{
  "docId": "019dd923-622c-750b-8b9b-56a436c869d8",
  "docSlug": "4a661a4b5e99",
  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 66,
  "pageCount": 89,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The slide uses a simple arithmetic bridge to show the implied value of GGO as a negative cost when buying GGP at $14.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9b-56a436c869d8/66",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-56a436c869d8#slide-66",
  "components": [
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      "kind": "callout",
      "text": "At a $14 GGP share price, you are buying GGO for negative $1",
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      "text": "Implied Return: 43%",
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      "kind": "table",
      "text": "GGP Valuation: PF GGP ~$15, GGO ~$5, Combined ~$20, GGP Share Price ~$14, Implied Return at Emergence by Year-end 43%",
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      "kind": "title",
      "text": "GGP Trades at a Meaningful Discount to Intrinsic Value",
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      "arcName": "The Sequoia Pitch",
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      "evidence": "The presentation concludes with a clear call to action and a request for investors to consider GGP's opportunities.",
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      "confidence": 0.8,
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      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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      "position": 2,
      "objective": "Present a clear call to action for investors",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
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