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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": "CEO Seifi Ghasemi continues his impressive progress transforming Air Products",
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      "text": "FY 2016 EPS of $7.55 up 14%, despite 3% foreign exchange headwind; Exceeded the high-end of initial guidance; Operating margins improved 400 bps to 23.1%; Capex brought on-stream; Focus on core Industrial Gas business complete (Versum spin-off, Evonik sale, Waste-to-Energy exit); FY Q1 Results: 9% EPS growth, but reduction in FY 2017 guidance",
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      "text": "APD's Transformation Continues",
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