{
  "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": 50,
  "pageCount": 104,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "key_messages",
  "function": "establish_context",
  "density": "sparse",
  "nDataPoints": 3,
  "notes": "Slide 50 of an activist deck, likely providing background on a target company.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/50",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-50",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.24,
        "x": 0.08,
        "y": 0.23
      },
      "kind": "image",
      "text": "Zoetis logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bba0400-b6ae-45a2-aad9-454018b4ef65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.29,
        "y": 0.23
      },
      "kind": "list",
      "text": "Split-off from Pfizer June 2013\n~$22bn equity market capitalization\nLargest manufacturer of medication for pets and livestock in the world\nOnly large, publicly traded “pure-play” animal health business\nPershing Square began buying Zoetis shares on July 22nd 2014 and currently owns a 8.6% economic stake in the company",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fb924de-7328-437f-87b3-50be32d52031",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.25,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Zoetis Inc.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70f12bc0-e23f-495e-ab5e-6cab12e2f611",
      "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
}