.42,
            "x": 0.52,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Post-COVID NTM EPS Growth (2020-2025)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9ca8cf52-85e3-4ec9-a9df-487692a806d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.48,
            "w": 0.42,
            "x": 0.06,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Pre-COVID NTM EPS Growth (2015-2019)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2687e4e-b379-460b-b5b0-22cd212958be",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM EPS Growth: 10%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-432c21f11e90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1f06d932-66ad-4c71-97f3-50e40f15b841",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "EPS Growth Has Been Elevated Relative to Pre-COVID Levels",
          "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 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e0e1c992-f873-42c0-a28f-333664fe459c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "96cf1783-ef39-419b-a52e-c937267e156c",
          "evidence": "The slide explicitly compares two time periods (pre-COVID vs post-COVID) to demonstrate an improvement in EPS growth.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:58:50.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 43,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 44,
      "type": "resolution",
      "title": "The slide highlights the concentration of growth in the top 10 companies, justifying the portfolio's exposure to these names.",
      "function": "analyze_data",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 69,
        "componentCount": 8,
        "textChars": 842,
        "nDataPoints": 18,
        "notes": "The slide highlights the concentration of growth in the top 10 companies, justifying the portfolio's exposure to these names.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.717+00",
          "seconds": 2.799,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/44",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-44",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "Most of the elevated earnings growth is driven by the top ten companies in the S&P 500, of which we own three",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8edbf382-86d8-4f22-a92e-4c23456dbd18",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth",
          "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": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-21ef8a90db9e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.68,
            "x": 0.25,
            "y": 0.35
          },
          "kind": "chart",
          "text": "EPS growth comparison for 2026E and 2027E across four categories",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "38ff687f-9ffa-47c2-adb2-dbedf6342fea",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EPS Growth: 25%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-26849ba530a7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth",
          "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 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5721e0ed-fa05-4a69-a5f9-d711857d2667",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. EPS growth for top 10 companies is weighted by market cap. EPS growth for next 490 companies is calculated from the difference of S&P 500 EPS growth and Top 10 EPS growth.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b827068-b268-469f-aba2-2052acc5623d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.22,
            "x": 0.07,
            "y": 0.35
          },
          "kind": "table",
          "text": "Composition of S&P 500 Index Consensus EPS Growth: Top 10 companies by weight",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2fa04941-be82-4f6e-8460-b5c054f507a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.78,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Megacaps Power Higher Earnings Growth",
          "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 19:58:50.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3a43de91-336c-4263-a1e0-78c895484ef7",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 45,
      "type": "analysis",
      "title": "The slide uses a causal argument linking EPS growth to P/E expansion.",
      "function": "analyze_data",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 6,
        "textChars": 404,
        "nDataPoints": 4,
        "notes": "The slide uses a causal argument linking EPS growth to P/E expansion.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:50.595+00",
          "seconds": 2.621,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/45",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-45",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cefd2120-da07-402a-88e6-adfac4305ae7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.52,
            "w": 0.43,
            "x": 0.06,
            "y": 0.35
          },
          "kind": "chart",
          "text": "NTM Consensus EPS Growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ab2561a8-ad0e-4c72-a715-902b3cf90a95",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.52,
            "w": 0.43,
            "x": 0.52,
            "y": 0.35
          },
          "kind": "chart",
          "text": "NTM Consensus P/E Multiple",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ad2690f6-3e04-4d86-a8e4-2940747fe3a3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "P/E multiple: 22x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99c-ee6e8282d566",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. 12/31/26E NTM consensus EPS growth represents the current estimated year-over-year growth of 2027E S&P 500 earnings.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "59a1411c-ab13-4c29-a2ae-89f596de1cf4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Growth Outlook Supports Current Market Multiple",
          "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 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a237954-13e4-46b1-9d9e-8c37412e09be",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "188c71c5-b75b-4d5a-9c94-19b307ab311b",
          "evidence": "Links EPS growth to P/E multiple expansion",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 45,
          "frameworkName": "causal-chain"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 46,
      "type": "setup",
      "title": "The slide uses a comparison frame to justify portfolio concentration in specific high-growth tech stocks.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 6,
        "textChars": 828,
        "nDataPoints": 12,
        "notes": "The slide uses a comparison frame to justify portfolio concentration in specific high-growth tech stocks.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.435+00",
          "seconds": 3.314,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/46",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-46",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.84
          },
          "kind": "callout",
          "text": "We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df8af323-0ffd-46c4-bd61-4983429614a9",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E Multiple: 22x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-1db71db3c706",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "We believe these companies offer structurally higher growth than most companies in the S&P 500 at only modestly higher average multiples",
          "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 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9da9b688-8303-4106-8a33-2307639418f8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Note: The companies on this page reflect all portfolio companies with a market cap greater than $150 billion. See the Equity Portfolio Update slides for a discussion of all equity positions in the portfolio. NTM P/E multiples are based on Bloomberg consensus estimates. Earnings growth figures are based on Pershing Square estimates.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b6a9aff-bd8a-4270-bcee-64c5b54bc62a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.48,
            "w": 0.88,
            "x": 0.06,
            "y": 0.31
          },
          "kind": "table",
          "text": "S&P 500 Index, S&P 500 Equal-Weight, Uber, Amazon, Alphabet, Meta with NTM P/E and EPS Growth metrics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29598355-ac12-4424-a396-2eba51bb0860",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "We Have Increased Our Exposure to High-Quality, Higher-Growth Megacaps",
          "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 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a44da84-8a60-4eb3-ac18-631399eba479",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "cfbb1318-4dbd-4a2e-8e92-bb7b8028a31a",
          "evidence": "Direct comparison of portfolio holdings against market indices on valuation and growth metrics.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:51.435+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 46,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 47,
      "type": "evidence",
      "title": "The slide uses a narrative-driven 'before/after' framing to justify an investment entry point based on market mispricing.",
      "function": "quantify_opportunity",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "quantify_opportunity",
        "functionCanon": {
          "name": "Quantify opportunity",
          "slug": "quantify_opportunity",
          "status": "active",
          "canonId": "019de52d-17e4-726f-aa15-83350acef1dd",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 404,
        "nDataPoints": 16,
        "notes": "The slide uses a narrative-driven 'before/after' framing to justify an investment entry point based on market mispricing.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.224+00",
          "seconds": 2.776,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/47",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-47",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "callout",
          "text": "Rapidly shifting investor narratives around AI enabled us to purchase shares in GOOG at ~16x earnings, a >40% discount to its current multiple",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c7b45473-1b49-4cd3-b731-92f19aad5c98",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "chart",
          "text": "NTM P/E Multiples – Last Five Years",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cfe03203-ea10-433c-9726-527885ae1bcd",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E Multiple: 16x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-5b70d98bd161",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.05,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in GOOG on 3/2/23.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "70183f7f-4f06-4f02-967c-027aac5229f4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.135,
            "w": 0.415,
            "x": 0.292,
            "y": 0.325
          },
          "kind": "table",
          "text": "Comparison table of GOOG vs S&P 500 P/E multiples",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f0f21ef-682f-4d52-916e-c4611eff21c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Changing Narratives Create Opportunity: GOOG",
          "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 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e403a568-49ec-4e7c-a14f-9792d525bfa5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "be950116-c9d3-4343-8fda-ee5d809ddaa8",
          "evidence": "Contrasts the 'AI loser' narrative of March 2023 with the 'AI winner' narrative of Nov 2025 to justify entry.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-05-02 19:58:51.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 47,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 48,
      "type": "analysis",
      "title": "The slide highlights the 'value' proposition of UBER by contrasting the compression of the P/E multiple against the growth of EPS.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 6,
        "textChars": 534,
        "nDataPoints": 9,
        "notes": "The slide highlights the 'value' proposition of UBER by contrasting the compression of the P/E multiple against the growth of EPS.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.823+00",
          "seconds": 3.187,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/48",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-48",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "We are delighted to own UBER’s ~30% EPS growth at only 21x while we believe the company disproves concerns around autonomous vehicles",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2d1bf056-e778-4f18-96ff-feeb527488c6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "NTM P/E and EPS - Last Eighteen Months",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a0a33d8-9ebb-49b8-8829-9a7162d76e6d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E: 21.0x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-8f29ba3e16d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.6,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in UBER on 1/7/25. Note: UBER NTM P/E multiple and NTM EPS not relevant prior to July 2024 given company was not operating at normalized profitability.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7c0fd858-af55-444f-bba2-d811cc92c6d1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.31,
            "x": 0.29,
            "y": 0.32
          },
          "kind": "table",
          "text": "UBER NTM P/E and EPS comparison table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "70c41204-3330-4b27-95cf-6ed67e407f5b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "Robust Earnings Growth Overwhelms Misguided Secular Concerns: UBER",
          "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 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e6f0be38-813e-4f37-a0f1-7594e277138f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "748e2af1-62b7-4f70-8b0b-127ab739c796",
          "evidence": "Contrasting P/E compression with EPS growth to justify investment thesis",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:58:51.823+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 48,
          "frameworkName": "valuation-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 49,
      "type": "evidence",
      "title": "The slide uses a dual-axis line chart to show absolute and relative P/E multiples, with a table for summary statistics.",
      "function": "quantify_opportunity",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "quantify_opportunity",
        "functionCanon": {
          "name": "Quantify opportunity",
          "slug": "quantify_opportunity",
          "status": "active",
          "canonId": "019de52d-17e4-726f-aa15-83350acef1dd",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 37,
        "componentCount": 6,
        "textChars": 393,
        "nDataPoints": 12,
        "notes": "The slide uses a dual-axis line chart to show absolute and relative P/E multiples, with a table for summary statistics.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "comparison_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.828+00",
          "seconds": 3.161,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/49",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-49",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "Market volatility following the April tariff announcement allowed us to buy AMZN, one of the world's best businesses, at an all-time low valuation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a7275fdc-ec1b-4e72-a7ab-736669ca93e0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "NTM P/E Multiples – Last Five Years",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63a88aa4-17b3-4a18-a1c5-5c906c13ad45",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E Multiple: 26.2x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-f4204df1b944",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in AMZN on 4/21/25.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f78dbf86-228b-470b-9777-01189f4a74ef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.35,
            "x": 0.535,
            "y": 0.355
          },
          "kind": "table",
          "text": "AMZN vs. S&P 500 valuation table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cf1b1917-74d3-4b1e-8568-d14c3e06379e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Macro Volatility Dislocates Valuation: AMZN",
