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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 causal chain framework to link operational failures to shareholder dilution.",
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      "text": "While CP issued shares during the recession, responsible capital management allowed other rails to opportunistically repurchase shares at depressed prices",
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      "text": "Low Profitability & Cash Flow + Excess Leverage & Pension Mismanagement -> Shareholder Dilution",
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      "text": "share price: $36.75",
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      "text": "Total repurchases of $517mm for 8.2mm shares at $63.03; Total issuances of $511mm or 12.6mm shares at $36.75",
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