{
  "docId": "019dd923-622c-750b-8b9b-8e8b0729eceb",
  "docSlug": "8a1ba1db7307",
  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-01-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 81,
  "pageCount": 81,
  "prevPage": 80,
  "nextPage": null,
  "slideType": "disclaimer",
  "function": "other",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8e8b0729eceb/81",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8e8b0729eceb#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.65,
        "w": 0.85,
        "x": 0.075,
        "y": 0.25
      },
      "kind": "list",
      "text": "PSH is exposed to a concentration of investments, which could exacerbate volatility and investment risk;\nActivist investment strategies may not be successful and may result in significant costs and expenses;\nPershing Square may fail to identify suitable investment opportunities. In addition, the due diligence performed by Pershing Square before investing may not reveal all relevant facts in connection with an investment;\nWhile Pershing Square may use litigation in pursuit of activist investment strategies, Pershing Square itself and PSH may be the subject of litigation or regulatory investigation;\nPershing Square may participate substantially in the affairs of portfolio companies, which may result in PSH's inability to purchase or sell the securities of such companies;\nPSH may invest in derivative instruments or maintain positions that carry particular risks. Short selling exposes PSH to the risk of theoretically unlimited losses;\nPSH's non-U.S. currency investments may be affected by fluctuations in currency exchange rates;\nAdverse changes affecting the global financial markets and economy may have a material negative impact on the performance of PSH's investments;\nChanges in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect PSH's business, investments and results of operations;\nPershing Square is dependent on William A. Ackman;\nPS Holdings Independent Voting Company Limited controls a majority of the voting power of all of PSH's shares;\nPSH shares may trade at a discount to NAV and their price may fluctuate significantly and potential investors could lose all or part of their investment;\nThe ability of potential investors to transfer their PSH shares may be limited by the impact on the liquidity of the PSH shares resulting from restrictions imposed by ERISA and similar regulations, as well as a 4.75 per cent. ownership limit;\nPSH is exposed to changes in tax laws or regulations, or their interpretation; and\nPSH may invest in United States real property holding corporations which could cause PSH to be subject to tax under the United States Foreign Investment in Real Property Tax Act.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d494aa43-a64b-4170-adf6-88e57b1ae2d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.075,
        "y": 0.175
      },
      "kind": "paragraph",
      "text": "Risk Factors\nInvestors in PSH may lose all, or substantially all, of their investment in PSH. Any person acquiring shares in PSH must be able to bear the risks involved. These include, among other things, the following:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73cbf9d8-30a1-41a7-a028-a6667463eb63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.914,
        "x": 0.043,
        "y": 0.085
      },
      "kind": "title",
      "text": "Additional Disclaimers and Notes to Performance Results",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c53d333-5084-4aa2-8904-e05e671f6984",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 81,
      "from": 21,
      "beatId": "ca908ed6-09de-4041-87d4-d25c486e2e39",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "Detailed portfolio company updates and performance data",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}