          "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 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "279ee69f-a13d-400f-971f-dc88aa9917e5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "5d3d5a2a-b2c3-4aac-9f38-d02377253fb8",
          "evidence": "The slide compares the market volatility following the April tariff announcement to the current valuation of AMZN.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:18.230992+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 49,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "bc9c1bf4-d03e-421d-a83c-99daa5582c84",
          "evidence": "The slide includes a line chart showing NTM P/E Multiples for the last five years.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.269516+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 49,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "9df63e6e-6998-47ba-8a71-1d59e3bf0403",
          "evidence": "Contrasts historical valuation with the entry point following a specific market event.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:51.828+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 49,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 49,
          "from": 40,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "8a983a77-abb0-457c-971d-e574e92d3009",
          "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
          "position": 0,
          "objective": "Highlighting the benefits of PSH's investment strategy",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:03:11.311722+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 50,
      "type": "analysis",
      "title": "The slide uses a line chart to show valuation convergence and a data table to quantify the multiples.",
      "function": "analyze_data",
      "rawType": "valuation_table",
      "block": null,
      "metadata": {
        "slideType": "valuation_table",
        "slideTypeCanon": {
          "name": "Valuation table",
          "slug": "valuation_table",
          "status": "active",
          "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 7,
        "textChars": 511,
        "nDataPoints": 12,
        "notes": "The slide uses a line chart to show valuation convergence and a data table to quantify the multiples.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.843+00",
          "seconds": 3.056,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/50",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-50",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We believe concerns around META’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI",
          "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": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-d71a560c861e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "NTM P/E Multiples – Last Five Years",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.843+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5e38a585-a7a3-4f29-b12a-a8f1bc86a98e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E Multiple: 21.1x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-dbca2e56b1f4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "We believe concerns around META's AI-related spending initiatives are underestimating the company's long-term upside potential from AI",
          "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 19:58:51.843+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "55ea9171-a46e-49be-8cb0-9309903df192",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in META on 11/24/25.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.843+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "694c6174-00e7-4709-b02e-ec140a4bfc7e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.16,
            "w": 0.33,
            "x": 0.54,
            "y": 0.65
          },
          "kind": "table",
          "text": "META vs. S&P 500 valuation table",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.843+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "88297305-d079-465a-849f-08cc364a2045",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Potential Future Narrative Shift: META",
          "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 19:58:51.843+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e7334386-44e8-4097-b177-e7ce040866f3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 51,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 1,
        "componentCount": 1,
        "textChars": 23,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.837+00",
          "seconds": 5.88,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/51",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-51",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.14,
            "w": 0.44,
            "x": 0.48,
            "y": 0.43
          },
          "kind": "title",
          "text": "Equity Portfolio Update",
          "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 19:58:54.837+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5838f5f0-2094-47ae-a22a-c44f43e65ddc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 52,
      "type": "setup",
      "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": 69,
        "componentCount": 7,
        "textChars": 1391,
        "nDataPoints": 6,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:51.915+00",
          "seconds": 2.935,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/52",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-52",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.165
          },
          "kind": "callout",
          "text": "Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9b85f65-6805-4f18-a98b-a44a8a6b09b4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.28
          },
          "kind": "list",
          "text": "Leading asset-rich alternative asset manager with deep domain expertise\nOwns 73% of $84bn publicly-listed asset manager (Brookfield Asset Management) with significant value derived from asset-light, recurring management fee streams\nWe believe that deep domain expertise and best-in-class returns position Brookfield to benefit from multi-trillion-dollar wave of AI-related infrastructure investment",
          "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 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5453726f-1329-4cd9-9b3d-18ee68402a98",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.76
          },
          "kind": "list",
          "text": "Attractive long-term financial outlook\nManagement targeting nearly $7 of earnings-per-share in 2030, or ~25% compounded\nBN's valuation of ~16x earnings remains a discount to our estimate of intrinsic value and comparable US-peers",
          "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 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "953e6878-f44b-40aa-89e2-2a47ecfdd615",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.16,
            "y": 0.5
          },
          "kind": "list",
          "text": "Financial profile poised to inflect in the near-term\nDouble-digit earnings growth in 2025 below structural potential as carried interest still below target and Brookfield invests for growth\nNear-term outlook supports acceleration to ~25%+ earnings growth\nGrowth supported by a step-function increase in carried interest realization and the rapid scaling of BN's Wealth Solutions business",
          "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 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fee6b5b7-be09-454b-8ed8-b201d8e471c6",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "earnings growth: ~25%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-0e6a1aa0ca88",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cff9f0d2-e577-487e-9917-00e3642184be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Brookfield Corporation (\"BN\")",
          "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 19:58:51.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d0f540f8-9c23-4e46-a130-52d087470eec",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "ee23b93c-ba34-4853-ac34-2503c2ac2147",
          "evidence": "The slide provides a brief summary of Brookfield Corporation's profile.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:18.422014+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 52,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 53,
      "type": "resolution",
      "title": "The slide uses a line chart to correlate share price movement with specific strategic announcements.",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 75,
        "componentCount": 10,
        "textChars": 824,
        "nDataPoints": 4,
        "notes": "The slide uses a line chart to correlate share price movement with specific strategic announcements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.37+00",
          "seconds": 3.271,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/53",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-53",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.2,
            "x": 0.43,
            "y": 0.33
          },
          "kind": "callout",
          "text": "9/10/2025: BN hosts 2025 Investor Day; establishes ~$7 DE per share target in 2030 (25% compounded)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8745dba4-8fba-4d3f-8420-392d0517fa25",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.14,
            "w": 0.17,
            "x": 0.14,
            "y": 0.53
          },
          "kind": "callout",
          "text": "5/2/2024: BN closes on the acquisition of American Equity Life, bolstering its Wealth Solutions business",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e018550d-08eb-49ae-88f7-7a79760864a2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.2,
            "x": 0.65,
            "y": 0.61
          },
          "kind": "callout",
          "text": "7/31/2025: BN announces $3.2bn acquisition of Just Group, a UK pension provider",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e81ffd93-f9e4-45e5-818a-35d2994a4bdc",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "BN's share price including dividend reinvestment increased 21% in 2025 and has increased 2% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-bc74712dab88",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.08,
            "y": 0.31
          },
          "kind": "chart",
          "text": "BN Share Price Performance from 4/11/2024 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0c883142-9cc7-4200-a7dc-0720839fd2a0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of BN's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b835841e-7b30-48e8-a063-0e269f021c0c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.2,
            "x": 0.17,
            "y": 0.81
          },
          "kind": "legend",
          "text": "Average Cost at Announcement: $28*",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4cd99cb8-632a-41c5-b006-5754ece62afc",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $47",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-c39bd62906e1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "title",
          "text": "BN's share price including dividend reinvestment increased 21% in 2025 and has increased 2% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bff17427-a25e-4765-a55f-201534be1703",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.55,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "BN Share Price Performance Since Inception",
          "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 19:58:52.37+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "195d6ab4-fc83-41c9-adba-412704207c0f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "bedf4345-2ea0-47c0-9e6c-42e77c88770f",
          "evidence": "The slide uses a clear and simple line chart to show BN's share price performance.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.498204+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 53,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 54,
      "type": "resolution",
      "title": "Slide 54 from a Pershing Square activist deck.",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "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": 58,
        "componentCount": 7,
        "textChars": 814,
        "nDataPoints": 6,
        "notes": "Slide 54 from a Pershing Square activist deck.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.563+00",
          "seconds": 3.399,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/54",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-54",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.16
          },
          "kind": "callout",
          "text": "High-quality business positioned for continued rapid earnings growth trading at a compelling valuation on misplaced industry concerns",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "51bca844-1334-44e2-98c3-0184014d30e0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.7,
            "x": 0.05,
            "y": 0.97
          },
          "kind": "disclaimer",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76bd33e7-aeb3-45ea-b82e-81c6aac49f24",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.8,
            "x": 0.16,
            "y": 0.68
          },
          "kind": "list",
          "text": "Industry developments consistent with our \"partnership\" investment thesis; AV operations in 10+ cities; Waymo partnership; Nvidia Alpamayo model; Tesla FSD 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 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "027f0d36-18e9-4004-ab31-3538df561c68",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.8,
            "x": 0.16,
            "y": 0.44
          },
          "kind": "list",
          "text": "Financial outlook remains extremely attractive, and valuation is compelling; Teens-plus bookings growth; 30%+ growth in EPS; 21x NTM earnings",
          "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 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cce0743e-9266-43aa-b34c-ab2a94b3d2d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.8,
            "x": 0.16,
            "y": 0.26
          },
          "kind": "list",
          "text": "Near term results are exceptionally strong and accelerating; Bookings increased 19% in 2025; Pre-tax operating profit grew 50%",
          "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 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f20471a9-9bc1-4876-b173-a68d80b4fcb3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "earnings-per-share growth: 30%+",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:32+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99d-709239e3339d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.35,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Uber Technologies (\"UBER\")",
          "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 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "241ae431-db8e-48ed-be9b-8bcfa99b0a2c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "405f70fb-b656-49f5-b70a-d998f243fa8b",
          "evidence": "The slide explicitly structures arguments to support a 'partnership' investment thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:52.563+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 54,
          "frameworkName": "investment-thesis"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 55,
      "type": "evidence",
      "title": "The chart highlights the average cost at announcement ($67) and correlates specific news events with share price movements.",
      "function": "analyze_data",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 54,
        "componentCount": 6,
        "textChars": 1122,
        "nDataPoints": 2,
        "notes": "The chart highlights the average cost at announcement ($67) and correlates specific news events with share price movements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.059+00",
          "seconds": 2.815,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/55",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-55",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "Since inception of the position, UBER’s share price increased 23% in 2025 and has declined (10)% year-to-date in 2026(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.059+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af6d84bc-aa13-42d3-95d4-65dd28d522ae",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Since inception of the position, UBER's share price increased 23% in 2025 and has declined (10)% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-3e8a370a0f3c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.92,
