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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": "Includes a formula for calculating % undervaluation.",
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      "kind": "callout",
      "text": "Economist models and changes in trade-weighted real exchange rates indicate that the HKD is materially undervalued relative to a basket of its trading partners",
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      "text": "undervaluation: 26% - 54%",
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      "text": "% Undervalued = (7.80/Fair Value) -1",
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      "text": "Source: \"Economic Research: GS DEER\" - Goldman Sachs, Q2 2011 Trade Weighted Misalignment.\n\"Currency valuation from a macro perspective\" - Barclays Capital, June 14, 2011, p.3.\n\"Estimates of Fundamental Equilibrium Exchange\" - Peterson Institute for International Economics, Real Effective Exchange Rate, May 2011.",
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      "text": "Model | % Undervalued (Multi-Lateral)\nDecline in Real Trade-Weighted Value - Last 10yrs | 54%\nGoldman Sachs DEER Model | 26%\nBarclays PPP Model | 33%\nUndervaluation | 26% - 54%",
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      "text": "Valuation Summary",
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