{
  "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": 61,
  "pageCount": 104,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "before_after",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 1,
  "notes": "The slide highlights the disconnect between operational performance and share price decline.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/61",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-61",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.82,
        "x": 0.09,
        "y": 0.22
      },
      "kind": "callout",
      "text": "The total return for CP shares was -20% in 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00cbddce-bcf1-462b-abaa-9ccb6edd265f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.85,
        "x": 0.08,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Stock price performance of CP from 1/1/2015 to 12/31/2015 (CAD)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e69f7995-5a02-48c4-b462-14e6dc2f4468",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.09,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Note: The performance of CP's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bf1db4e-dab1-459c-8779-c968936650b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "CP: Share Price Performance in 2015",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "701bafc7-4759-4ab8-9b3c-cf7a3db60837",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "ab0a5163-7fb4-4d33-8393-64c055d01869",
      "evidence": "The total return for CP shares was -20% in 2015",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "128eab14-989a-426b-b92e-a1a034403245",
      "evidence": "Contrasts operational performance with share price decline",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 70,
      "from": 60,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "5f658574-e39b-45f8-a160-fd2d5595f516",
      "evidence": "Before-and-after comparisons for portfolio companies",
      "position": 2,
      "objective": "Showcasing progress and improvements",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.6,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}