            "x": 0.04,
            "y": 0.28
          },
          "kind": "chart",
          "text": "UBER Share Price Performance from 1/7/2025 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.059+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43490b78-79d9-4460-9931-b697744450e6",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $74",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-406415a25033",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Note: The performance of UBER's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only UBER's share price over time, not the value of PSH's investment in UBER, and is provided as context for Pershing Square's views of UBER. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH's return on its investment may differ substantially from UBER's change in share price. PSH gross return was 19% and net return was 14% from 1/7/25 to 2/9/26. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/9/26.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.059+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e4dd92de-12c3-4de2-bbf8-cb994f1f913e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "UBER Share Price Performance Since Inception",
          "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 19:58:52.059+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dd3eb717-9ed8-477b-9f1e-4111843bb41b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "d63424f9-d4da-4603-a92f-39dee077b097",
          "evidence": "The slide compares UBER's share price performance since inception.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:18.625302+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "c2ec836e-c5ae-4858-9e68-79a7460cabaa",
          "evidence": "The slide contrasts the 2025 performance with the 2026 YTD performance to frame the current situation.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:52.059+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 56,
      "type": "setup",
      "title": "The slide uses a callout box at the bottom to emphasize the potential valuation of the taxpayer asset.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 57,
        "componentCount": 7,
        "textChars": 875,
        "nDataPoints": 1,
        "notes": "The slide uses a callout box at the bottom to emphasize the potential valuation of the taxpayer asset.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:52.281+00",
          "seconds": 3.031,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/56",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-56",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "callout",
          "text": "We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dda029ad-3611-42d0-83a1-e8064e6ac343",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.8,
            "x": 0.16,
            "y": 0.31
          },
          "kind": "list",
          "text": "The administration has repeatedly emphasized three key objectives: Enhance home affordability, Demonstrate a near-term mark to market, Maximize long-term value",
          "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 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1e938c62-9c2a-4d36-bb05-27fd8bdf4267",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.8,
            "x": 0.16,
            "y": 0.48
          },
          "kind": "list",
          "text": "We believe the solution we published in November achieves all three goals: Three simple steps can immediately be taken by Treasury and FHFA",
          "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 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bf4d2376-d47d-4a80-b3aa-db632304d19e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "taxpayer asset value: ~$300 billion",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:33+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-5aa637766448",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization",
          "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 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87f02b44-1def-46e2-8bba-c73545165d2b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.92,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a78ddd8b-55f4-4311-88e8-72799e46f68c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
          "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 19:58:52.281+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e85d967b-2460-4897-8ddd-0bd726b3f63c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 57,
      "type": "analysis",
      "title": "The slide uses a timeline-annotated line chart to correlate share price volatility with specific news events.",
      "function": "analyze_data",
      "rawType": "timeline",
      "block": null,
      "metadata": {
        "slideType": "timeline",
        "slideTypeCanon": {
          "name": "Timeline",
          "slug": "timeline",
          "status": "active",
          "canonId": "019de52d-0851-75eb-b758-ea2965e7739a",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 60,
        "componentCount": 8,
        "textChars": 575,
        "nDataPoints": 12,
        "notes": "The slide uses a timeline-annotated line chart to correlate share price volatility with specific news events.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.35+00",
          "seconds": 3.152,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/57",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-57",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.75,
            "x": 0.13,
            "y": 0.35
          },
          "kind": "callout",
          "text": "Series of text boxes annotating specific dates with events",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "33280f26-6287-4c61-a58b-f1f011d4b97f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "FNMA and FMCC share prices increased 227% and 211%, respectively, in 2025 and have declined (23)% and (29)% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-c25f6198771e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Historical share price line chart for FNMA and FMCC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3750faff-2a5e-4172-ac5b-4620246954d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "disclaimer",
          "text": "Note: The performance of FNMA's and FMCC's share prices is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53ddea97-a922-4a65-a1f4-89e7c4374993",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.1,
            "x": 0.4,
            "y": 0.091
          },
          "kind": "legend",
          "text": "FNMA (blue line), FMCC (red line)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87d8b304-5dc7-4cde-a3e1-70febc3fe9cf",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: 227%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-c6cd1dd74a91",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.15
          },
          "kind": "title",
          "text": "FNMA and FMCC share prices increased 227% and 211%, respectively, in 2025 and have declined (23)% and (29)% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fd71a5aa-c92d-44ef-af9f-bdf1c64f6776",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "FNMA and FMCC Share Price Performance Since Inception",
          "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 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c3d39c0c-510d-481e-a70d-a49d67b44c30",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "62446ba0-a632-48f9-b97c-496279da48d6",
          "evidence": "Chronological mapping of events against share price performance",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:58:53.35+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 57,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 58,
      "type": "setup",
      "title": "This slide serves as an investment thesis summary for an activist investor (Pershing Square).",
      "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": 69,
        "componentCount": 8,
        "textChars": 969,
        "nDataPoints": 3,
        "notes": "This slide serves as an investment thesis summary for an activist investor (Pershing Square).",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.457+00",
          "seconds": 2.926,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/58",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-58",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Amidst broader market volatility in April 2025, we were able to opportunistically initiate a position in Amazon at a highly attractive valuation",
          "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": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-7454567667a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.14,
            "x": 0.02,
            "y": 0.18
          },
          "kind": "image",
          "text": "amazon",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb23dad8-002a-4a29-811d-59726bbcde8b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.82,
            "x": 0.16,
            "y": 0.17
          },
          "kind": "list",
          "text": "Amidst broader market volatility in April 2025, we were able to opportunistically initiate a position in Amazon at a highly attractive valuation",
          "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 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "77894597-1668-4377-9c5e-6184b9cc273b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.82,
            "x": 0.16,
            "y": 0.27
          },
          "kind": "list",
          "text": "Amazon operates two of the world's great, category-defining franchises. AWS is the leading cloud hyperscaler. Amazon.com is the largest global e-commerce retailer with $700B+ GMV.",
          "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 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a686b2b1-fd95-43aa-9bc2-2f7ea3cebf8e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.82,
            "x": 0.16,
            "y": 0.63
          },
          "kind": "list",
          "text": "Significant margin expansion opportunity in Amazon's retail business. Potential to nearly double retail profitability via advertising, density, and automation.",
          "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 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c519a7af-60b5-4925-ad4e-eebf9a560312",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.82,
            "x": 0.16,
            "y": 0.45
          },
          "kind": "list",
          "text": "AI adoption extends and potentially accelerates AWS's growth runway. 20% growth at $140B run-rate; capacity doubling through 2027.",
          "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 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ef53b391-6b83-4923-894f-885c9eae6d30",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.85,
            "x": 0.05,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0d6b4f2b-781e-480d-9924-ea63db387150",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Amazon (\"AMZN\")",
          "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 19:58:53.457+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91bbb584-c3c0-4212-a174-0e4a8fc81510",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "447e6fff-a495-4b6f-82c8-9c192ddb1021",
          "evidence": "The slide provides a brief summary of Amazon's business and opportunities.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:18.776091+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 58,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 59,
      "type": "evidence",
      "title": "The slide uses callout boxes to explain specific price movements relative to earnings and market sentiment.",
      "function": "analyze_data",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 75,
        "componentCount": 9,
        "textChars": 994,
        "nDataPoints": 4,
        "notes": "The slide uses callout boxes to explain specific price movements relative to earnings and market sentiment.",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "line_chart",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:57.819+00",
          "seconds": 7.199,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/59",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-59",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.3,
            "x": 0.5,
            "y": 0.6
          },
          "kind": "callout",
          "text": "10/30/25: Amazon reported strong Q3 earnings, with better-than-expected revenue growth acceleration at AWS and approximately 150bps of margin expansion in the retail segment",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4ea84f6c-23bf-4202-80f8-9fbda4549d30",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.25,
            "x": 0.68,
            "y": 0.27
          },
          "kind": "callout",
          "text": "2/5/26: Amazon reported Q4 earnings; continued revenue growth acceleration at AWS and margin expansion was overshadowed by higher-than-expected capex guidance for 2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "915107e0-538a-4dbe-88be-02e6952e6d45",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.3,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "callout",
          "text": "April 2025: Concerns around the impact of tariffs on the retail business and the sustainability of AWS’s AI-driven growth weighed on the company’s share price, providing us a highly attractive entry valuation of only 25x forward earnings",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e576cb93-53a9-46a2-b100-209091ede71d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Since inception of the position, AMZN’s share price increased 34% in 2025 and has declined (10)% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-8f59c3369cea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "AMZN share price line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1573d18e-3d17-4212-ba8b-092d2167288c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of AMZN’s share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a461ae6-fd2e-4ff9-bc57-bcd6c9b823f3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $209",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-910a3e9dd283",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "title",
          "text": "Since inception of the position, AMZN’s share price increased 34% in 2025 and has declined (10)% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2521035-daee-4b9a-aa00-506fb7143afa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "AMZN Share Price Performance Since Inception",
          "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 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d9a6f3c-d661-4b34-a574-a7094616d429",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "625e3cbd-dbaf-4b6d-b56a-ed095d30513c",
          "evidence": "The slide compares AMZN's share price performance since inception.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:18.853263+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 59,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "1d7389a2-e811-4cee-a66b-a1f5d1818859",
          "evidence": "The slide contrasts the 2025 growth period with the 2026 YTD decline.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:58:57.819+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 59,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 60,
      "type": "setup",
      "title": "The slide uses a structured list format to present the investment thesis.",
      "function": "summarize",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "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": 54,
        "componentCount": 7,
        "textChars": 735,
        "nDataPoints": 2,
        "notes": "The slide uses a structured list format to present the investment thesis.",
        "elementsJson": [
          "headline_text",
          "logo_grid",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.871+00",
          "seconds": 2.889,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/60",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-60",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.88
          },
          "kind": "callout",
          "text": "Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a very substantial discount to its intrinsic value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a5cc6450-676a-44d0-bc70-f1f6256d5fde",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.00165
          },
          "kind": "callout",
