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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2016-01-28 00:00:00",
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  "notes": "The title references Benjamin Graham's famous 'weighing machine' metaphor for the stock market.",
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      "text": "Recent market conditions have created new opportunities\nMany high quality businesses with catalysts to increase value are currently at or nearing attractive valuations",
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      "kind": "list",
      "text": "Permanency of our capital base will allow us to weather this volatility\nOur influence on our portfolio companies should allow us to continue to enhance the value of our investments",
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      "kind": "paragraph",
      "text": "We are unlikely to make wholesale changes in the short term to the current portfolio as we find our current investments attractive. That said, we would be surprised if we did not add at least one major new investment in the next few months.",
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      "text": "In the near term, new investment opportunities abound",
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      "text": "Over the long term, we believe that the market prices and intrinsic values of our investments will converge",
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      "kind": "title",
      "text": "While We Wait for the Weighing Machine...",
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