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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 have the right team in place to compound our capital for years without any meaningful headcount changes",
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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. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "text": "Stable Capital Base: PSH represents ~67% of the equity of Pershing Square core funds and 71% of the assets under management (including PSH bond proceeds)",
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      "text": "Limited Organizational Change: We have the right team in place to compound our capital for years without any meaningful headcount changes",
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      "text": "Consistent Execution: Our investment strategy has a long and successful track record. Adhering to our core investment principles has enabled us to outperform the S&P 500 in a volatile market in 2018 and year-to-date in 2019",
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