          "text": "UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b65bac77-2cd9-4364-9f66-bb25a7f6869e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.15,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "image",
          "text": "Universal Music Group logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e126191-d215-4203-9968-0d9ca19ec087",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.8,
            "x": 0.16,
            "y": 0.0028
          },
          "kind": "list",
          "text": "Growth set to accelerate this year: \"Streaming 2.0\" deals, new partners/tiers. AI as a tailwind: monetization and cost efficiency. UMG trades at a record low valuation: 18x earnings (17x ex-Spotify).",
          "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 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6d878823-261b-4c2c-821c-e254b4cc8a6f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "earnings multiple: 17x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-ae63e12a6833",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "052bf783-2b6f-4829-83f9-c131a42763c9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Universal Music Group (\"UMG\")",
          "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 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bbe4c83d-e903-4d63-a229-3d6ece632bb8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e5087379-ac7c-42e1-bfbb-305c90410541",
          "evidence": "Structured argument presenting company quality, growth drivers, and valuation discount.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:53.871+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 60,
          "frameworkName": "investment-thesis"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 61,
      "type": "analysis",
      "title": "The chart highlights specific events impacting share price, including management changes, capital market days, and major shareholder transactions.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 35,
        "componentCount": 6,
        "textChars": 441,
        "nDataPoints": 1,
        "notes": "The chart highlights specific events impacting share price, including management changes, capital market days, and major shareholder transactions.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.208+00",
          "seconds": 3.17,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/61",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-61",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "UMG's share price including dividend reinvestment declined (8)% in 2025 and has declined (11)% year-to-date in 2026(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.208+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc0b66ce-321f-4899-bba0-48bcb6fb4e78",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "UMG’s share price including dividend reinvestment declined (8)% in 2025 and has declined (11)% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-d99c678ee4cc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.27
          },
          "kind": "chart",
          "text": "UMG Share Price Performance from 9/21/2021 to 2/9/2026 (€EUR)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.208+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f41e70fb-d403-4802-9e7f-2ba202ddcafa",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: €19.73",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-dd69ae645e0e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Note: The performance of UMG's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.208+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7c01fcf3-224e-4498-ac11-6d2d199be3ab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "UMG Share Price Performance Since IPO",
          "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 19:58:54.208+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "391e5039-80f6-462b-8336-fadf52de823e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "dd9e8a45-3649-4922-a157-58cb013cd8b3",
          "evidence": "The performance of UMG's share price is provided for illustrative purposes only...",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.286478+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "ff0686c9-a609-42d5-a6ae-ee5e83b000ec",
          "evidence": "The chart uses a chronological x-axis with annotated events to explain share price movements.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:54.208+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 62,
      "type": "resolution",
      "title": "Slide 62 from an activist investor deck (likely Pershing Square).",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "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": 70,
        "componentCount": 8,
        "textChars": 1049,
        "nDataPoints": 3,
        "notes": "Slide 62 from an activist investor deck (likely Pershing Square).",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.723+00",
          "seconds": 2.657,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/62",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-62",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.0086
          },
          "kind": "callout",
          "text": "Favorable resolution to recent antitrust review",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a079761a-98d8-4943-abf5-76259c6111bb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Alphabet is leveraging its core strengths in data, distribution, infrastructure, and research expertise to successfully execute on its vast AI potential",
          "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": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-f1ff6bb2cc3e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.16,
            "y": 0.0065
          },
          "kind": "list",
          "text": "Unique full-stack approach to AI has increasingly differentiated Google Cloud; Cost-advantaged technical infrastructure; $70 billion run-rate revenue business; 48% growth in Q4'25; Rapid improvement in segment profitability",
          "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 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a5e76b6-267d-4870-be1b-3677106f55f0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.8,
            "x": 0.16,
            "y": 0.0028
          },
          "kind": "list",
          "text": "AI is having a transformative impact on Search & YouTube; AI Overviews & AI Mode demonstrate rapidly improving product velocity in Search; Reaching more than 2 billion users; Gemini-Apple partnership; Focus on multi-modal AI capabilities",
          "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 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ba981408-10c5-4d4d-982d-b714e77ed1ac",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "revenue run-rate: $70 billion",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99e-f47f687cf3da",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.0017
          },
          "kind": "paragraph",
          "text": "Alphabet is leveraging its core strengths in data, distribution, infrastructure, and research expertise to successfully execute on its vast AI potential",
          "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 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "851faf6f-a410-4b9d-a974-d3217a8f0790",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2db7a49c-c4dd-4dce-95ea-a5104d9f8bec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Alphabet (\"GOOG\")",
          "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 19:58:53.723+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "184cc4d3-2632-4116-846a-f5a4dfd8fa56",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Audience Definition",
            "slug": "audience-definition",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
            "version": 1,
            "bodyDocId": null,
            "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "adc4f891-db98-41c3-9ce8-89e5aab8f13f",
          "evidence": "This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.350757+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 62,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "4770c2dc-2c47-46b9-9db8-7b5125dfd31a",
          "evidence": "Source: Company filings. This slide contains Pershing Square's own views and opinions...",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.383592+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 62,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 63,
      "type": "evidence",
      "title": "The slide uses a timeline-annotated line chart to correlate specific company milestones with share price movement.",
      "function": "illustrate_case",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 51,
        "componentCount": 7,
        "textChars": 655,
        "nDataPoints": 1,
        "notes": "The slide uses a timeline-annotated line chart to correlate specific company milestones with share price movement.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.83+00",
          "seconds": 3.652,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/63",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-63",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "GOOG's share price including dividend reinvestment increased 65% in 2025 and has increased 3% year-to-date in 2026(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f65c4ac4-d9ae-4e10-a709-14c06bedbd32",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.27
          },
          "kind": "chart",
          "text": "GOOG Share Price Performance from 3/2/2023 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9bc6faf-cfe8-4283-8e96-002dd614d764",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.75,
            "x": 0.14,
            "y": 0.28
          },
          "kind": "framework",
          "text": "Annotated events: 5/11/23 (I/O), 10/29/24 (CFO), 11/18/25 (Gemini 3), 9/2/25 (DOJ resolution)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Framework",
              "slug": "framework",
              "status": "active",
              "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa",
              "version": 1,
              "description": "Named conceptual framework instance."
            },
            "tool": null,
            "subkind": {
              "name": "Framework instance",
              "slug": "instance",
              "status": "active",
              "canonId": "019de52d-05a2-72af-be0b-7edc60708a03",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "instance",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ad93d1eb-7ec5-4ddc-9ecd-5bc99aab485a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $324",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-47764eb39626",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "10/29/24: On her first earnings call, newly appointed CFO, Anat Ashkenazi, emphasizes her commitment to \"build on the company's [efficiency] efforts\" and \"evaluate where we might be able to accelerate work\" — Anat Ashkenazi",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-409cd3cb7fac",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Note: The performance of GOOG's share price is provided for illustrative purposes only... (1) As of 2/9/26.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d48fb5f7-c68c-4644-8bd1-e0e9d1a8b291",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "GOOG Share Price Performance Since Inception",
          "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 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a02077ca-db39-4a0f-85d6-97e442240bec",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "438fd7af-a77b-4ab6-9e1c-af24ebfee8ad",
          "evidence": "GOOG's share price including dividend reinvestment increased 65% in 2025 and has increased 3% year-to-date in 2026",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:16:18.448584+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 63,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "31484aa9-3895-417e-a4e2-0bdfc2bb84cb",
          "evidence": "The chart uses a chronological x-axis with specific event callouts linked to points on the line.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:54.83+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 63,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 64,
      "type": "setup",
      "title": "Includes a callout box at the bottom summarizing the investment thesis.",
      "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": 74,
        "componentCount": 8,
        "textChars": 1129,
        "nDataPoints": 7,
        "notes": "Includes a callout box at the bottom summarizing the investment thesis.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.707+00",
          "seconds": 3.376,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/64",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-64",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "callout",
          "text": "We believe Meta's current share price underappreciates the company's long-term upside potential from AI and represents a deeply discounted valuation for one of the world's greatest businesses",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4fa0c3ae-c094-46ad-a3a3-81bd671a8aea",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We believe Meta’s current share price underappreciates the company’s long-term upside potential from AI and represents a deeply discounted valuation for one of the world’s greatest businesses",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-92e3ba5dcd16",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.16,
            "x": 0.04,
            "y": 0.21
          },
          "kind": "image",
          "text": "Meta logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c87fed3f-2e32-402c-a6b0-a7ba4c01f8e2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.12,
            "x": 0.04,
            "y": 0.31
          },
          "kind": "list",
          "text": "Ticker: META\nStock Price: $677\nMarket Cap: $1.7tn",
          "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 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "099e4ff8-f572-46d8-9d57-54a5e74c73f8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.75,
            "x": 0.21,
            "y": 0.18
          },
          "kind": "list",
          "text": "Dominant leader in the secularly fast-growing digital advertising space\nEntrenched global user base of more than 3.5 billion daily active users\n$200 billion in 2025 revenue, reflecting a 22% annual growth rate\nExperienced leadership team led by founder and CEO, Mark Zuckerberg\nOperates in two segments: Core Family of Apps and Reality Labs\nCurrently trading at 22x NTM P/E due to concerns around magnitude of spending plans on AI initiatives",
          "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 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d7b499d-b239-43bb-8d62-d771e66375f6",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "NTM P/E: 22x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-940cba5f6261",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.85,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "09205592-8360-4721-8492-149ff1fce7c8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Meta (\"META\")",
          "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 19:58:54.707+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7548b2d3-7474-4d81-b411-1de42ffa0bd2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "2097fdae-ade8-408e-9b06-e22ef3d7d91e",
          "evidence": "We believe Meta's current share price underappreciates the company's long-term upside potential from AI and represents a deeply discounted valuation for one of the world's greatest businesses",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:16:18.513724+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 64,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 65,
      "type": "setup",
      "title": "The slide uses a structured list format to present four key pillars of the investment thesis.",
      "function": "summarize",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "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": 57,
        "componentCount": 7,
        "textChars": 1036,
        "nDataPoints": 0,
        "notes": "The slide uses a structured list format to present four key pillars of the investment thesis.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.205+00",
          "seconds": 2.758,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/65",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-65",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Meta's business model is one of the clearest beneficiaries of AI integration",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-5893940e5c72",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.92,
