{
  "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": 70,
  "pageCount": 104,
  "prevPage": 69,
  "nextPage": 71,
  "slideType": "key_messages",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a two-part structure: positive performance highlights followed by a rebuttal to market concerns about oil price exposure.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/70",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-70",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.71,
        "x": 0.21,
        "y": 0.212
      },
      "kind": "callout",
      "text": "HHC continued to enhance the value of its existing assets in 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ea6326c-6ed6-46ce-9e75-a19b2b8d6c6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.71,
        "x": 0.21,
        "y": 0.59
      },
      "kind": "callout",
      "text": "Recent share price declines reflect concerns about the impact of low oil prices on HHC’s asset value, particularly in Houston",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e47dffa-d31e-452f-b542-653159a81c34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.1,
        "x": 0.08,
        "y": 0.23
      },
      "kind": "image",
      "text": "Howard Hughes logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bfc3001-45fd-47ef-8309-58d8b73f2635",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.71,
        "x": 0.21,
        "y": 0.28
      },
      "kind": "list",
      "text": "Significant growth in NOI provides HHC with an increasing stream of recurring, high-multiple cash flows; Run-rate NOI increased from ~$47m to ~$180m since 2010; Strong growth of condo sales revenue and pre-sales at condominium projects in Ward Village; Declining residential acreage sales at the Woodlands (Houston) MPC; Strong land sales at Summerlin (Las Vegas) MPC",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7105acd5-43c0-4cfd-82c3-b00995edcc06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.71,
        "x": 0.21,
        "y": 0.66
      },
      "kind": "list",
      "text": "Substantial majority of HHC’s business and asset value is outside of Houston; Nearly all NOI and development assets; More than 50% of remaining MPC acres; HHC expects to sell out remaining MPC land in Houston over many years, so a temporary decline in oil prices will not have a large negative impact on value even if it depresses near-term revenue",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bda0b748-de94-4f24-9ade-0235de7e1559",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Howard Hughes Corporation (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3ed9e9f-c53f-4971-ba7a-6212f5ac71e5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "902a081d-64f0-4a93-a304-5d497a0e0716",
      "evidence": "Significant growth in NOI provides HHC with an increasing stream of recurring, high-multiple cash flows",
      "confidence": 0.5
    },
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "d432ee44-6f81-400a-bc2e-fdf19953201a",
      "evidence": "Recent share price declines reflect concerns about the impact of low oil prices on HHC’s asset value, particularly in Houston",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "bde5fdc3-a29e-4294-86ae-49335b988dab",
      "evidence": "The slide explicitly addresses market concerns (oil prices) to protect the investment thesis.",
      "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
}