Pershing Square | Investor Presentation Deck | 62 slides

Pershing Square Holdings · 2023-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide inventory

62
every slide · same image gating as the playbook
01
Slide 1
front_matter
03
front_matter
04
transition
05
The slide highlights the independence of the board members.other
06
This slide outlines corporate governance structure.other
07
summarize
08
The slide includes a specific callout regarding the widening discount to NAV.compare_peers
09
Includes a specific note on the calculation methodology for Total Capital and Total Indebtedness.analyze_data
10
The chart uses callout boxes to link specific financial events to fluctuations in the debt ratio line.analyze_data
11
present_solution
12
The slide outlines a multi-pronged approach to managing share price discounts, focusing on performance, market positioning, and capital allocation.summarize
13
The slide clarifies the relationship between the investment company (PSH) and the Investment Manager regarding ESG oversight.establish_context
14
Includes a disclaimer at the bottom regarding SFDR compliance.present_framework
15
transition
Open slide detailBeat · Problem
16
The chart uses a split-bar design to visually separate the subject (PSH) from the benchmark indices.compare_peers
17
Includes compound annual return metrics at the bottom.compare_peers
18
The chart uses a split-axis style to separate short-term performance from long-term inception-to-date performance.compare_peers
19
The table lists individual contributors to performance, with a total row at the bottom. Includes a footnote regarding the aggregation of smaller positions.analyze_data
20
The table includes a breakdown of individual positions, underlying portfolio totals, and interest expense.analyze_data
21
The chart specifically highlights the 'Average Return in Down Months' with a red dashed box to emphasize the defensive nature of the strategy.compare_peers
22
The chart highlights PSH's performance in down months compared to the S&P 500.compare_peers
23
The table breaks down AUM into Total and Equity, and Insider Capital into Total and % of Equity.analyze_data
24
transition
Open slide detailBeat · Solution
25
summarize
Open slide detailLoop · Cost Of Inaction
26
The slide outlines an investment philosophy/framework for hedging.present_framework
27
The slide provides a detailed breakdown of financial performance for specific hedging instruments.analyze_data
28
The slide highlights high-multiple returns on specific hedging instruments during market volatility.show_traction
29
The chart uses a callout box to highlight peak losses in March 2009.show_traction
30
The chart uses a callout box to explicitly compare peak losses during the March 2020 market downturn.show_traction
31
The slide highlights performance during a specific volatile year and references historical performance during bear markets.show_traction
32
Includes specific financial outcomes for PSTH and regulatory status updates for SPARC.summarize
33
The slide outlines a specific financial product innovation.present_solution
34
Focuses on leadership continuity, physical workspace, and organizational philosophy.summarize
35
Includes a legend at the bottom for 'Operational Leadership Group Member' and 'New Employee'.other
37
transition
38
This slide is from a Pershing Square investor presentation.summarize
Open slide detailBeat · Market SizeLoop · Golden Circle
39
The chart uses a timeline-based annotation style to correlate market events with share price fluctuations.show_traction
Open slide detailBeat · Market SizeLoop · Golden Circle
40
This slide outlines the investment case for Lowe's, focusing on structural margin expansion and EPS growth targets.summarize
Open slide detailBeat · Market SizeLoop · Golden Circle
41
The chart includes a baseline reference of $86* and specific callouts for CEO hiring, analyst days, and strategic divestitures.show_traction
Open slide detailBeat · Market SizeLoop · Golden Circle
42
Slide from a Pershing Square presentation.show_traction
Open slide detailBeat · Market SizeLoop · Golden Circle
43
The chart includes a baseline reference of $405* and specific event callouts.analyze_data
Open slide detailBeat · Market SizeLoop · Golden Circle
44
This slide uses a structured list format to present three core pillars of the investment thesis.summarize
Open slide detailBeat · Market SizeLoop · Golden Circle
45
The chart highlights specific acquisition and leadership transition events as inflection points on the share price trajectory.show_traction
Open slide detailBeat · Market SizeLoop · Golden Circle
46
This slide is part of an investor presentation by Pershing Square.summarize
Open slide detailBeat · Market SizeLoop · Golden Circle
47
The chart includes a dashed line indicating an average cost basis of $73* and callout boxes explaining specific market events affecting the share price.show_traction
Open slide detailBeat · Market SizeLoop · Golden Circle
48
This slide serves as an investment thesis summary for HHC, likely from a Pershing Square investor presentation.summarize
Open slide detailBeat · Market Size
49
The slide uses a timeline-annotated line chart to contextualize stock performance with specific management and investment milestones.show_traction
Open slide detailBeat · Market Size
50
The slide uses a 'before-after' logic structure, acknowledging a negative legal outcome while pivoting to a positive investment thesis.argue_timing
51
The slide uses a timeline-annotated line chart to correlate share price volatility with specific litigation and policy milestones.show_traction
52
This slide is from a Pershing Square presentation, likely an activist investor deck.summarize
53
The chart highlights specific regulatory and operational events impacting the share price.show_traction
54
transition
55
The slide uses a callout box to annotate a specific event (earnings report) that caused a sharp drop in share price.analyze_data
56
The chart uses callout boxes to correlate specific business events with share price fluctuations.analyze_data
57
The chart tracks two series: PSTH including pro-rata warrants and the share price post-warrant distribution.show_traction
58
state_next_steps
59
Page number 59 is visible in the bottom right corner.appendix
61
Page number 61 included in bottom right.other