            "x": 0.04,
            "y": 0.66
          },
          "kind": "list",
          "text": "Well-positioned for long-term earnings growth after planned spending ramp in 2026; Significant upside potential from AI; Historical cost discipline; Overbuilding risk mitigated by core business.",
          "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 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8864e418-864a-4b6a-9f4c-3c545a28b9be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.92,
            "x": 0.04,
            "y": 0.37
          },
          "kind": "list",
          "text": "Meta's business model is one of the clearest beneficiaries of AI integration; AI-driven content recommendation enhances engagement; AI leverages first-party data; Campaign automation facilitates self-serve; Potential to unlock new use cases.",
          "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 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c8647c6c-4306-4f26-9bbb-f9533df18658",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0018
          },
          "kind": "list",
          "text": "High-quality advertising business model with increasing returns to scale; Scaling engagement across Meta's vast user base improves utility; Granular visibility enables precise ad targeting.",
          "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 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "def52676-276a-4962-b309-4393088e993b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.87
          },
          "kind": "paragraph",
          "text": "Strong balance sheet and high-margin core business provide significant financial flexibility",
          "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 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a1f3357-cd83-4109-8b58-646263813b7d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.85,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "94098b24-1e11-4932-ab31-02bd49f3fc8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "META Investment Thesis",
          "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 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fffd01b1-f24b-45f0-9a40-8258eafbdb7f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Thesis archetype",
            "slug": "thesis-archetype",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
            "version": 1,
            "bodyDocId": null,
            "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "ec2fa903-917c-4e6d-9009-98b3f3d0390e",
          "evidence": "Meta's business model is one of the clearest beneficiaries of AI integration",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:16:18.579189+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 65,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "optional",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "ae7052ef-7da2-4070-bde8-ded615b62612",
          "evidence": "The slide uses a structured list of bullet points to present the investment thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:54.205+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 65,
          "frameworkName": "list-presentation"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 66,
      "type": "analysis",
      "title": "The chart includes a callout box explaining a price spike due to Q4 results and 2026 guidance.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 7,
        "textChars": 513,
        "nDataPoints": 2,
        "notes": "The chart includes a callout box explaining a price spike due to Q4 results and 2026 guidance.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.656+00",
          "seconds": 4.183,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/66",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-66",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.13,
            "w": 0.38,
            "x": 0.41,
            "y": 0.32
          },
          "kind": "callout",
          "text": "1/28/26: META reports strong Q4 results and provides better-than-expected 2026E revenue growth guidance, as well as clarity around operating income growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6220fd83-a389-49d6-bfc4-dc8dbb272f08",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "META Share Price Performance from 11/24/2025 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a732ab0a-305c-4796-b2cb-3f7ab2ef1a44",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of META's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2c9916c7-b696-4080-adc6-638d67055f8b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.28,
            "x": 0.16,
            "y": 0.695
          },
          "kind": "legend",
          "text": "Average Cost at Announcement: $625*",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "01487c10-bac4-43ae-a77b-418cc684af96",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Share price: $677",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-0e304db44028",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "title",
          "text": "Since inception of the position, META's share price increased 11% in 2025 and has increased 3% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0fbe384f-e3f0-4a18-a701-adb9e994fb69",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "META Share Price Performance Since Inception",
          "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 19:58:55.656+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e699962e-4cf9-4b50-bdcd-82b2cce38b64",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 67,
      "type": "resolution",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "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": 71,
        "componentCount": 8,
        "textChars": 1055,
        "nDataPoints": 5,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:58.527+00",
          "seconds": 6.851,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/67",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-67",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.16
          },
          "kind": "callout",
          "text": "QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "839a9749-7592-435d-899b-3c60336a2fb2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.26
          },
          "kind": "list",
          "text": "Largest businesses outperforming peers; Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada; International business comparable sales of 5% are outperforming McDonald's",
          "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 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a7e6169-8371-4a46-a23a-d316d2740265",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.74
          },
          "kind": "list",
          "text": "Remains cheap relative to intrinsic value and peers; Trades at 18x our estimate of next twelve months' earnings, more than a 20% discount to peers",
          "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 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3b5b813f-7718-4e9f-84e0-d894b94dbb74",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.16,
            "y": 0.62
          },
          "kind": "list",
          "text": "Consistent 8% operating profit growth; On track to deliver 8% operating profit growth despite lower contribution from unit growth",
          "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 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "70292c08-819e-4ad9-b9c6-c6dae0efb392",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.44
          },
          "kind": "list",
          "text": "Business being simplified and returning to capital-light model; China business has returned to growth; Carrols outperforming broader Burger King system",
          "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 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92d7ce67-db7a-48f2-9525-01e77bbf581f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "operating profit growth: 8%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:34+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-2579ae91018a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Company filings, PSCM estimates, Wall Street research. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f5aa2b6-9411-4c8a-ad5b-6e9b6d97d0fd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Restaurant Brands International (\"QSR\")",
          "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 19:58:58.527+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a96728de-1e9a-4420-b7a0-9a73b3e0c40c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 68,
      "type": "evidence",
      "title": "The chart uses callouts to link specific corporate milestones (acquisitions, leadership changes) to share price movements.",
      "function": "illustrate_case",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 45,
        "componentCount": 7,
        "textChars": 465,
        "nDataPoints": 1,
        "notes": "The chart uses callouts to link specific corporate milestones (acquisitions, leadership changes) to share price movements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.063+00",
          "seconds": 3.275,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/68",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-68",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.04,
            "w": 0.31,
            "x": 0.19,
            "y": 0.83
          },
          "kind": "callout",
          "text": "Average Cost at Announcement: $16*",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "afe60dcd-5e3d-48de-8447-4d1666e226c3",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "QSR's share price including dividend reinvestment increased 9% in 2025 and has increased 4% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-7b77cd551bf4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "QSR Share Price Performance from 6/19/2012 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ecf381e3-50e6-41b2-bb03-ef6007789673",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of QSR's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2d467919-51f2-4260-918e-d0f3a0525dc1",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $71",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-7ecd75b58e4b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "title",
          "text": "QSR's share price including dividend reinvestment increased 9% in 2025 and has increased 4% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8246dc14-043e-48b5-8b40-a41b59b39c16",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.85,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "QSR Share Price Performance Since Inception",
          "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 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fa587763-bc7c-4ff8-9772-6869f9c1e1c3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "780f5af0-963e-4a40-a2c0-61088872858e",
          "evidence": "Uses historical share price performance to frame the value creation story.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:58:55.063+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 68,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 69,
      "type": "setup",
      "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": 65,
        "componentCount": 7,
        "textChars": 1151,
        "nDataPoints": 3,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.222+00",
          "seconds": 3.404,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/69",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-69",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-c3146f95e966",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.78,
            "x": 0.16,
            "y": 0.0034
          },
          "kind": "list",
          "text": "2025 MPC EBT guidance of $450 million reflects record-high land sale profitability; Same-store NOI growth driven by rental rate increases and strong leasing activity; $3.8 billion of contracted future revenue from condo towers in the pipeline; Well-positioned for substantial future free cash flow generation",
          "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 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "77d8c99e-d2ad-4c9c-96dc-6670a20cf515",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.78,
            "x": 0.16,
            "y": 0.008199999999999999
          },
          "kind": "list",
          "text": "Transaction is expected to close in Q2 2026, subject to regulatory approvals; We expect Vantage to materially accelerate HHH's return and growth profile",
          "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 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "83889e35-c499-4225-9e54-ae883c52f074",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.78,
            "x": 0.16,
            "y": 0.0062
          },
          "kind": "list",
          "text": "HHH began operating as a holding company seeking to acquire controlling interests in high-quality durable growth companies; Pershing Square's $900 million primary investment provided HHH with financial flexibility to execute its strategic transformation",
          "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 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2b9ff44-6a9a-49c2-8eac-9fbc17362282",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.78,
            "x": 0.16,
            "y": 0.00175
          },
          "kind": "paragraph",
          "text": "2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding 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 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4615365b-dd6b-4198-bfc0-75b6beff4479",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.05,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a8ea845a-7612-4fbc-8420-4ba685f12022",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Howard Hughes Holdings (\"HHH\")",
          "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 19:58:55.222+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e1b7b4f4-59fb-4a98-ad97-9117a51e3dc4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Executive summary",
            "slug": "executive-summary",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61",
            "version": 1,
            "bodyDocId": null,
            "description": "A condensed view of the entire argument on a single slide / block.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "deb5668d-6ea6-46c6-90ac-c295d0b3f63b",
          "evidence": "2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:16:18.681455+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 69,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 70,
      "type": "evidence",
      "title": "The slide uses callouts to link specific corporate milestones to share price movements.",
      "function": "analyze_data",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 80,
        "componentCount": 11,
        "textChars": 936,
        "nDataPoints": 5,
        "notes": "The slide uses callouts to link specific corporate milestones to share price movements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.616+00",
          "seconds": 3.717,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/70",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-70",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.2,
            "x": 0.45,
            "y": 0.35
          },
          "kind": "callout",
          "text": "8/6/24: Pershing Square amends 13D filing and announces intention to evaluate potential transaction alternatives",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "03c50234-a568-49ce-a124-2e305ab9b882",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.2,
            "x": 0.62,
            "y": 0.78
          },
          "kind": "callout",
          "text": "7/31/24: Completes spin-off of Seaport Entertainment Group",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1ed27865-93f5-46fb-99b1-fddf1f98ef1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.3,
            "x": 0.25,
            "y": 0.65
          },
          "kind": "callout",
          "text": "3/27/20: Raises $600mm of equity at $50 per share, including $500mm from Pershing Square, to stabilize its balance sheet",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a182add-e179-44b0-99f4-44e6831f8d18",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.18,
            "x": 0.8,
            "y": 0.43
          },
