{
  "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": 31,
  "pageCount": 111,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a before-after framing to contrast accounting-based losses with actual credit performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/31",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.19
      },
      "kind": "callout",
      "text": "The GSEs' losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00eca2c5-83a3-44fd-b7e7-58bb9acea9cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.75,
        "x": 0.12,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Fully-Taxed Net Income for Single-Family Guarantee Segment ($ in Billions)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f45ec66b-9472-49ec-a535-956181d59de3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "net income: $(46) bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fa-71d0b570b937",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on actual credit losses rather than provision expenses...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afbf7a60-1eca-4d33-9e79-9e951b4bc638",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Losses Were Lower Excluding Accounting Charges",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "863514be-eab5-4e18-b37f-f503349e8153",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "84707d1a-7df3-413f-be89-6c867f07ef5a",
      "evidence": "The slide compares net income based on actual credit losses and provisions.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "cc6f4555-38ad-4ede-9932-293ab20c5a75",
      "evidence": "Contrasts accounting losses with actual credit losses to reframe the financial performance narrative.",
      "confidence": 0.9
    }
  ],
  "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
}