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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-01-26 00:00:00",
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  "notes": "The slide highlights specific portfolio actions (CP, Zoetis, Chipotle, Valeant) and internal organizational progress.",
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      "kind": "callout",
      "text": "Our progress is partially reflected in 16% appreciation from March 31, 2016 through year end, but more significantly in the business progress and developments in the balance of the portfolio",
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      "text": "Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "text": "Exited certain portfolio investments to free up capital for new opportunities; Identified new investments; Assisted our portfolio companies in executing their strategies; Obtained board representation at Valeant to assist the company in a turnaround; Entered into long-term compensation arrangement for long-standing Pershing Square employees",
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      "text": "Progress Made in 2016",
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