          "kind": "callout",
          "text": "12/18/25: HHH signs definitive agreement to acquire Vantage Group Holdings Ltd., a leading specialty insurer and reinsurer",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a08df278-5da4-44e2-9da5-0e4eb807b67f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.65,
            "y": 0.27
          },
          "kind": "callout",
          "text": "5/5/25: HHH announces $900 million primary investment by Pershing Square HoldCo, at $100 per share, and its transformation into a diversified holding company",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4dbc450-8aad-4d0c-bb9c-21cb9af98f9c",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "HHH's share price increased 4% in 2025 and has increased 6% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-a9bc56ba58a3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.32
          },
          "kind": "chart",
          "text": "HHH Share Price Performance from 11/9/2010 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca894325-9817-4fd8-9644-888b125071db",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of HHH’s share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "536441b5-9ecb-4701-a06f-468d80602f82",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $84",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-adb13b92652c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.9,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "title",
          "text": "HHH’s share price increased 4% in 2025 and has increased 6% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a3071f2-a4de-4988-ae12-4278def750ec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "HHH Share Price Performance Since Inception",
          "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 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f23a15e4-ca58-4b49-8521-b456f992955f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before/after framing",
            "slug": "before-after-framing",
            "status": "active",
            "bestFor": "For turnaround / reform proposals",
            "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
            "version": 1,
            "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
            "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "b0468e04-88fa-45d3-8ecb-13fe95564582",
          "evidence": "HHH's share price increased 4% in 2025 and has increased 6% year-to-date in 2026",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "For turnaround / reform proposals",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:18.746271+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 70,
          "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "12c7ec62-7975-42b8-80fe-69d63673c662",
          "evidence": "Uses historical data to frame the current share price performance relative to past events.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:55.616+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 70,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 71,
      "type": "evidence",
      "title": "The slide uses a line chart to demonstrate value creation following a specific corporate event.",
      "function": "illustrate_case",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 25,
        "componentCount": 5,
        "textChars": 350,
        "nDataPoints": 1,
        "notes": "The slide uses a line chart to demonstrate value creation following a specific corporate event.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:54.302+00",
          "seconds": 2.397,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/71",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-71",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "HHH's share price has increased 21% since HHH announced the strategic transaction with Pershing Square in May 2025(1)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3a3d6d88-d149-47b2-bd90-1eb0751c6f28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.88,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "HHH Share Price Performance from 5/5/2025 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8d8e455c-3a9e-4358-a843-d20d07380223",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: 21%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-da44e5e46f9e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Note: The performance of HHH's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:54.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e7a0678f-7145-45d4-b55b-2324191d52d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.04,
            "y": 0.04
          },
          "kind": "title",
          "text": "HHH Share Price Performance Since Strategic Transaction with Pershing Square",
          "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 19:58:54.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8a5574ee-e6c1-4093-bdde-f95961696fd4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "ccdae8fc-19eb-4128-a0b9-45d8e9122bfd",
          "evidence": "The slide compares share price performance before and after a strategic transaction.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:54.302+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 71,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 72,
      "type": "setup",
      "title": "This is a classic activist investor thesis slide summarizing the investment case for Hertz.",
      "function": "summarize",
      "rawType": "thesis_headline",
      "block": null,
      "metadata": {
        "slideType": "thesis_headline",
        "slideTypeCanon": {
          "name": "Thesis headline",
          "slug": "thesis_headline",
          "status": "active",
          "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af",
          "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": 63,
        "componentCount": 8,
        "textChars": 778,
        "nDataPoints": 2,
        "notes": "This is a classic activist investor thesis slide summarizing the investment case for Hertz.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.115+00",
          "seconds": 2.956,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/72",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-72",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.81,
            "x": 0.16,
            "y": 0.18
          },
          "kind": "callout",
          "text": "HTZ is a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "749fdec4-0077-4ae3-97d1-dc475fdc484d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.81,
            "x": 0.16,
            "y": 0.28
          },
          "kind": "list",
          "text": "Turnaround already leading to stronger results; Fleet refresh complete; Utilization 84%; First profitable quarter in two years.",
          "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 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a5479b3-13c6-44fc-95ef-4e4510b561cf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.81,
            "x": 0.16,
            "y": 0.71
          },
          "kind": "list",
          "text": "Profitability to significantly increase; Management targeting $1bn of EBITDA.",
          "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 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b9b8e228-7c7d-4586-9a31-96699e55ba3b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.81,
            "x": 0.16,
            "y": 0.84
          },
          "kind": "list",
          "text": "Hertz has asymmetric upside; Share price can increase meaningfully from current levels.",
          "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 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dec5a113-a989-4e4d-9aea-cbd5b8bd89ed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.14,
            "w": 0.81,
            "x": 0.16,
            "y": 0.51
          },
          "kind": "list",
          "text": "Potential to meaningfully grow the business with ancillary services; Retail used car sales; Autonomous vehicle ecosystem positioning.",
          "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 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eadf121b-8681-4102-b225-53ca82932b9e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EBITDA: $1bn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a99f-f1b139bfc9d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.92,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings, PSCM estimates, Wall Street research. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8aba7161-9561-430e-8428-95e4d3e1ed47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.28,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Hertz (\"HTZ\")",
          "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 19:58:55.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af5548e5-652f-41e7-9e06-0c98030576b3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 73,
      "type": "analysis",
      "title": "The chart highlights the impact of Pershing Square's investment announcement and subsequent company milestones on the share price.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 61,
        "componentCount": 9,
        "textChars": 555,
        "nDataPoints": 1,
        "notes": "The chart highlights the impact of Pershing Square's investment announcement and subsequent company milestones on the share price.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:59.106+00",
          "seconds": 6.927,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/73",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-73",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.15,
            "x": 0.45,
            "y": 0.63
          },
          "kind": "callout",
          "text": "4/17/25: Pershing Square announces investment in HTZ",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "075caef0-2708-4090-9885-ba814797cef8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.18,
            "x": 0.67,
            "y": 0.31
          },
          "kind": "callout",
          "text": "11/4/25: HTZ announces strong Q3 results, its first profitable quarter in two years",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "14800f68-327e-41fc-b5e9-758886b409a0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.16,
            "x": 0.48,
            "y": 0.31
          },
          "kind": "callout",
          "text": "9/29/25: HTZ completes convertible note offering",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2d5dec6d-ae06-40b5-a05b-f306c3e50bdb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "HTZ's share price increased 40% in 2025 and has increased 3% year-to-date in 2026(1)",
          "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": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-0897e30e0959",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.3
          },
          "kind": "chart",
          "text": "HTZ Share Price Performance from 11/11/2024 to 2/9/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6a492af5-eeec-4a9a-a80e-8adff34e5741",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of HTZ's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4140912c-2ad7-461a-acee-c023440bcbed",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $5.28",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-0ecedc3a4f90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "title",
          "text": "HTZ's share price increased 40% in 2025 and has increased 3% year-to-date in 2026(1)",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16e60422-c090-4fae-801e-eb636ba0a8ee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "HTZ Share Price Performance Since Inception",
          "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 19:58:59.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "75c862c9-3c45-4cc9-b7e3-38b26c25f813",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 74,
      "type": "setup",
      "function": "transition",
      "rawType": "section_divider",
      "block": null,
      "metadata": {
        "slideType": "section_divider",
        "slideTypeCanon": {
          "name": "Section divider",
          "slug": "section_divider",
          "status": "active",
          "canonId": "019de52d-066a-7402-9554-6ae504999041",
          "version": 1,
          "description": null
        },
        "function": "transition",
        "functionCanon": {
          "name": "Transition",
          "slug": "transition",
          "status": "active",
          "canonId": "019de52d-1365-7149-92aa-66df859e75fd",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 0,
        "componentCount": 1,
        "textChars": 16,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:53.953+00",
          "seconds": 1.685,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/74",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-74",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.29,
            "w": 0.648,
            "x": 0.176,
            "y": 0.355
          },
          "kind": "title",
          "text": "Exited Positions",
          "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 19:58:53.953+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f773cbe0-8cdf-4e68-a9ad-71d4b6708f9a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 75,
      "type": "evidence",
      "title": "The slide uses a before-after structure to contrast the successful turnaround period (2016-2024) with recent management changes and performance struggles.",
      "function": "summarize",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 84,
        "componentCount": 10,
        "textChars": 1200,
        "nDataPoints": 6,
        "notes": "The slide uses a before-after structure to contrast the successful turnaround period (2016-2024) with recent management changes and performance struggles.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote",
          "logo_grid"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:56.088+00",
          "seconds": 3.791,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/75",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-75",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.51
          },
          "kind": "callout",
          "text": "Recent struggles under new management have clouded the earnings outlook",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "51fd434b-5191-47f5-839f-1a764a54bfcf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.17
          },
          "kind": "callout",
          "text": "Chipotle's turnaround created exceptional value for all stakeholders",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b0c9ac05-fea7-4551-996b-976ef18b4cb5",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-3a59fbad27bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.11,
            "w": 0.11,
            "x": 0.04,
            "y": 0.17
          },
          "kind": "image",
          "text": "Chipotle Logo",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b9616d5-69d4-40d1-bfb5-aca240a37fca",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.8,
            "x": 0.16,
            "y": 0.24
          },
          "kind": "list",
          "text": "Recruited a world-class CEO who led an incredible business transformation. Filed 13D with 9.9% ownership in September 2016. Board recruited Brian Niccol in 2018. SSS growth 8.5%, EBIT margins +13pts, EPS 35% CAGR. Sold 83% of shares.",
          "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 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "42fffeb5-ddee-41ef-9805-53e2eeb86377",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.8,
            "x": 0.16,
            "y": 0.58
          },
          "kind": "list",
          "text": "New CEO named in August 2024. SSS began to slow in early 2025 and turned negative. We did not adequately adjust our assumptions and required returns following these changes, especially in light of 2025's starting valuation of 45x NTM EPS.",
          "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 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff49ddd2-5863-4ab8-afab-7740c1856eca",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EPS CAGR: 35%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-3de887b68e45",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares",
          "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 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8c187477-499a-4b0c-8920-42841060ca97",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b691c5ae-e052-496e-ba78-6be390ae1dc8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Chipotle Mexican Grill (\"CMG\")",
