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  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-02-06 00:00:00",
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  "notes": "The slide uses a comparison of operational size vs. valuation to argue for an activist investment thesis.",
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      "kind": "callout",
      "text": "70% of Size -> 40% of Enterprise Value -> Large Value Creation Opportunity",
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      "kind": "callout",
      "text": "Canadian Pacific is 70% the size of Canadian National, yet has an enterprise value 40% as large, due to its inferior profitability and asset utilization",
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      "text": "Enterprise Value: 40%",
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      "text": "Source: Company filings. Bloomberg. Market Capitalization and Enterprise Value for CP shown as of September 22, 2011 (prior to Pershing Square's accumulation) and February 3, 2012 (current). (1) Enterprise Value includes 12/31/10 pension liability balances. Current pension liability balances have likely grown materially for both CP and CN given changes in interest rates.",
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      "text": "70% the Railroad, 40% the Market Value",
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