{
  "docId": "019dd923-622c-750b-8b9b-e4913ec817c7",
  "docSlug": "ec290ad54e91",
  "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": "2019-02-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 22,
  "pageCount": 58,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses numbered list items to categorize strategic actions taken by the firm.",
  "elementsJson": [
    "numbered_list",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-e4913ec817c7/22",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Reduced headcount from 74 employees at peak to 38 employees today resulting in a more focused and investment-centric organization",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed6-ca37f7ce7ad7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.62,
        "x": 0.19,
        "y": 0.47
      },
      "kind": "image",
      "text": "Logos of United Technologies, Lowe's, Starbucks, Hilton",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b202158b-6f82-4489-988a-d5173a9f0d67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.58,
        "x": 0.21,
        "y": 0.72
      },
      "kind": "image",
      "text": "Logos of ADP, Chipotle, Lowe's, United Technologies",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4df8774-1b7b-4997-8b88-9bd651d8cad7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.37
      },
      "kind": "list",
      "text": "2. Opportunistically redeployed capital into four new investments that are aligned with our core investment principles",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11b8c500-8979-45d3-bf4e-eb2c0cc664a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "list",
      "text": "1. Reduced headcount from 74 employees at peak to 38 employees today resulting in a more focused and investment-centric organization",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14c77cae-e9d3-4c69-a64a-0d45e250f376",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "list",
      "text": "3. Constructively engaged with our portfolio companies to drive long-term value creation*",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b90e06af-9031-4a9a-b0ce-18326c8927c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.07,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "*Note: Additionally, Pershing Square was actively involved on the boards of Howard Hughes and Platform Specialty Products.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da7c6a14-da2b-4f4d-984d-a621d4cbea7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Our 2018 Strategic Initiatives: What We Did",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6359531c-62d3-4f3f-a5a2-eecee2aad450",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 58,
      "from": 21,
      "beatId": "04537668-1e7d-494f-bbdd-944900c3c0b3",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Action",
      "beatSlug": "monroes-sequence-action",
      "evidence": "Business and organizational update, portfolio update, and Q&A",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}