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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": "Recent macroeconomic concerns have caused CP’s shares to trade at a substantial discount to their intrinsic value",
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      "text": "CP is right-sizing its network to the currently tepid demand environment, which management has stated will improve results meaningfully: Margins should be 200-300 bps higher at current volume levels; Annual capital expenditures will be $400mm lower than CP’s original plan",
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      "text": "Long-term potential remains significant under a superlative management team; management has highlighted a potential operating ratio of 56-57%: Note that declines in fuel prices, which are passed through to customers via a fuel surcharge, raise the operating ratio potential by ~350-400 bps; Pension expense is an incremental tailwind of ~180bps",
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      "text": "2016 guidance calls for an operating ratio below 59% and double-digit EPS growth; Tailwinds to EPS growth from a lower share count, pensions, and f/x",
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      "text": "Potential for a value-enhancing merger",
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