{
  "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",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "pageNumber": 67,
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  "notes": "The chart uses a dashed line to indicate the average cost basis of $16.",
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      "kind": "callout",
      "text": "Restaurant Brands International stock has increased 123% from our average cost since it merged with Justice Holdings",
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      "kind": "chart",
      "text": "Stock price performance of QSR/BKW from 6/19/2012 to 1/22/2016",
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      "kind": "source-note",
      "text": "Note: The performance of Restaurant Brands International's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Share price performance based on close price of Burger King when-issued shares on 6/19/2012. Source: CapIQ.",
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      "text": "QSR: Share Price Performance Since Inception",
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      "evidence": "Compares initial cost basis ($16) to current performance ($35) to demonstrate value creation.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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