{
  "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": 21,
  "pageCount": 111,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/21",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.192
      },
      "kind": "callout",
      "text": "The GSEs guarantee the timely payment of interest and principal on a ~$5 trillion portfolio of mortgage-backed securities",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbf2cccf-7ef9-4d1b-af4d-4d05e8d394b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "list",
      "text": "Inherently simple business model\nCash and insurance-float-generative business model where payment is received up front in exchange for the promise to pay potential losses incurred in the future\nLeveraged to positive long-term trends in the housing markets\nEnormous scale allows the GSEs to be the low-cost provider\nAsset-light, high-return-on-equity business model\nDoes not rely on funding from the capital markets\nDoes not require the use of derivatives",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d404394-5a9b-47c6-b685-db4dac28a3f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Guarantee Business Model: High Quality",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7749448-320f-44ce-a22e-1ad1da421ae2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "f6952cf2-a12e-41bf-9dd6-4f3b6cdd3804",
      "evidence": "The slide presents information in a list format with bullet points, which is a common way to present key messages.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 32,
      "from": 17,
      "beatId": "d31ccdb7-ced4-47ee-a582-1f949ce2822c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The presentation proposes a solution to reform the GSEs, including increasing capital requirements and winding down their Fixed-Income Arbitrage business",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}