{
  "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": 107,
  "pageCount": 111,
  "prevPage": 106,
  "nextPage": 108,
  "slideType": "valuation_reveal",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a before-after style comparison to illustrate the 'effective' ownership increase.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/107",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-107",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.22,
        "x": 0.74,
        "y": 0.37
      },
      "kind": "callout",
      "text": "Tax revenue from the GSEs' future profits increases taxpayers' effective ownership of the GSEs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03b43ee7-b63e-4a44-a10d-103e7ec2f7e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.88,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Taxpayers' economic ownership of the GSEs is greater than Treasury's 79.9% common stock warrants because the government is also entitled to significant tax revenue from their future profits",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bab1cf2f-5a91-432e-92a4-35c2d4b329cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Taxpayers’ economic ownership of the GSEs is greater than Treasury’s 79.9% common stock warrants because the government is also entitled to significant tax revenue from their future profits",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8700-a0b1f586b502",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.19,
        "y": 0.47
      },
      "kind": "chart",
      "text": "Illustrative Taxpayer Ownership % of the GSEs",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "203588b5-00cb-4850-877e-164908cea28f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Taxpayer ownership percentage: 86.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8700-a7a578aece2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.86
      },
      "kind": "paragraph",
      "text": "Annual tax revenue from the GSEs' future profits could be as much as $15bn and growing",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ea9bf17-67ea-4c0f-8cf4-ef2d2945f6b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.08,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates\nNote: Based on a 35% tax rate",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a659a125-dc12-4fd1-9d25-d20877566c3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Illustrative Value to Taxpayers (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a701e68a-d5d6-4f34-9d99-4791aa33cee2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "c4289231-7ec2-4b66-a6dd-87361da7cc87",
      "evidence": "Compares current ownership vs effective ownership including tax revenue",
      "confidence": 0.9
    }
  ],
  "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
}