{
  "kind": "all",
  "value": "all",
  "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 319975,
  "page": 2280,
  "pageSize": 60,
  "pageCount": 5333,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 72,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses market data to justify a specific financial proposal (the PSPA commitment fee).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/72",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-72",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 73,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/73",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-73",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 74,
      "slideType": "roadmap",
      "function": "plan_implementation",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/74",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-74",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 75,
      "slideType": "before_after",
      "function": "analyze_data",
      "notes": "The chart uses a before-after comparison for each entity to demonstrate the return on investment.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/75",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-75",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 76,
      "slideType": "ceo_quote",
      "function": "cite_precedent",
      "notes": "The slide uses a quote to validate the thesis that the government has been made whole on its investment.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/76",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-76",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 77,
      "slideType": "thesis_headline",
      "function": "quantify_opportunity",
      "notes": "The slide uses pie charts to show the composition of capital, highlighting the role of 'Credit for Excess Payments' in meeting capital requirements.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/77",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-77",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 78,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The slide uses a stacked bar chart to show the build-up of capital over two years.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/78",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-78",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 79,
      "slideType": "valuation_reveal",
      "function": "show_valuation_bridge",
      "notes": "The chart shows the transition from a negative equity position to a positive pro-forma equity position through earnings, debt repayment, and equity conversion.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/79",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-79",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 80,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The slide uses a waterfall-style logic to show capital accumulation and the required injection.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/80",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-80",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 81,
      "slideType": "valuation_reveal",
      "function": "show_valuation_bridge",
      "notes": "The chart shows the transition from a negative equity position to a positive $99bn position through earnings, debt repayment, IPO proceeds, and equity conversion.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/81",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-81",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 82,
      "slideType": "propose_solution",
      "function": "propose_solution",
      "notes": "Includes specific details on non-cumulative dividend terms and conversion assumptions for IPO modeling.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/82",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-82",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 83,
      "slideType": "kpi_overview",
      "function": "analyze_data",
      "notes": "Includes IPO annotations for FNMA and FMCC. Data source: Company filings and Pershing Square estimates.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/83",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-83",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 83,
          "from": 46,
          "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "Slides propose a framework for ending conservatorship",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 84,
      "slideType": "key_messages",
      "function": "propose_solution",
      "notes": "The slide uses a clear, bulleted list to justify a specific sequencing strategy for privatization.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/84",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-84",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 85,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": "The table uses historical IPO data to validate the proposed IPO sizes for Fannie and Freddie.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/85",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-85",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 86,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The slide outlines specific bps (basis points) and percentage assumptions for G-fees, commitment fees, asset growth, and dividend payouts.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/86",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-86",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 87,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "The table uses a mix of absolute dollar values and basis points (bps) to project financial performance.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/87",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-87",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 88,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "Includes a watermark '10X' in the center of the table area.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/88",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-88",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 89,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table uses a DCF-style approach with interim dividends and a terminal value based on a 15x multiple.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/89",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-89",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 90,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table uses a multi-step valuation approach starting from 2035E projections, discounting back to 2027, and applying an IPO discount.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/90",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-90",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 91,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses a green callout box to highlight a specific investor concern/objection.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/91",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-91",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 92,
      "slideType": "before_after",
      "function": "illustrate_case",
      "notes": "The chart uses a stacked area format to show the base share price and the value of HHC shares/dividends.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/92",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-92",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 93,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The table uses checkmarks to indicate compliance with specific distribution and financial standards.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/93",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-93",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 94,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide uses a comparison framework to establish a valuation thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/94",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-94",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 95,
      "slideType": "valuation_table",
      "function": "compare_peers",
      "notes": "Includes market capitalization, return on equity metrics, trading multiples, and shareholder return data.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/95",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-95",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 96,
      "slideType": "kpi_overview",
      "function": "analyze_data",
      "notes": "The slide emphasizes that despite restructuring, the US government retains a controlling interest via warrants.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/96",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-96",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 97,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The table shows a total return of $311 billion over the period.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/97",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-97",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 98,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/98",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-98",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 99,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table compares a 'Deemed Repaid' scenario against multiple 'SPS Converted to Common' scenarios at varying cost of equity assumptions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/99",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-99",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 100,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": "The slide uses quotes from a legal brief to establish a precedent/argument against the government's actions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/100",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-100",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 101,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/101",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-101",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 102,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": "The slide uses a quote from a former Treasury official to support the thesis that GSEs are preparing for exit from conservatorship.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/102",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-102",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 103,
      "slideType": "key_messages",
      "function": "summarize",
      "notes": "The slide uses a list-based argument structure to justify immediate action.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/103",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-103",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
      "docSlug": "97510b6ce9e5",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "Pershing Square",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-16 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 104,
      "slideType": "quote_slide",
      "function": "other",
      "notes": "The slide uses a quote from 'The Art of the Deal' to establish a thematic tone for the activist deck.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/104",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-104",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "Includes legal disclaimer regarding Schedule 13D filing.",
