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  "authorName": "William Ackman",
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      "text": "In limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately.",
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      "text": "Simple, predictable, free-cash-flow-generative business\nFormidable barriers to entry\nLimited exposure to extrinsic factors that we cannot control\nGenerally, low financial leverage levels\nMinimal capital markets dependency\nTypically, highly liquid, mid- and large-cap companies\nIn limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately",
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      "text": "Pershing Square's Core Investment Principles",
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