          "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 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb40cb1b-d5b3-467e-b03e-8ff9887bad43",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "85fefc05-b5ea-49fe-8677-5ac0eaf9bb4d",
          "evidence": "Contrasts the successful turnaround period with recent management struggles and exit rationale.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:56.088+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 75,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 76,
      "type": "analysis",
      "title": "The slide uses a timeline-annotated line chart to correlate corporate events with share price movements.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 7,
        "textChars": 505,
        "nDataPoints": 2,
        "notes": "The slide uses a timeline-annotated line chart to correlate corporate events with share price movements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.065+00",
          "seconds": 2.592,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/76",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-76",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.13,
            "y": 0.395
          },
          "kind": "callout",
          "text": "9/6/16: Pershing Square files 13D after market close with a 9.9% stake",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79d3922b-7f70-450d-9a17-3ae89b1cc6c7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "CMG's share price increased 289% (3.9x) from the inception of our investment to our final exit date in November 2025",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-634c1e3ab66c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "CMG Share Price Performance from 8/4/2016 to 11/12/2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "56fa9028-a74e-4b18-a57c-9170e393bc92",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of CMG's share price is provided for illustrative purposes only...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7943d7bf-2716-4f38-b3d7-5a7e7636e519",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: 289%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-64894548be36",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "title",
          "text": "CMG's share price increased 289% (3.9x) from the inception of our investment to our final exit date in November 2025",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d608e506-21d0-4f39-b8da-76d692a13665",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.88,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "CMG Share Price Performance Since Inception",
          "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 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e20a5745-bbdb-46d9-9b98-375920cf2ccf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e39c4181-11f3-47dd-b5ab-3d15eda2c981",
          "evidence": "Chronological annotation of events on a line chart",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:55.065+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 76,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 77,
      "type": "resolution",
      "title": "This slide serves as a retrospective case study of a successful activist investment.",
      "function": "summarize",
      "rawType": "key_takeaways",
      "block": null,
      "metadata": {
        "slideType": "key_takeaways",
        "slideTypeCanon": {
          "name": "Key takeaways",
          "slug": "key_takeaways",
          "status": "active",
          "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 89,
        "componentCount": 14,
        "textChars": 1282,
        "nDataPoints": 8,
        "notes": "This slide serves as a retrospective case study of a successful activist investment.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:57.128+00",
          "seconds": 4.593,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/77",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-77",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.88
          },
          "kind": "callout",
          "text": "Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a5edc4f9-9fde-4ba8-95e8-fe46844fcefe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.16,
            "y": 0.47
          },
          "kind": "list",
          "text": "Exceptional cost control with corporate overhead ~flat over seven years supported >80% growth in Adjusted EBITDA",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "009be2ce-e2d6-44d0-bf8c-ecdaf8c2b69c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.16,
            "y": 0.79
          },
          "kind": "list",
          "text": "Valuation multiple expanded from ~20x at the time of our initial investment to ~32x in recent months (+65%)",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "424ef074-ed76-4755-b208-566d85f13590",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.21,
            "y": 0.42
          },
          "kind": "list",
          "text": "Compounded mid-to-high-teens growth in ancillary fee-revenue",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "62110014-5d22-4f55-8361-330ca8a277c1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.16,
            "y": 0.71
          },
          "kind": "list",
          "text": "High rate of NUG-driven fee revenue growth generates attractive and consistent mid-teens earnings growth with low economic sensitivity",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6df6f4a4-2b4e-4e28-8bbe-abc835ffb303",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.16,
            "y": 0.29
          },
          "kind": "list",
          "text": "Earnings-per-share increased 2.5x (150%) over our ownership period",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "90b3bfc0-9c7e-41c2-ad0d-5957f4828143",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.16,
            "y": 0.54
          },
          "kind": "list",
          "text": "Best-in-class capital return has seen HLT retire >20% of shares",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aa3ef45c-b943-4bda-8d18-300361da9d90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.8,
            "x": 0.16,
            "y": 0.34
          },
          "kind": "list",
          "text": "Fee revenues increased 70%, primarily supported by a 50% increase in the size of Hilton’s global system (\"NUG\")",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ba46a6ae-9146-4ad9-9da4-b35c00398efe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.16,
            "y": 0.67
          },
          "kind": "list",
          "text": "Best-in-class management team with exceptional execution and capital allocation",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c1f0ef15-c9d8-4922-bb64-7b22100ad33e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Earnings-per-share: 2.5x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:37+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a1-173e4a8a3ccd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.16,
            "y": 0.21
          },
          "kind": "paragraph",
          "text": "Hilton was a highly successful investment for Pershing Square",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9621786d-e901-4046-a4f4-162e92501b8d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.16,
            "y": 0.61
          },
          "kind": "paragraph",
          "text": "Broad recognition of HLT’s business quality catalyzed a valuation re-rating",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9d488d34-658d-4eaf-96d2-711ba4bdc6e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "source-note",
          "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d3c40184-991b-4f64-89b1-69b86ee37a7b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Hilton Worldwide (\"HLT\")",
          "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 19:58:57.128+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ab26d839-6131-4873-895d-f3e5e695440b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 78,
      "type": "evidence",
      "title": "The chart highlights the correlation between specific corporate events and share price growth.",
      "function": "illustrate_case",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 52,
        "componentCount": 7,
        "textChars": 660,
        "nDataPoints": 2,
        "notes": "The chart highlights the correlation between specific corporate events and share price growth.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.771+00",
          "seconds": 3.124,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/78",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-78",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.18,
            "x": 0.2,
            "y": 0.615
          },
          "kind": "callout",
          "text": "March 2020: Pershing Square increases position size by 34% at an average cost of $70",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e4c7f507-b8c8-46a5-8263-4fb1205b4de5",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "HLT’s share price including dividend reinvestment increased 317% (4.2x) from the inception of our investment to our final exit date in February 2026",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-ce50d535270a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "chart",
          "text": "HLT Share Price Performance from 10/8/2018 to 2/2/2026",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16a59d8e-a4c9-47ef-b4b9-256e0da15138",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1f98d816-eccc-4db3-9b6e-61c08b009b3e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: 317%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-d0b547c22ad2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "title",
          "text": "HLT's share price including dividend reinvestment increased 317% (4.2x) from the inception of our investment to our final exit date in February 2026",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b1d32bc-f90b-49e6-8134-8c4494a65034",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "HLT Share Price Performance Since Inception",
          "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 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cfa981e5-0cba-4d2e-b472-19e7ce7db02a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "fe1c2051-0863-41b7-89fb-f11331c32c2a",
          "evidence": "Shows performance from inception to exit with key milestones as drivers",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:55.771+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 78,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 79,
      "type": "appendix",
      "title": "Slide 79 of an activist investor deck, detailing post-mortem analysis of exited positions.",
      "function": "summarize",
      "rawType": "appendix",
      "block": null,
      "metadata": {
        "slideType": "appendix",
        "slideTypeCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-0762-71f8-b564-89ab863301cc",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 87,
        "componentCount": 10,
        "textChars": 1584,
        "nDataPoints": 4,
        "notes": "Slide 79 of an activist investor deck, detailing post-mortem analysis of exited positions.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "logo_grid",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:56.868+00",
          "seconds": 3.995,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/79",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-79",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-799b2e9cf673",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.9,
            "x": 0.04,
            "y": 0.97
          },
          "kind": "disclaimer",
          "text": "Note: This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "46a1133e-8738-4156-94db-ede40dd0636c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.04,
            "y": 0.72
          },
          "kind": "image",
          "text": "Nike Swoosh",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1d460645-c14b-4a35-847f-15dd16f16421",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.15,
            "x": 0.04,
            "y": 0.32
          },
          "kind": "image",
          "text": "CPKC",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f9ddf2fa-1d02-4095-ab8a-3e62ced3f78d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.16,
            "y": 0.17
          },
          "kind": "list",
          "text": "Operational progress offset by negative merger process and macro developments. CP-KC merger was delayed by nearly a year due to regulatory review. Synergies offset by weaker than expected grain harvest and slowdown in industrial and consumer goods.",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "271c6501-e916-42e1-88c3-f7ef5c589146",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.16,
            "y": 0.48
          },
          "kind": "list",
          "text": "We exited our investment in spring 2025 to deploy capital into more attractive opportunities, including Amazon.",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b72498b-db62-415d-86c0-8b3ea3a846ea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.16,
            "y": 0.58
          },
          "kind": "list",
          "text": "We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround. NTM EPS estimates declined by 25% from when we acquired our position in spring 2024 until new CEO Elliott Hill's start date in October 2024. Hill's turnaround plan and new tariffs drove a 30% further decline in NTM EPS.",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9dbbb64c-7572-4685-acde-eba7144cf531",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.35
          },
          "kind": "list",
          "text": "While EPS grew reasonably, both EPS and valuation fell short of our expectations. EPS in USD grew at a 6% CAGR from 2022 through 2025E, and CP was trading at 20x NTM consensus EPS at the time of our exit.",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f5178a2-6b51-49da-97b3-a01187910e53",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.16,
            "y": 0.8
          },
          "kind": "list",
          "text": "While margins are currently depressed, we grew uncomfortable with underwriting a return to pre-COVID levels in the medium-term. Competitive landscape in athletic footwear and apparel is now more fragmented. Gross margins likely structurally lower across the industry due to tariffs.",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ffbdfdd4-33c9-45a9-aa5b-37da15078044",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Other Exited Positions",
          "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 19:58:56.868+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9341149-976e-4764-bb58-b5e1acd27ca1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 80,
      "type": "evidence",
      "title": "The chart uses a timeline-based annotation approach to explain share price volatility.",
      "function": "illustrate_case",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 48,
        "componentCount": 7,
        "textChars": 532,
        "nDataPoints": 2,
        "notes": "The chart uses a timeline-based annotation approach to explain share price volatility.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:56.314+00",
          "seconds": 3.361,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/80",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-80",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "callout",
          "text": "CPKC's share price including dividends and FX hedging increased 8% (1.1x) from the inception of our investment to our final exit date in May 2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92fb4bda-4f54-4884-8ab3-6dc117cdb26b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "CPKC Share Price Performance from 10/11/2021 to 5/14/2025 ($US)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26167d88-4812-4d05-9d33-40235a772c85",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of CP's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "abc6839b-1c4a-4a37-95b1-123121389e1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.8,
            "x": 0.15,
            "y": 0.3
          },
          "kind": "framework",
          "text": "Timeline of key events overlaid on share price chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Framework",
              "slug": "framework",
              "status": "active",
              "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa",
              "version": 1,
              "description": "Named conceptual framework instance."
