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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "We are extremely motivated for reputational and economic reasons to create value for our investors",
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      "text": "Experience is making mistakes and learning from them\nWe have reaffirmed the core investment principles that drove our returns since inception\nOur idea generation engine is intact\nOur fee arrangement is highly favorable",
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      "text": "Management fee reduced for next eight quarters by an average of 14% depending on the fund as a result of Allergan settlement\nNo incentive fees until we cross high water mark, which is a 50%* increase for PSH",
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