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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "OR refers to Operating Ratio, a key metric in the railroad industry.",
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      "text": "Recent macroeconomic concerns have caused CP's shares to trade at a discount to their intrinsic value",
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      "text": "Recent macroeconomic concerns have caused CP’s shares to trade at a discount to their intrinsic value",
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      "text": "CP has announced it will resume its share repurchase program after ending its pursuit of NS",
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      "text": "Longer-term, management has highlighted a potential OR of mid-50s%; Note that declines in fuel prices, which are passed through to customers via a fuel surcharge, raise the OR potential by ~350-400 bps (vs. 2014); Pension expense is an incremental tailwind of ~180 bps (vs. 2015)",
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      "text": "2016 guidance calls for an OR below 59% and double-digit EPS growth; Tailwinds to EPS growth from a lower share count, pensions, and f/x",
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      "text": "CP is right-sizing its network to the currently tepid demand environment, which management has stated will improve results meaningfully",
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      "text": "Q1 Results: record 58.9% OR despite 5% revenue decline",
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      "text": "operating ratio: 59%",
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