{
  "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": 83,
  "pageCount": 104,
  "prevPage": 82,
  "nextPage": 84,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/83",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-83",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.65,
        "x": 0.21,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Fannie and Freddie present a compelling risk-reward that offers the opportunity to make a large multiple of invested capital and is sized appropriately to limit downside risk to the portfolio",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3af44d5a-a84e-43ce-a210-070401bc8899",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.21,
        "y": 0.51
      },
      "kind": "list",
      "text": "Amendment doesn't present a meaningful obstacle to recapitalization and positive reform of the GSEs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0852635d-a234-48cc-9cc9-86c28fbce2a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.21,
        "y": 0.35
      },
      "kind": "list",
      "text": "Amendment prevents Treasury from selling or liquidating its $189bn preferred stock for two years except with Congressional approval",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e3fbd57-da72-4e31-9fe8-89daed73637d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.6,
        "x": 0.25,
        "y": 0.58
      },
      "kind": "list",
      "text": "Only temporary limitation (expires in two years)\nDoesn't prevent the GSEs from exiting conservatorship or raising external capital\nDoesn't prevent Treasury from converting its preferred into common equity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d08b90c-cade-4a82-b0f4-6563df8c5b93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.21,
        "y": 0.43
      },
      "kind": "list",
      "text": "Market is likely misinterpreting the amendment as a precursor to a wind down of the GSEs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a90f1734-8ff3-4970-9678-80f1f092978d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.65,
        "x": 0.21,
        "y": 0.235
      },
      "kind": "title",
      "text": "Misinterpretation of the recently passed Jumpstart GSE amendment contributed to GSEs' share price decline",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e94c25b9-ba70-4d88-a9ee-1148e818cbbf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Fannie Mae & Freddie Mac (GSEs) (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4cb78b0-397a-427c-a616-3cf6472e3a05",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Antithesis",
      "slug": "antithesis",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "4c696b4d-68fa-4576-9423-3ae18f08b6d2",
      "evidence": "Amendment doesn't present a meaningful obstacle to recapitalization and positive reform of the GSEs",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "d4c7b628-38db-42af-8a6a-99028947f7e6",
      "evidence": "The slide explicitly addresses a market misconception to defend an investment thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}