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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-01-28 00:00:00",
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  "notes": "Includes a list of portfolio company logos at the bottom.",
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      "text": "Despite our missteps, we believe our portfolio holdings today trade at a substantial discount to intrinsic value partially because of certain unique market dislocations",
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      "text": "Huge capital inflows into index funds have created support for indexed constituent company valuations",
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      "text": "Concerns regarding oil prices and China’s economy have significantly impacted the market prices of many of our investments, despite their limited exposure to these risks",
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      "text": "Pershing Square “followers” are liquidating funds creating intense selling pressure on our investments with strong “follower” ownership",
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      "text": "Most of our long positions (representing 54% of our portfolio) are not components of major market indices",
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      "text": "Other Factors Also Contributed to Poor Results",
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