            },
            "tool": null,
            "subkind": {
              "name": "Framework instance",
              "slug": "instance",
              "status": "active",
              "canonId": "019de52d-05a2-72af-be0b-7edc60708a03",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "instance",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ef235f3-df6e-40ef-b5c1-93f07b6b3afc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.15,
            "y": 0.83
          },
          "kind": "legend",
          "text": "Average Cost at Announcement: $73*",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e9582ea1-9faa-4520-a03f-6f7b8317bd94",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price performance: 8%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:35+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-26b6bb727a03",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "CPKC Share Price Performance Since Inception",
          "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 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "14c9d3df-6727-47c3-b263-d94bc5f26a9d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "5e899aeb-6ec9-4213-96f0-a09c3e03bd78",
          "evidence": "Events are plotted chronologically against a time-series chart.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:58:56.314+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 80,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 81,
      "type": "evidence",
      "title": "The chart highlights the gap between the average cost at announcement ($91) and the final price ($63).",
      "function": "diagnose_problem",
      "rawType": "before_after",
      "block": null,
      "metadata": {
        "slideType": "before_after",
        "slideTypeCanon": {
          "name": "Before / after",
          "slug": "before_after",
          "status": "active",
          "canonId": "019de52d-11fd-771e-bb45-e27f849bc560",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 519,
        "nDataPoints": 2,
        "notes": "The chart highlights the gap between the average cost at announcement ($91) and the final price ($63).",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.808+00",
          "seconds": 2.535,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/81",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-81",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "NKE’s share price including dividend reinvestment declined (30)% from the inception of our investment to November 2025",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-9d404026bd37",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.28
          },
          "kind": "chart",
          "text": "NKE Share Price Performance from 5/15/2024 to 11/11/2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.808+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0335a6aa-e3a8-4ff8-91f6-b6dc8ab1b5b3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "disclaimer",
          "text": "Note: The performance of NKE's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.808+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "698ebc69-c9cd-40ae-8fb8-5709c1f82ede",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: (30)%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-a2dcd2fb1fb2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.16
          },
          "kind": "title",
          "text": "NKE's share price including dividend reinvestment declined (30)% from the inception of our investment to November 2025",
          "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": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.808+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9902a16a-0c45-411e-a2fb-15032c71a43e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.85,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "NKE Share Price Performance Since Inception",
          "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 19:58:55.808+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b622c22-0838-4920-8d75-36704b14ff19",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "dcca0daa-d5e3-4565-af01-7dfb559d0f61",
          "evidence": "The slide compares the share price performance of NKE before and after the inception of the investment.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 03:29:37.078577+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 81,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "7b3459b8-936f-4fd6-8205-f68a8a69801e",
          "evidence": "The slide contrasts the initial investment price with the current performance to highlight a negative outcome.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:58:55.808+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 81,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 82,
      "type": "appendix",
      "function": "closing_ask",
      "rawType": "appendix",
      "block": null,
      "metadata": {
        "slideType": "appendix",
        "slideTypeCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-0762-71f8-b564-89ab863301cc",
          "version": 1,
          "description": null
        },
        "function": "closing_ask",
        "functionCanon": {
          "name": "Closing ask (contrarian)",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 0,
        "componentCount": 1,
        "textChars": 3,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "other"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.116+00",
          "seconds": 1.601,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/82",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-82",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.075,
            "x": 0.825,
            "y": 0.438
          },
          "kind": "title",
          "text": "Q&A",
          "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 19:58:55.116+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e3b0ef50-502f-448a-8e4f-a4f9b3c34222",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 83,
      "type": "setup",
      "title": "Page number 83 indicates this is the final appendix slide.",
      "function": "other",
      "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": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 8,
        "componentCount": 2,
        "textChars": 272,
        "nDataPoints": 0,
        "notes": "Page number 83 indicates this is the final appendix slide.",
        "elementsJson": [
          "headline_text",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.904+00",
          "seconds": 2.062,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/83",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-83",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.75,
            "w": 0.9,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "disclaimer",
          "text": "Detailed paragraphs explaining NAV calculation, total shareholder return, debt-to-capital ratio, share repurchases, PSLP performance history, benchmark index methodology, and portfolio attribution reporting standards.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.904+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f51d616-2723-4680-9d56-2c958e5485e9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Additional Disclaimers and Notes to Performance Results",
          "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 19:58:55.904+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "881151c5-9eb3-4046-81d0-bcbf10eee68c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 84,
      "type": "setup",
      "title": "Standard legal disclaimer page for an activist investor deck.",
      "function": "other",
      "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": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 6,
        "componentCount": 2,
        "textChars": 189,
        "nDataPoints": 0,
        "notes": "Standard legal disclaimer page for an activist investor deck.",
        "elementsJson": [
          "headline_text",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:55.754+00",
          "seconds": 1.893,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/84",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-84",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.8,
            "w": 0.9,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "disclaimer",
          "text": "Share price performance data for a portfolio company reflects the reinvestment of the issuer's dividends... [full text of disclaimers]",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:55.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "34121089-6df5-44ea-823e-3aba9ca6e52f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Additional Disclaimers and Notes to Performance Results",
          "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 19:58:55.754+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92c3e03b-5df5-40df-b4ea-ca28326c5880",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 85,
      "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": "dense",
        "densityScore": 53,
        "componentCount": 6,
        "textChars": 1387,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:58:56.664+00",
          "seconds": 2.758,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-242e23015294/85",
        "deck": "/decks/019dd923-622c-750b-8b9c-242e23015294",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-85",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-242e23015294.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below.",
          "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": "2026-04-22 23:38:36+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f3c-7011-a9a0-e4ae87435b57",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.9,
            "x": 0.05,
            "y": 0.16
          },
          "kind": "disclaimer",
          "text": "An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below:",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.664+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "195c5a40-d4fd-4024-a379-c20f05ba73cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.9,
            "x": 0.05,
            "y": 0.76
          },
          "kind": "disclaimer",
          "text": "THIS GENERAL INVESTMENT FUND RISK DISCLOSURE IS NOT COMPLETE. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN PSH AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN PERSHING SQUARE'S FORM ADV PART 2A AND IN PSH'S PROSPECTUS, WHICH MUST BE REVIEWED CAREFULLY.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:58:56.664+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b8d0757-0f47-42b4-9acb-2c04619bb858",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.83
          },
          "kind": "list",
          "text": "PS Holdings Independent Voting Company Limited controls a majority of the voting power of all of PSH's shares; PSH shares may trade at a discount to NAV and their price may fluctuate significantly and potential investors could lose all or part of their investment; and PSH is dependent on William A. Ackman.",
          "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 19:58:56.664+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b1e0fe8-22f1-418d-a8fc-d1c9608fe9a8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "list",
          "text": "Speculative Investment and High Degree of Risk. ... Relevance of Past Performance. ... Business and Regulatory Risks of Funds. ... Concentration of Investments. ... Engaged Investing. ... Derivatives, Hedging, and Currency. ... Investment Opportunities. ... Control Investments.",
          "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 19:58:56.664+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f7df4f5f-0093-4840-9f53-62dba1709dc3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Additional Disclaimers and Notes to Performance Results",
          "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 19:58:56.664+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b25057d-24c0-42ad-a18b-894a2e6a3ed4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 85,
          "arc": {
            "name": "Monroe's Motivated Sequence",
            "slug": "monroes-sequence",
            "status": "active",
            "bestFor": "Persuasive speeches, call-to-action decks",
            "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action",
            "description": null,
            "familyLabel": null
          },
          "from": 34,
          "name": "Action",
          "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
          "matchId": "0b56f4d9-dd4e-4e30-a376-75a2a41cba04",
          "beatType": {
            "name": "Action",
            "slug": "monroes-sequence-action",
            "status": "active",
            "canonId": "019dd9b8-181e-760d-befc-010c2424fa89",
            "version": 1,
            "description": null
          },
          "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 4,
      "label": "Attention",
      "description": "The document begins with a cover page, disclaimer, and agenda"
    },
    {
      "from": 8,
      "to": 12,
      "label": "Need",
      "description": "The document highlights PSH's performance overview and strategies to address the discount"
    },
    {
      "from": 20,
      "to": 33,
      "label": "Satisfaction",
      "description": "The document provides a performance review and update on strategic initiatives"
    },
    {
      "from": 34,
      "to": 85,
      "label": "Action",
      "description": "The document concludes with a business and organizational update, market developments, and equity portfolio update"
    }
  ],
  "loops": [
    {
      "from": 40,
      "to": 49,
      "label": "Cost Of Inaction",
      "description": "Highlighting the benefits of PSH's investment strategy"
    },
    {
      "from": 22,
      "to": 26,
      "label": "Before After",
      "description": "Showcasing PSH's performance"
    }
  ]
}