{
  "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": 76,
  "pageCount": 111,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "comparison_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 42,
  "notes": "The chart illustrates the shift in market dominance from private capital to GSEs following the 2008 financial crisis.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/76",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-76",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.00188
      },
      "kind": "callout",
      "text": "Recent history demonstrates that the availability of private capital is pro-cyclical and the GSEs' market participation is countercyclical",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12c66e97-be85-45dd-8b6a-fbab529f2bda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Recent history demonstrates that the availability of private capital is pro-cyclical and the GSEs’ market participation is countercyclical",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fe-55f9b4e45be3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.82,
        "x": 0.09,
        "y": 0.0030499999999999998
      },
      "kind": "chart",
      "text": "Share of Residential Mortgage Originations Since 2000",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4eda6609-6cb7-4675-8e26-ba907fc626ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Share of Residential Mortgage Originations",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-86fe-5a082998a909",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Inside Mortgage Finance",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c42aefdb-6f65-405f-8ff6-04de97589e6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Proposed System Will be Pro-Cyclical",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6dbc19c5-f0e0-4b9b-bcc4-b368763ea451",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "97f46dd5-9371-4960-82fc-f62c0e39cfee",
      "evidence": "Recent history demonstrates that the availability of private capital is pro-cyclical and the GSEs' market participation is countercyclical",
      "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
}