{
  "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",
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  "pageNumber": 15,
  "pageCount": 67,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "other",
  "function": "establish_context",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": null,
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  "components": [
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      "kind": "callout",
      "text": "Today, Pershing Square owns 19.47m shares of Valeant, representing 5.7% of the company, at an average cost of $197",
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      "kind": "image",
      "text": "Valeant logo",
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      "subkind": "logo",
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      "kind": "list",
      "text": "At investment inception, ~$54bn market cap specialty pharmaceutical company\nLeader in dermatology, ophthalmology, branded generics, and gastroenterology\nPershing Square developed a strong relationship with Valeant during our 2014 partnership\nPershing Square was prohibited from acquiring shares in Valeant until January 2015\nIn February 2015, Pershing Square bought its first shares in Valeant at a cost of ~$161\nIn late February 2015, acquired Salix for $15.8bn\nToday, Pershing Square owns 19.47m shares of Valeant, representing 5.7% of the company, at an average cost of $197",
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      "kind": "metric",
      "text": "ownership stake: 5.7%",
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      "kind": "title",
      "text": "Valeant Pharmaceuticals",
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  "arcBeats": [
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      "to": 20,
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      "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",
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  "loops": [
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      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
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      "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"
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