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  "docSlug": "ec290ad54e91",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-13 00:00:00",
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  "notes": "Includes a callout box explaining a negative market reaction to Q3 2018 earnings.",
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      "kind": "callout",
      "text": "10/24/18: HLT Q3 2018 earnings call. Reported US RevPAR of +1% falls short of expectations. While management believes this an aberration, investors react negatively to the perception of a slowing lodging cycle",
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      "text": "HLT share price performance from 10/8/2018 to 2/12/2019",
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      "text": "Share price: $74",
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      "kind": "paragraph",
      "text": "HLT's share price including dividends decreased 2% from our average cost at inception to December 31, 2018, and increased 4% year-to-date in 2019",
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      "text": "Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/12/2019",
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      "text": "HLT Share Price Performance Since Inception",
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