{
  "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": 60,
  "pageCount": 111,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "The slide uses historical data to frame a problem of scale regarding capital requirements.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/60",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "callout",
      "text": "2013 U.S. IPO proceeds, which were the largest in the last decade, amounted to only $58bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f6e5033-244c-4c94-a1c4-003c68d516bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The total proceeds in ~1,500 IPOs in the U.S. over the last decade was $386bn, which is less than potential capital requirements for recent proposals",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fc-c83429f6b9bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.7,
        "x": 0.15,
        "y": 0.38
      },
      "kind": "chart",
      "text": "U.S. IPO Proceeds from 2004 to 2013 ($ in Billions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4afddd1e-40bc-4e6d-bd28-b08d8c72057b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IPO proceeds: $386bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fc-cdae7f65147d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "The total proceeds in ~1,500 IPOs in the U.S. over the last decade was $386bn, which is less than potential capital requirements for recent proposals",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f52b22ae-c036-4e85-ab1c-24e5a15d9b20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Thomson-Reuters",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc914219-fd11-4112-99b7-721267bb93d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Private Capital Requirements are Unprecedented",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0218ccf2-2061-43c6-bed6-4f82fe5bd748",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "84375389-33e0-4dcb-aa30-63d8484af171",
      "evidence": "chart/bar-vertical: U.S. IPO Proceeds from 2004 to 2013 ($ 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"
    },
    {
      "to": 64,
      "from": 59,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "f0b99e32-1835-47d4-88c0-9a7207d01351",
      "evidence": "The presentation provides a detailed analysis of the potential capital requirements for new participants in the mortgage market",
      "position": 2,
      "objective": "Break down the potential capital requirements for new participants",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}