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  "docSlug": "03a523e87675",
  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The chart highlights the correlation between activist intervention/company announcements and stock price movement.",
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      "kind": "callout",
      "text": "MDLZ stock increased 8% from our average cost at announcement date to April 21, 2016*",
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      "text": "MDLZ share price performance from 3/30/2015 to 4/21/2016",
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      "text": "share price: 8%",
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      "text": "Note: The performance of Mondelez's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Return includes dividends. Source: Bloomberg.",
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      "objective": "How can we improve the profitability of portfolio companies?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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