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      "kind": "callout",
      "text": "Initiating the hedges1 when they were trading near all-time tight levels offered an asymmetric profit opportunity with limited potential for losses",
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      "text": "2/24/2020: CDX IG, ITRAXX Main and CDX HY were all trading near their lowest spread levels since the Global Financial Crisis when Pershing Square began acquiring notional exposure",
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      "text": "CDS Index Spread Levels | 1/1/2008 to 4/30/2020",
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      "text": "(1) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February-March hedging program, Pershing Square has maintained smaller positions in CDS index hedges throughout various periods in 2020 and 2021 year-to-date.",
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