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  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
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  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-01-29 00:00:00",
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  "notes": "Slide 36 from a Pershing Square activist deck.",
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      "text": "Pershing Square’s agreement with the Board entailed three new directors and a retirement of the former CEO with a search process for a new CEO commenced promptly",
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      "text": "Activist engagement could help realize latent potential and generate attractive returns with modest risk of permanent capital loss",
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      "text": "We believe APD’s EBIT margins (16%) can approach comparable Praxair (22%)",
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      "text": "High-quality, simple, predictable, free-cash-flow generative business. Global oligopoly enjoys attractive returns. Stability: diversified, contracted. Decades of secular growth at 1.5-2.0x industrial production.",
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      "text": "Substantial untapped potential, cheap \"as-fixed\". Decades of underperformance, but shortfalls are fixable. EBIT margins (16%) can approach comparable Praxair (22%). Potential to improve earnings base. Shares did not reflect latent opportunity.",
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      "text": "Air Products (\"APD\"): Investment Thesis",
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