{
  "docId": "019dd923-622c-750b-8b9b-b5e2117e169a",
  "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",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 44,
  "pageCount": 104,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "thesis_headline",
  "function": "summarize",
  "density": "sparse",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/44",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.81
      },
      "kind": "callout",
      "text": "New CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72d07a07-1d20-46d2-92ca-e0c4d0a13d17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.85,
        "x": 0.08,
        "y": 0.55
      },
      "kind": "list",
      "text": "Substantial untapped potential, cheap “as-fixed”. Decades of underperformance. 600 bps+ operating margin gap. Potential to improve earnings.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dd8b4a1-cf9f-47ad-86b1-cbf492b0ab14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.22
      },
      "kind": "list",
      "text": "High-quality, simple, predictable, free-cash-flow generative business. Global oligopoly with local incumbency. Buffered from macro. GAAP earnings understate cash flow.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d788e871-7b95-419f-9808-52c1750b7385",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Air Products: Investment Thesis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd095353-0666-4461-9d59-9b6a68037c41",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 36,
      "beatId": "0abade97-43aa-4a29-8323-bdf59a261b3b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "Data and charts supporting the proposed solutions",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 40,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "2f31f28d-57eb-40a0-b1b1-25dcdb4565dd",
      "evidence": "Discussion of consequences of not taking action",
      "position": 1,
      "objective": "Emphasizing the importance of taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}