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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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  "presentationDate": "2016-01-28 00:00:00",
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      "text": "Despite CP's continued progress on its operational efficiency, its efforts were mostly overshadowed by its slowing top-line growth and a weakening macroeconomic environment",
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      "text": "In November, CP revealed its offer for Norfolk Southern. Offer would create meaningful value for both CP and NS shareholders while improving the North American rail network and enhancing service to customers. Announced US$1.8bn of operational efficiencies and synergies.",
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      "text": "CP's remarkable transformation continued at an accelerated pace in 2015. Operating Ratio (\"OR\") of 61% improved 370bps. Approaching four-year OR target in first year. OR result is second-best in industry. CP repurchased ~8% of its shares at $203 CAD per share, a discount to CP's intrinsic value. EPS growth of 19% despite muted top-line growth of 2%.",
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