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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2018-01-29 00:00:00",
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      "text": "Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. This presentation does not constitute a recommendation...",
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      "text": "PSH is exposed to a concentration of investments... Activist investment strategies may not be successful... Pershing Square may fail to identify suitable investment opportunities... While Pershing Square may use litigation...",
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      "text": "Percentages of capital provided herein are as of January 19, 2018 and are calculated using market values of the positions across all Pershing Square funds, including PSH, which issued in June 2015 $1 billion of Senior Notes due 2022 at an interest rate of 5.5% per annum.",
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      "text": "Risk Factors: Investors in PSH may lose all, or substantially all, of their investment in PSH. Any person acquiring shares in PSH must be able to bear the risks involved. These include, among other things, the following:",
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      "text": "Forward-Looking Statements: This presentation also contains forward-looking statements, which reflect Pershing Square's views...",
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      "text": "With respect to MDLZ, \"average cost\" does not account for the unwinds of certain of the equity forwards and subsequent purchases of call options on July 29, 2015 and August 5, 2015 (see trading exhibit in our August 6, 2015 13D filing).",
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      "text": "In relation to Herbalife, the average basis of the short position established by Pershing Square has been calculated based on (i) the proceeds received from the shares sold short divided by (ii) the number of such shares before announcement of the transaction.",
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      "text": "Additional Disclaimers and Notes to Performance Results",
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