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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": "Pershing Square, L.P. Net Returns vs. S&P 500 (1/1/2004 through 12/31/2014)",
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      "text": "Data represents performance of Pershing Square, L.P., the fund managed by Pershing Square with the longest track record. “Up” months and “down” months are defined as months in which the closing price of the S&P 500 on the last business day of the relevant month was higher and lower, respectively, than the closing price of the S&P 500 on the last business day of the immediately preceding month. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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