{
  "docId": "019dd923-622c-750b-8b9b-905be5d022fb",
  "docSlug": "0c95c1ec255f",
  "documentTitle": "Pershing Square Portfolio (multiple positions)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 67,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a timeline-annotated line chart to demonstrate value creation during an activist campaign.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-905be5d022fb/13",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-905be5d022fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-905be5d022fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-905be5d022fb#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Allergan shares increased 94% (including dividends) from inception of our position in February 2014, and 89% from our average cost basis prior to the position being made public, to close of the transaction*",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ce1c126-ecc5-4785-97d7-f965c50c4b8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.88,
        "x": 0.06,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Stock price performance of Allergan from 2/25/2014 to 3/17/2015",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3a33cb8-dc64-4c9a-bbd3-9d91884aaa33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $242",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d7-83772ca4dc6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.88,
        "x": 0.06,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Note: The performance of AGN's stock price is provided for illustrative purposes only and is not an indication of PSH's future returns. Average cost of shares purchased by Pershing Square may exceed the initial share prices noted herein. *The performance of AGN's stock does not reflect Pershing Square's hedges or Valeant's profit share which would give a lower effective closing price. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df936223-0749-4243-bb47-104ea4c1ee14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.67,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Allergan: Share Price Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d5b70aa-3bce-45ae-9e87-e0c9246689a7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "4ccd2a7b-0a29-4a27-aabd-c70d3abb0837",
      "evidence": "Shows stock price growth from initial position to final transaction close.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "ac9280a9-0063-463b-aaa0-8772c74c91e1",
      "arcName": "Rags to Riches",
      "arcSlug": "rags-to-riches",
      "beatName": "Early Struggles",
      "beatSlug": "rags-to-riches-early-struggles",
      "evidence": "Discussion of challenges faced by portfolio companies.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 13,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "db62f30e-643d-48df-9336-aed60ac28d9e",
      "evidence": "Multiple 'before-after' slides illustrating share price growth.",
      "position": 0,
      "objective": "Show Allergan's and Valeant's share price performance",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}