{
  "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": 97,
  "pageCount": 104,
  "prevPage": 96,
  "nextPage": 98,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The slide uses a line chart with callout boxes to annotate specific milestones in the investment timeline.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/97",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a#slide-97",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.21
      },
      "kind": "callout",
      "text": "The total return for Allergan shares was 89%* from our average cost basis prior to the position being made public, to the close of the transaction on March 17, 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6652ca5-cfb0-4732-be8e-85a4c5fbfa06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.1,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Stock price performance of Allergan from 2/25/2014 to 3/17/2015",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f918e71a-a8f3-49c7-a8c4-d0ec2b65e25a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.1,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Note: The performance of AGN's stock price is provided for illustrative purposes only and is not an indication of the Pershing Square funds' future returns.. *The performance of AGN's stock price does not reflect Pershing Square's hedges or Valeant's profit share which would give a lower effective closing price. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d11c79b-eec7-44be-9d35-2f35dc8a004c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.14
      },
      "kind": "title",
      "text": "Allergan: Share Price Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5217e86f-f05e-42b1-abde-5c5ca6c0efed",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "21b5c78f-0d43-4732-aa6d-0d5cea762460",
      "evidence": "The slide contrasts the initial purchase price with the final acquisition value to demonstrate investment success.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 104,
      "from": 95,
      "beatId": "72a32faf-4d65-416a-ab1d-efb6b246c54c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Conclusion",
      "beatSlug": null,
      "evidence": "Summary of key takeaways and personnel updates",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}