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  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
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  "notes": "The chart includes a horizontal dashed line representing the historical average of 13.6%.",
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      "text": "On average, free cash¹ has historically averaged ~14% of our fund AUM",
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      "text": "(1) Prior to October 31, 2014, “free cash” was calculated as total cash held less the market value of equity short positions less the notional value of equity swap positions...",
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      "text": "Cash / US Treasury Funds Are the Default Investment",
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