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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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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "notes": "The chart uses dashed lines to indicate the average cost basis for both stocks.",
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      "kind": "callout",
      "text": "Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac stock prices have decreased 37% and 35%, respectively, from our average cost",
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      "kind": "chart",
      "text": "Stock price performance of Fannie and Freddie from 10/4/2013 to 1/22/2016",
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      "kind": "source-note",
      "text": "Note: The performance of Fannie Mae and Freddie Mac's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: CapIQ.",
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      "text": "Fannie and Freddie: Share Price Performance Since Inception",
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