{
  "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": 29,
  "pageCount": 58,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a comparison frame to justify a higher earnings multiple by highlighting superior quality and growth metrics.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "callout_box",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-e4913ec817c7/29",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.76
      },
      "kind": "callout",
      "text": "Our portfolio trades at a higher earnings multiple than the market, but we believe that it undervalues the higher quality and stronger earnings growth of our portfolio companies",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27f85bde-b7d0-4854-a604-9eca362778a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.92,
        "x": 0.04,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Comparison of 2019E EBIT Margin, '18E-'20E EBIT Growth, and '18E-'20E EPS Growth between S&P 500 and Pershing Square",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d6309ab-1fec-4ef7-aa42-a036d8e867ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT Margin: 22%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed7-bb1191bd85ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We expect our portfolio to compound earnings and intrinsic value at a much higher rate than the market (analysis below excludes HHC, FNMA, FMCC)1,2",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e730d8b6-0cd5-4a04-ac36-0007694f4ebc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Source: CapitalIQ consensus estimates. Excludes financials and real estate companies to remain consistent with exclusion of Howard Hughes, Fannie Mae and Freddie Mac from Pershing Square comparable metrics. Excludes energy companies given Pershing Square generally does not invest in that sector.\n(2) Source: PSCM estimates, financial metrics weighted by delta adjusted exposure. Excludes Howard Hughes, Fannie Mae and Freddie Mac given these companies do not trade on traditional earnings metrics.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b8a708f-7885-4c8e-940f-66a73cae35e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "The Pershing Square Portfolio: Higher Business Quality and Earnings Growth than Market",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ccee4f1-d6f9-4041-9739-a7dff6835901",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "33210368-568a-4aa4-aaa4-84cb5cfbee51",
      "evidence": "Direct comparison of portfolio metrics against market benchmark to justify valuation premium.",
      "confidence": 0.9
    }
  ],
  "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
}