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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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      "text": "Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "text": "2015 Net Returns -20.5% S&P 500 1.4% 2014 Net Returns 40.4% S&P 500 13.7% 2013 Net Returns 9.6% S&P 500 32.4%",
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      "text": "Pershing Square Holdings, Ltd. Performance",
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