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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2018-01-29 00:00:00",
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      "kind": "callout",
      "text": "If housing finance reform is successful, we believe Fannie and Freddie will be worth multiples of their current share prices",
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      "text": "Fannie and Freddie are trading near our average cost despite significant positive developments since our initial investment",
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      "text": "While momentum for reform is stronger now than at any time since the conservatorship began, several key points of debate remain: Feasibility and desirability of creating new competitors; Appropriate capital levels, rates of return, and degree of regulation; Treatment of various classes of securities in Fannie and Freddie",
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      "text": "We believe that any proposal for housing finance reform must satisfy the following conditions in order to succeed: Simplicity to ensure broad support and minimize systemic risk; Appealing investment proposition to raise new private capital, including visibility into long-term earnings power; Fair treatment of current investors in Fannie and Freddie in order for new capital to be raised",
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      "kind": "title",
      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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