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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2019-02-13 00:00:00",
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      "text": "In our view, a business with a long-term return on equity of ~14% should trade significantly above 0.73x price / book value",
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      "kind": "disclaimer",
      "text": "(1) Net return and PSH discount to NAV as of 2/12/2019\nPast 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.",
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      "text": "The Pershing Square investment strategy has a long-term track record\nPSLP’s compound annual net return, since inception in 2004, is 13.8% vs. 8.4% for the S&P 500 over the same period\nPSH’s current 27% discount to NAV implies a 0.73x price / book value ratio",
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