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  "docSlug": "ff2d385c560d",
  "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",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "nDataPoints": 4,
  "notes": "The chart uses a gap analysis to highlight the delta between management guidance and activist-proposed optimization.",
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      "kind": "callout",
      "text": "While management's plan to increase margins to 15-16% by 2016 is a step in the right direction, we believe optimized margins are far higher",
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      "kind": "chart",
      "text": "Mondelez EBIT Margin",
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      "kind": "source-note",
      "text": "Source: Mondelez public filings, Pershing Square estimates. 2014 is pro forma for the Coffee JV. 2015 excludes stranded overhead costs from the Coffee JV.",
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      "text": "Opportunity Far Exceeds Established Targets",
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