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  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-09-14 00:00:00",
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  "notes": "The slide illustrates the potential returns of a currency carry trade/leverage strategy based on HKD/USD peg dynamics.",
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      "kind": "callout",
      "text": "Reflects the cost of financing for a bank. Institutional and individual investors will pay a higher rate (~35bps more)",
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      "text": "12-Month %Total Return: 697%",
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      "kind": "paragraph",
      "text": "Similar short-term interest rates and the HKMA's pledge to support HKD at 7.85, means investors can cheaply and safely purchase HKD on USD leverage",
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      "text": "12-Month %Total Return (from 7.80) table with leverage ratios and revaluation scenarios",
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      "text": "Purchase HKD with USD Leverage",
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