Pershing Square Capital Management, L.P. · activist-deck
Pershing Square | Activist Presentation Deck | 120 slides
120 pages · 3 arc beats · 2 loops
Pershing Square | Activist Presentation Deck | 120 slides
Pershing Square Capital Management, L.P. · 2014-07 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 29 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Complication 16 slides 100% 16/16 slides 100% 16/16 slides · 77 hits — 0/16 slides
6.3% 1/16 slides 81.3% 13/16 slides 100% 16/16 slides · 23 hits — 0/16 slides
Expose Contradiction 7 slides 100% 7/7 slides 100% 7/7 slides · 37 hits — 0/7 slides
— 0/7 slides
85.7% 6/7 slides 100% 7/7 slides · 14 hits — 0/7 slides
Propose Solution 6 slides 100% 6/6 slides 100% 6/6 slides · 26 hits — 0/6 slides
16.7% 1/6 slides 16.7% 1/6 slides 100% 6/6 slides — 0/6 slides
Slide inventory
120 every slide · same image gating as the playbook
09
The slide uses legalistic language to frame the board's refusal to engage as a breach of duty.expose_contradiction
Open slide detailBeat · Complication
11
The slide uses direct quotes from ISS guidelines to establish authority for the activist's position.cite_precedent
Open slide detailBeat · Complication
12
The slide is heavily redacted, showing only the header and a single recommendation line.cite_precedent
Open slide detailBeat · Complication
13
The slide highlights the contradiction between shareholder support (FOR) and management opposition (AGAINST) followed by restrictive implementation.expose_contradiction
Open slide detailBeat · Complication
14
The slide uses a red callout box for the thesis and a dashed red box to highlight the most restrictive condition.expose_contradiction
Open slide detailBeat · Complication
15
The slide uses a timeline diagram to visualize the 'blackout' periods created by board-imposed delays and AGM-related restrictions.expose_contradiction
Open slide detailBeat · Complication
16
The slide uses a red callout box to frame the company's actions as intentional obstructionism.expose_contradiction
Open slide detailBeat · Complication
17
This slide addresses potential legal or procedural pushback from the company regarding shareholder rights.preempt_rebuttal
Open slide detailBeat · Complication
18
The slide uses a list of constraints to demonstrate that the 'right' to written consent is functionally blocked by the board.expose_contradiction
Open slide detailBeat · Complication
21
The slide uses a direct quote from Allergan's Schedule 14A filing to expose the contradiction in their argument.preempt_rebuttal
Open slide detailBeat · Complication
22
Uses red boxes to highlight specific policy text that is being violated.expose_contradiction
Open slide detailBeat · Complication
23
Uses red dashed boxes and arrows to draw attention to specific data points (tenure, ownership, committee roles, and voting results) that support the thesis of wexpose_contradiction
Open slide detailBeat · Complication
24
The slide uses red text to highlight negative governance metrics and specific failures.name_villain
Open slide detailBeat · Complication
26
The slide uses a legal citation to validate the activist's proposed strategy.propose_solution
Open slide detailBeat · Propose Solution
31
The slide uses a red dashed box to highlight the May 30th offer, likely to emphasize the peak of the bidding war or a specific turning point.establish_context
Open slide detailLoop · Iceberg
32
The slide uses a precedent table to anchor the current deal against historical market data.cite_precedent
Open slide detailLoop · Iceberg
33
The slide uses a comparative logic to argue against using current market value for the Valeant/Allergan deal.present_framework
Open slide detailLoop · Iceberg
34
The slide uses a 'We believe' framing to preemptively address market skepticism regarding the deal's value.frame_situation
Open slide detailLoop · Iceberg
35
Uses a simple arithmetic bridge to show how the $223 total offer value is derived.show_valuation_bridge
Open slide detailLoop · Iceberg
36
The slide uses an external authority to validate the activist's thesis.cite_precedent
Open slide detailLoop · Iceberg
37
The slide uses a quote to provide external validation for the activist's investment thesis.cite_precedent
Open slide detailLoop · Iceberg
38
Uses survey data to validate the offer price against investor sentiment.preempt_rebuttal
Open slide detailLoop · Iceberg
39
The slide uses a dashed-line box to highlight the Valeant/Allergan transaction as the primary subject of comparison.cite_precedent
Open slide detailLoop · Iceberg
40
The slide uses a red dashed box to highlight the 'Allergan Proxy Peers' row, emphasizing the comparison point.compare_peers
Open slide detailLoop · Iceberg
41
The slide uses a median benchmark to calculate premiums against two different offer price points ($172.50 and $223).compare_peers
43
Uses a comparison frame to highlight the superior value of the Valeant proposal.compare_peers
45
The slide uses green upward arrows to indicate positive scoring for the offer's adequacy.compare_peers
46
The slide uses green upward arrows as a visual shorthand for a positive 'score' or favorable assessment of the offer.compare_peers
50
The slide uses a bar chart integrated into a table to visualize price targets.quantify_opportunity
52
The slide uses color-coded callout boxes to present analyst endorsements.cite_precedent
54
The slide emphasizes the alignment of interests between Pershing Square and other shareholders.establish_context
58
The chart uses a visual 'cliff' metaphor to represent revenue loss.diagnose_problem
Open slide detailLoop · Cost Of Inaction
59
The slide uses a news excerpt to illustrate a specific legal vulnerability.preempt_rebuttal
Open slide detailLoop · Cost Of Inaction
60
The slide uses a specific event (FDA guidance) to illustrate the market's reaction to patent risk.expose_contradiction
Open slide detailLoop · Cost Of Inaction
61
The slide uses a categorization framework to expose the company's reliance on price hikes rather than volume growth.expose_contradiction
