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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "We believe that there is near-term potential for a favorable resolution of the status of Fannie and Freddie",
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      "text": "Recent developments have increased the likelihood of a resolution: Treasury Secretary Mnuchin has cited GSE reform as a priority for 2019; Taxpayer investment of $191bn fully repaid with 10%+ annual return; Newly divided Congress increases the odds of administration-led reform; New Trump-appointed leadership at FHFA, with Joseph Otting serving as Acting Director while Mark Calabria awaits Senate confirmation",
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      "text": "These developments have driven a sharp recovery in Fannie and Freddie shares in 2019: Common and preferred shares now trade roughly in-line with year-end 2017 levels; Last year's weakness was primarily driven by investor frustration at the lack of progress on housing finance reform efforts in Congress; Additional headwinds in 2018 from forced selling by certain investment firms that wound down operations, as well as tax loss selling at year-end",
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