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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price",
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      "text": "Investment thesis as first presented at Annual Dinner in 2014: Fannie and Freddie are essential for widespread access to a prepayable 30-yr fixed rate mortgage at a reasonable cost; The 30-yr fixed rate mortgage is a unique feature of the US mortgage market that significantly improves affordability and is key to maintaining current home prices; We believe Fannie and Freddie can be reformed to reduce risk to the taxpayer; We do not believe there is a viable alternative to Fannie and Freddie; If Fannie and Freddie can be reformed, we believe the taxpayer will be a huge winner – US Treasury owns warrants for ~80% of the common stock",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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