{
  "docId": "019dd923-622c-750b-8b9b-d46665ea105d",
  "docSlug": "175fe2d5ffde",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-01-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 53,
  "pageCount": 58,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The chart uses a dual-axis approach to overlay performance against discount volatility.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-d46665ea105d/53",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-d46665ea105d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d46665ea105d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d46665ea105d#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.11,
        "x": 0.815,
        "y": 0.605
      },
      "kind": "callout",
      "text": "Tender Announced Jan 2018",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "032767b6-0d36-4ffc-ac6c-26cf93af2800",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.13,
        "x": 0.765,
        "y": 0.32
      },
      "kind": "callout",
      "text": "Summer 2017 performance reversal",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fd67ae6-2e36-44a5-b68d-03d611fea322",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.135,
        "w": 0.235,
        "x": 0.495,
        "y": 0.265
      },
      "kind": "callout",
      "text": "Discount narrows to ~14% •2017 YTD Performance through May 4.3% •LSE listing •Expected FTSE index inclusion •5% share buyback announced",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0f07bf2-ee8e-4e2f-941b-2f37be1c8731",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.145,
        "x": 0.132,
        "y": 0.255
      },
      "kind": "callout",
      "text": "August 2015 VRX Decline Begins",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d491799b-66ac-4911-9b49-aae4f6303f47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Discount narrows to ~14%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f5-7546-b35b-0efc84a66075",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.95,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Dual-axis line chart showing PSH Discount (blue) and Cumulative Performance (green) over time.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "175a7942-baee-487b-8a3e-326f61a5406f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.615,
        "x": 0.195,
        "y": 0.88
      },
      "kind": "legend",
      "text": "PSH Discount - 10-Day Moving Average; Cumulative Performance Since Admission",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49ae8e66-3305-438a-9b7e-3af23115c413",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Discount to NAV: ~14%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f5-7546-b35b-10ea2c8ccda9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.48,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "subtitle",
      "text": "PSH Discount to NAV 13 October 2014 – 25 January 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "889b12f6-9c16-497a-9e0c-c983cb69f9cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.43,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "PSH Discount History",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81a710f5-9cd7-4251-90ac-f16748ee159f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chartjunk Elimination",
      "slug": "chartjunk-elimination",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "56a41c03-653e-4978-8ffb-e89ea94d2a9e",
      "evidence": "The chart on this slide uses a dual-axis line chart with clear labels and minimal clutter.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "8948e560-10bf-486c-8ee1-87b1b0d68190",
      "evidence": "Annotated events linked to specific points on the performance/discount curves.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}