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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Potential to substantially improve the earnings base in medium term; APD's shares did not reflect this latent opportunity at the time of our purchases",
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      "text": "Global oligopoly which enjoys attractive returns due to local incumbency advantages driven by high transportation costs for distributing the product",
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