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  "authorName": "William Ackman",
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      "text": "Will represent a small percentage of fund capital in the aggregate and an appropriate “return on invested brain damage”",
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      "text": "High conviction short with a “ceiling on valuation”\nIdentifiable catalyst for closing the gap between market price and intrinsic value that generally does not require our public activist involvement\nPreferably structured with asymmetric risk / reward",
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      "text": "Must offer highly asymmetric return to compensate for possibility of permanent loss of capital\nLimited to investments within our circle of competence\nWill represent a small percentage of fund capital in the aggregate and an appropriate “return on invested brain damage”",
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      "text": "Pershing Square's Core Investment Principles (Cont.)",
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