{
  "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": 49,
  "pageCount": 58,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The chart uses callout boxes to correlate specific corporate events with share price fluctuations.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-e4913ec817c7/49",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-e4913ec817c7#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.15,
        "y": 0.68
      },
      "kind": "callout",
      "text": "2/28/2018: Rumors of Pershing Square's investment first reported in the media",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13b1f573-7f7b-4e7a-8051-80e1163c7ee7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.3,
        "x": 0.65,
        "y": 0.36
      },
      "kind": "callout",
      "text": "11/26/2018: UTX completes acquisition of Rockwell Collins and announces intention to separate into three independent companies",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "312d12d2-2eaa-4c61-ab4d-43eff44e76d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.5,
        "y": 0.68
      },
      "kind": "callout",
      "text": "11/23/2018: UTX obtains final regulatory approval for Rockwell Collins acquisition",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5451ace0-ee7b-4ade-84c1-6942fb043210",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.35,
        "x": 0.2,
        "y": 0.36
      },
      "kind": "callout",
      "text": "5/17/2018: Pershing Square releases investor letter outlining investment thesis and recommending a three-way business separation to unlock fair value",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ef93dd4-05be-469a-a1a2-3abda17bb3ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "UTX's share price including dividends decreased 16% from our average cost at inception to December 31, 2018, and increased 16% year-to-date in 2019",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed9-6949711367c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.88,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "chart",
      "text": "UTX share price performance from 2/6/2018 to 2/12/2019",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2edbbc3-c25d-4307-be35-337eaf8bd3f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: 16%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed9-6d5cf43a53ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "UTX's share price including dividends decreased 16% from our average cost at inception to December 31, 2018, and increased 16% year-to-date in 2019",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd4942c1-d3ab-4967-9033-50dc5bcd8483",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Note: The performance of UTX'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",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "414287e8-9032-41fe-8155-ca431ef2d379",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "UTX Share Price Performance Since Inception",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ced1abb-62cd-4cc2-ad03-46658f4a8ace",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "e17ed468-4cd2-4f8a-a503-dbbe92d4f8f2",
      "evidence": "SLIDE key=5, title: UTX's share price including dividends decreased 16% from our average cost at inception to December 31, 2018, and increased 16% year-to-date in 2019, type: before_after",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "44f52270-b3a9-47ca-97de-6ee3b366ac89",
      "evidence": "Compares performance before and after specific corporate events and time periods.",
      "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": [
    {
      "to": 49,
      "from": 37,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "1d8dc615-52ef-485e-96b1-f6aa3152a731",
      "evidence": "Share price increases for various portfolio companies",
      "position": 1,
      "objective": "Show share price appreciation",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}