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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "PSCM affiliates have purchased more than $520 million of PSH shares in the open market since May 2018. This investment demonstrates our confidence in the undervaluation of PSH and its long-term potential.",
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      "text": "Access to a portfolio of high-quality, simple, predictable, free-cash-flow-generative, generally large cap U.S. companies at a 27% discount to NAV. In light of the discount to NAV, the 'look-through' earnings multiple of the PSH portfolio is similar to that of the S&P 500 despite earnings growth well in excess of the S&P 500. We typically invest in conservatively financed, non-cyclical, economically resilient businesses which tend to outperform in volatile market environments. Activism can drive meaningful improvements to the operating performance of companies unlike passive investing. Investors do not pay an incentive fee until PSH achieves ~22% NAV appreciation.",
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      "text": "Pershing Square Holdings vs. the S&P 500",
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