{
  "docId": "019dd923-622c-750b-8b9b-8504406ade5c",
  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 101,
  "pageCount": 111,
  "prevPage": 100,
  "nextPage": 102,
  "slideType": "revenue_buildup",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The chart illustrates a 10-year earnings projection totaling $146 billion.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/101",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-101",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "callout",
      "text": "At current g-fee levels of 60bps, we estimate that the GSEs' guarantee business can generate $146bn of earnings over the next 10 years, including the benefit of future reserve releases",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11d8b55a-80e0-434c-b475-47a08043ef39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "At current g-fee levels of 60bps, we estimate that the GSEs’ guarantee business can generate $146bn of earnings over the next 10 years, including the benefit of future reserve releases",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8700-410f5f07fef8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.86,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Fully-Taxed Net Income Projections for Guarantee Business ($ in Billions)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67566cc7-3d79-4cd6-87bf-be3192675c76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Income: $146bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8700-465be3ed751f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.1,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. Note: Net Income is taxed at a 35% rate because the DTA is included in common equity. Expenses include remittance to the Treasury of 10bps of g-fees for newly issued MBS from 2014 to 2022 for the Temporary Payroll Tax Cut Continuation Act of 2011.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5397aabf-9b45-417b-bb39-db1adfcf4212",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Guarantee Business Will Build Capital Quickly",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dcdcd484-f528-4933-ad8f-42da7bb83db6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "185c407b-5581-45b7-b981-e46f22a0f0af",
      "evidence": "The slide includes a bar-stacked chart showing 'Fully-Taxed Net Income Projections for Guarantee Business ($ in Billions)'",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 111,
      "from": 53,
      "beatId": "2ffdc109-c03c-4d79-bfbe-40c4d285ca05",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation concludes with a discussion of the potential impact of the proposed solution and next steps for housing finance reform",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 111,
      "from": 32,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "198631e9-e687-442b-9dcb-9984e64d4f5c",
      "evidence": "The presentation emphasizes the potential costs to society of failing to reform the GSEs",
      "position": 0,
      "objective": "Highlight the risks of not reforming the GSEs",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}