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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The chart uses a dashed line to indicate the average cost basis of $16.",
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      "kind": "callout",
      "text": "Restaurant Brands International stock has increased 165% from our average cost since it merged with Justice Holdings*",
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      "text": "Stock price performance of QSR/BKW from 6/19/2012 to 4/21/2016",
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      "text": "Note: The performance of Restaurant Brands International's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Share price performance based on close price of Burger King when-issued shares on 6/19/2012. Return includes dividends. Source: Capital IQ.",
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      "evidence": "The presentation provides evidence of progress and growth for some portfolio companies, such as Air Products and Restaurant Brands International.",
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      "objective": "What are the results of our actions?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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