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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-04-24 00:00:00",
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  "notes": "The chart highlights specific acquisition and purchase events by Pershing Square.",
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      "kind": "callout",
      "text": "8/26/14: Burger King announces acquisition of Tim Horton's",
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      "text": "2/21/17: QSR announces acquisition of Popeye's",
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      "kind": "callout",
      "text": "1/7/16 – 1/18/16: Pershing Square purchases additional 1mm shares",
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      "kind": "callout",
      "text": "As of April 18, 2017, QSR’s share price including dividends has increased 265% (3.65x) from our average cost since it merged with Justice Holdings*",
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      "text": "Stock price performance of QSR/BKW from 6/19/2012 to 4/18/2017",
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      "kind": "disclaimer",
      "text": "Note: The performance of Restaurant Brands International's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Please see the additional disclaimers, including the methodology for calculating average cost, at the end of this presentation. *Share price performance based on close price of Burger King when-issued shares on 6/19/2012. Return includes dividends. Source: CapIQ.",
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      "text": "As of April 18, 2017, QSR’s share price including dividends has increased 265% (3.65x) from our average cost since it merged with Justice Holdings*",
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      "text": "QSR: Share Price Performance Since Inception",
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