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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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      "text": "One of the world’s largest snack companies with 2014 revenues of $30 billion(1)\n~$66bn equity market capitalization\nBorn out of the breakup of Kraft Foods in 2012\nHigh quality, simple, predictable, free-cash-flow-generative business\nOnly large, publicly traded, uncontrolled “pure-play” snacks company\nWe currently own shares and derivatives representing a ~6.6% ownership stake in the company",
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