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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2015-04-28 00:00:00",
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      "kind": "callout",
      "text": "Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria",
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      "text": "Durable products/brands\nStrong organic growth\nCulture of cost discipline and operational excellence\nManagement compensation aligned with shareholder returns\nValue-creating capital allocation strategy",
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      "text": "Our Research Changed Our Opinion of Valeant",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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