      "imagePath": "https://imgproxy.kitesheet.com/9b15uPAIBPELwxDmWajFauo_9cG7UqlApSs10BvnHRU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5qcGc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/1",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": "https://imgproxy.kitesheet.com/wiT00HtHl-zHqUi8A_icFnECGcl-sNuXGtZ9SaEIWfk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5wbmc",
      "thumbSrc": "https://imgproxy.kitesheet.com/5l7ppS79e-xi6XR45Q0kMsRWW2jESiNZ1MVDPk0j-ho/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5qcGc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/VlNA-ccGCmkxNKw3OfTuTCZsmHVC_f7gupybiMSuR64/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5wbmc"
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 2,
      "slideType": "disclaimer",
      "function": "other",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/2",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 3,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/3",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-3",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Situation & Context",
          "beatSlug": "consultants-gambit-situation-context",
          "evidence": "The document provides an overview of the transaction and its context.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Setup",
          "parentBeatSlug": "setup"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 4,
      "slideType": "propose_solution",
      "function": "propose_solution",
      "notes": "Includes a footnote regarding the unaffected price date.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/4",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-4",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Situation & Context",
          "beatSlug": "consultants-gambit-situation-context",
          "evidence": "The document provides an overview of the transaction and its context.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Setup",
          "parentBeatSlug": "setup"
        },
        {
          "to": 7,
          "from": 4,
          "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "The document presents Pershing Square's proposed transaction as a solution.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 5,
      "slideType": "propose_solution",
      "function": "present_solution",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/5",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-5",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Situation & Context",
          "beatSlug": "consultants-gambit-situation-context",
          "evidence": "The document provides an overview of the transaction and its context.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Setup",
          "parentBeatSlug": "setup"
        },
        {
          "to": 7,
          "from": 4,
          "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "The document presents Pershing Square's proposed transaction as a solution.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 6,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "Includes a callout box explaining Bill Ackman's personal look-through ownership.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/6",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-6",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 7,
          "from": 4,
          "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "The document presents Pershing Square's proposed transaction as a solution.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        },
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 7,
      "slideType": "propose_solution",
      "function": "plan_implementation",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/7",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-7",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 7,
          "from": 4,
          "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Solution & Approach",
          "beatSlug": "consultants-gambit-solution-approach",
          "evidence": "The document presents Pershing Square's proposed transaction as a solution.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        },
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 8,
      "slideType": "other",
      "function": "establish_context",
      "notes": "The slide uses a hub-and-spoke diagram to show the parent company and its subsidiaries.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/8",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-8",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 9,
      "slideType": "key_messages",
      "function": "plan_implementation",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/9",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-9",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 10,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The slide uses the Pershing Square 13D filing date as the baseline for outperformance.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/10",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-10",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 11,
      "slideType": "before_after",
      "function": "diagnose_problem",
      "notes": "The slide uses a visual anchor to contrast the $90 issuance price against the $61.46 unaffected price to demonstrate underperformance.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/11",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-11",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 12,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses a funnel-like narrative to show the lack of interest from 284 investors down to zero formal offers.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/12",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-12",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 12,
          "from": 6,
          "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides valuation tables and data to support the proposal.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 13,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/13",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-13",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 14,
          "from": 13,
          "beatId": "961a2d44-dcb5-4cb4-9dcb-8e0760087133",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Problem & Complication",
          "beatSlug": "consultants-gambit-problem-complication",
          "evidence": "The document highlights HHH's limited strategic options as a standalone company.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 14,
      "slideType": "key_messages",
      "function": "frame_problem",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/14",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-14",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 14,
          "from": 13,
          "beatId": "961a2d44-dcb5-4cb4-9dcb-8e0760087133",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Problem & Complication",
          "beatSlug": "consultants-gambit-problem-complication",
          "evidence": "The document highlights HHH's limited strategic options as a standalone company.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 15,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/15",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-15",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 16,
      "slideType": "key_messages",
      "function": "present_solution",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/16",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-16",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 17,
      "slideType": "team_bio",
      "function": "introduce_nominees",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/17",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-17",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 18,
      "slideType": "team_bio",
      "function": "introduce_nominees",
      "notes": "Includes tenure in years for each employee; dashed boxes indicate new hires joining in early 2025.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/18",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-18",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 19,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The slide uses a table to reconcile total post-transaction shares with the specific look-through stake of the Pershing Square team.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/19",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-19",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 20,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "Includes annotations for market events (Global Financial Crisis, Covid-19, Rapid interest rate hiking cycle) and performance periods.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/20",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-20",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 21,
      "slideType": "key_messages",
      "function": "summarize",
      "notes": "The slide uses a combination of a detailed list and an icon-based summary to communicate the firm's investment philosophy.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/21",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-21",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 22,
      "slideType": "thesis_headline",
      "function": "frame_problem",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/22",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-22",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 23,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide highlights a 935 bps outperformance per annum vs the S&P 500.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/23",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-23",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 24,
      "slideType": "peer_benchmark",
      "function": "compare_peers",
      "notes": "The slide highlights a 1,300 bps per annum outperformance vs S&P 500.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/24",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-24",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 25,
      "slideType": "key_messages",
      "function": "present_framework",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/25",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-25",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 26,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a table-like structure to frame historical performance as a failure of the target company.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/26",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-26",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-195693638bae",
      "docSlug": "3146e5bb17d2",
      "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-18 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3341458,
      "pageNumber": 27,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": "The slide highlights the efficacy of Pershing Square's hedging strategy as a counter-narrative to HHH/GGP's performance.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/27",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-27",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}