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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 uses dashed horizontal lines to indicate average cost basis for the investor.",
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      "kind": "callout",
      "text": "FNMA and FMCC share prices have increased 4% and 7%, respectively, from our average cost at announcement date to April 18, 2017",
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      "kind": "chart",
      "text": "Stock price performance of Fannie and Freddie from 10/4/2013 to 4/18/2017",
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      "text": "share price: 7%",
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      "text": "Note: The performance of Fannie Mae and Freddie Mac's share prices 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. Source: Capital IQ.",
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      "text": "FNMA and FMCC: Performance Since Inception",
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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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