Open slide detailLoop · Cost Of Inaction
64
The slide uses red 'x' icons to emphasize negative points about the company's R&D governance.name_villain
Open slide detailLoop · Cost Of Inaction
65
Uses CEO quote and analyst question to frame the lack of disclosure as a problem.expose_contradiction
Open slide detailLoop · Cost Of Inaction
66
The slide uses a peer benchmark to expose a gap in Allergan's disclosure practices.compare_peers
Open slide detailLoop · Cost Of Inaction
68
Uses the 'ceo-quote-contradiction' pattern to undermine management credibility.expose_contradiction
Open slide detailLoop · Cost Of Inaction
69
The slide uses a bar chart to contrast high historical spend with a lower-cost alternative model, highlighting potential efficiency gains.compare_peers
Open slide detailLoop · Cost Of Inaction
70
The slide uses a bar chart to quantify R&D failures, supporting an activist argument against management's R&D efficiency.expose_contradiction
Open slide detailLoop · Cost Of Inaction
71
Includes a direct quote from David Pyott that contradicts the compensation table above it.expose_contradiction
72
The slide uses a 'villain' framing to attack the company's capital allocation and strategic foresight.expose_contradiction
73
The slide uses a dual-table structure to contrast established market leaders with emerging pipeline competitors.compare_peers
75
The chart uses a dashed line to indicate the average of the peer group excluding Allergan.compare_peers
76
Uses color-coded quote boxes to present a narrative of persistent management failure.expose_contradiction
77
The slide uses a chronological sequence of quotes to demonstrate a lack of progress.expose_contradiction
78
Uses a series of quotes to demonstrate management's failure to act on admitted inefficiencies.expose_contradiction
80
The slide uses a series of pull-quotes to demonstrate a pattern of external skepticism regarding management's capital strategy.expose_contradiction
81
Uses a 'quote-contradiction' pattern to highlight management's focus on growth metrics over value.expose_contradiction
82
Uses a CEO quote to contradict the company's stated capital allocation strategy.expose_contradiction
83
The slide is designed to expose a potential contradiction between past management rhetoric on M&A and current actions or performance.expose_contradiction
85
The slide uses a red callout box for the primary thesis and a yellow callout box for the concluding judgment.name_villain
86
Uses a chronological narrative to expose poor capital allocation.expose_contradiction
87
Uses a chronological narrative to expose poor capital allocation and due diligence.name_villain
88
Uses a direct quote comparison to expose management's overconfidence.expose_contradiction
89
The slide uses a red callout box to emphasize the failure of the acquisitions.expose_contradiction
92
The slide uses a 'dilemma' framing to cast doubt on management's integrity regarding stock option timing.expose_contradiction
93
Uses a comparison of compensation structures to highlight a governance failure at Allergan.expose_contradiction
95
The slide uses a dual-axis chart to correlate share price with trading volume and Pershing Square's accumulation activity.show_valuation_bridge
96
The table uses a heatmap-style color coding (green for positive change, red for negative change) to visualize trading activity.expose_contradiction
97
The chart highlights three specific dates of VRX proposals (April 22, May 28, May 30) and their correlation with trading volume and price movement.analyze_data
98
The slide uses a red callout box to emphasize the core thesis regarding management's failure to maximize value.diagnose_problem
99
The chart uses a grouped bar format to compare Puts vs Calls across various strike prices.preempt_rebuttal
100
The slide uses a combination of stacked bars for volume and a line chart for weighted average sale price to demonstrate insider selling behavior.expose_contradiction
101
The chart uses a broken axis for the GILD bar and highlights the AGN bar with red to indicate high insider selling.expose_contradiction
102
This is a classic 'preempt rebuttal' slide used in activist campaigns to undermine management's defensive strategic pivots.preempt_rebuttal
103
Uses a 'before and after' comparison of analyst estimates to undermine management's claim of a fundamental business shift.expose_contradiction
105
Uses a rhetorical question structure to undermine management credibility.expose_contradiction
106
The slide uses a rhetorical question structure to cast doubt on management's motives.expose_contradiction
107
Uses a grouped bar chart to compare old vs new analyst price targets across five firms.expose_contradiction
108
The slide uses a quote to undermine management's credibility regarding their standalone valuation.expose_contradiction
109
The slide systematically dismantles a common analyst valuation methodology by identifying specific components of the historical multiple that have lost their vapreempt_rebuttal
111
This is a classic activist slide designed to undermine management's credibility before they even announce their new plan.preempt_rebuttal
112
The slide uses quotes to frame management's M&A strategy as a potential defensive tactic (poison pill/entrenchment) rather than purely strategic growth.expose_contradiction
113
The slide uses a rhetorical question as a title to frame the subsequent bullet points as a rebuttal to management's potential strategy.preempt_rebuttal
115
This slide is part of an activist campaign (Valeant/Pershing Square) against Allergan.preempt_rebuttal
116
The red circle highlights the period of minimal buybacks during 2013 when the stock price was relatively low compared to the 2014 peak.expose_contradiction
117
Uses a red callout for the quote and a blue callout for the rhetorical question.expose_contradiction
120
The slide uses callouts to contrast Allergan's low performance-based pay and low TSR against Valeant and the peer group average.compare_peers