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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The chart includes dashed horizontal lines indicating average cost levels for both stocks.",
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      "kind": "callout",
      "text": "Fannie Mae and Freddie Mac stock prices have decreased 24% and 24%, respectively, from our average cost at announcement date to April 21, 2016",
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      "text": "Share price performance of Fannie and Freddie from 10/4/2013 to 4/21/2016",
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      "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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