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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-04-24 00:00:00",
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      "text": "We believe that the upside in APD remains significant as it continues its transformation under a great CEO and management team",
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      "text": "FY 2017 guidance calls for $6.00 to $6.25 of EPS (+6% to 11%)",
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      "text": "Operating potential remains significant: $225mm of operating productivity potential remains, with $100mm to be realized in FY 2017",
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      "text": "Significant opportunity to deploy capital to create value for shareholders: ~$5bn of cash and leverage capacity for insourced assets, acquisitions, and divestitures",
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      "text": "Source: Company Filings and Disclosures.",
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      "evidence": "Detailed analysis of key portfolio companies, such as Mondelēz International, Restaurant Brands International, and Chipotle, aims to create desire for the investment opportunities.",
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