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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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  "pageNumber": 93,
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  "notes": "The slide highlights that stock price growth was driven by valuation multiple expansion rather than fundamental operating performance.",
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      "kind": "callout",
      "text": "Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015",
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      "text": "Stock price performance of HLF from 1/1/2014 to 12/31/2015",
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      "text": "Note: The performance of HLF's stock price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.",
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      "text": "Herbalife: Recent Events",
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