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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a table to show that stock price appreciation during the diligence phase limited the firm's ability to accumulate larger positions in Hilton, Nike, and S&P Global.",
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      "text": "These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices",
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      "text": "We established a full-sized position in ADP and in the undisclosed position, but were unable to acquire a full-sized position in our other new ideas as their prices increased significantly amidst a rapidly rising stock market",
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      "text": "(1) Price increase from Start of Diligence represents the increase in price in the relevant position from the date that work commenced on the Pershing Square diligence that led to acquiring the position. (2) Closing price on last sale date used for exited positions Hilton and S&P Global; latest price as of 1/19/18 used for current position NIKE.",
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