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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2015-04-28 00:00:00",
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      "kind": "callout",
      "text": "2/22/15: Valeant announces initial agreement to purchase Salix",
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      "kind": "callout",
      "text": "2/9/15: Pershing Square purchases first Valeant shares at ~$161 per share",
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      "kind": "callout",
      "text": "3/16/15: Valeant announces revised Salix agreement, and Pershing Square acquires 3mm shares from Valeant to help finance revised transaction",
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      "kind": "callout",
      "text": "Valeant’s share price has increased 28% (including dividends) from inception of our position in February 2015, and 5% from our average cost basis prior to the position being made public, to date",
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      "text": "Stock price performance Valeant from 2/9/2015 to 4/22/2015",
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      "text": "share price: 28%",
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      "text": "Valeant's share price has increased 28% (including dividends) from inception of our position in February 2015, and 5% from our average cost basis prior to the position being made public, to date",
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      "kind": "source-note",
      "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.",
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      "text": "Valeant: Share Price Performance",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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