Multiple holdings (Pershing Square portfolio)

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Components 5

primary bullet bullet source-note headline

Tools 1

Storytelling: audience calibration slide · 70%

Catalysts for value creation are not dependent on macroeconomic strength: Cost savings and efficiency (Industrial gas margins of 21% still ~350 bps behind Praxair; $225mm of operating efficiency savings will

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Frameworks 1

capital-allocation-framework 80%

Mentions leverage reduction to 2x Debt/EBITDA and capacity for value-enhancing capital allocation.

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Multiple holdings (Pershing Square portfolio) · slide 25