{
  "docId": "019dd923-622c-750b-8b9b-cf2aa45d96dd",
  "docSlug": "76c9a698803d",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 86,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-cf2aa45d96dd/35",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-cf2aa45d96dd#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.183
      },
      "kind": "callout",
      "text": "Chipotle has a number of other attractive attributes that help to mitigate investment risk",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "812057b4-ea7c-489f-b581-2a3fbda1d5bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.8,
        "x": 0.1,
        "y": 0.3
      },
      "kind": "list",
      "text": "Limited global macroeconomic sensitivity and foreign currency exposure\nSimple business model with limited non-GAAP earnings adjustments\nHigh effective tax rate of nearly 40%\nUnlevered balance sheet with a strong net cash position",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c559fbc-c78f-441d-936e-e59ed692a1b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "effective tax rate: 40%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a665-fbb25f8b8a60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "We would expect Chipotle to be a big beneficiary of U.S. corporate tax reform",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34e82d0f-22e1-4f40-9140-b1cfb9448c45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Other Attractive Attributes",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "feea0f61-dbd0-43b8-9ab0-609af247be61",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "63b3d247-912a-4355-933d-83744ee6b30e",
      "evidence": "Limited global macroeconomic sensitivity and foreign currency exposure Simple business model with limited non-GAAP earnings adjustments High effective tax rate of nearly 40% Unlevered balance sheet with a st",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 64,
      "from": 9,
      "beatId": "2318e879-e3ce-4a81-9435-a6b883ae5849",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Desire",
      "beatSlug": "aida-desire",
      "evidence": "Detailed analysis of key portfolio companies, such as Mondelēz International, Restaurant Brands International, and Chipotle, aims to create desire for the investment opportunities.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}