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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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      "text": "Passes Pershing Square’s high bar for business quality",
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      "text": "~$4.7bn 2014e revenue, largest manufacturer of medication for pets and livestock in the world\n~$22bn equity market capitalization\nSplit-off from Pfizer June 2013\nPershing Square began buying Zoetis shares on July 22nd 2014 and owns a 8.5% stake in the company\nPasses Pershing Square's high bar for business quality\nOnly large, publicly traded “pure-play” animal health business",
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      "text": "Simple, predictable, and free cash-flow generative\nHighly durable and diverse product portfolio not subject to high levels of generic competition",
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      "text": "Zoetis Inc.",
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