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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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  "presentationDate": "2015-01-29 00:00:00",
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  "notes": "The slide outlines the core conflict between shareholders and the U.S. Treasury regarding the GSEs.",
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      "kind": "callout",
      "text": "We remain convinced that Treasury’s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices",
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      "text": "Fannie Mae Freddie Mac logos",
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      "text": "The GSEs are vital to the U.S. mortgage market and there is no other credible alternative to replace them. In 2013, the Government began stripping all profits from the GSEs and sending them to Treasury every quarter, in perpetuity. The net worth sweep is an unlawful taking of shareholders' private property. The net worth sweep is an untenable economic arrangement that prevents the GSEs from building capital and subjects taxpayers to grave risk. In September 2014, the U.S. District Court for the District of Columbia dismissed shareholder lawsuits seeking to enjoin the net worth sweep. We and other shareholders are pursuing lawsuits in other courts, including the U.S. Court of Federal Claims, which adjudicates unlawful takings claims.",
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      "kind": "title",
      "text": "Fannie Mae & Freddie Mac (GSEs)",
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