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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 slide uses a callout box to emphasize the 94% loss, framing the investment performance as a significant negative outcome.",
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      "kind": "callout",
      "text": "VRX’s share price has declined 94% from our average cost at announcement through March 14, 2017",
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      "text": "Stock price performance of VRX from 2/9/2015 to 3/14/2017",
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      "text": "stock price: 94%",
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      "text": "Note: The performance of VRX’s stock price 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: Bloomberg.",
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      "text": "Valeant: Price Performance Since Inception",
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      "evidence": "Compares initial investment cost ($196) to current price ($11) to demonstrate performance.",
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