{
  "docId": "019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "docSlug": "6e4856b01af3",
  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-09-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 120,
  "pageCount": 151,
  "prevPage": 119,
  "nextPage": 121,
  "slideType": "valuation_reveal",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-5d9cdee5e75f/120",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-5d9cdee5e75f#slide-120",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.84,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "callout",
      "text": "The HKD options market implies that the probability of a revaluation is extremely remote. We think a ~30% revaluation is likely, giving investors a ~44x payout on one-year 7.50 strike options",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53ebe837-2847-4d04-bb18-46a42a150802",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.8,
        "x": 0.1,
        "y": 0.36
      },
      "kind": "chart",
      "text": "Payout as Multiple of Premium",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e096ec8-edc0-4378-ac19-8b7f09538caf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Payout Multiple: 44x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8eb2-8146d86c4d49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "HKD Call Options are Cheap",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f817d82-7ef3-424f-bdf5-c91bcdbb12ba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 130,
      "from": 101,
      "beatId": "953a55fa-6c47-4ede-a618-26c77e4e8d5f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation proposes a solution through a revaluation of the Hong Kong Dollar, which would mitigate inflation and a potential real estate bubble.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}