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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Excess cash (~20% of market cap) provides financial optionality: Likely to be deployed in share repurchases and/or attractive business acquisitions.",
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      "text": "Potential for margin expansion in Berkshire's largest businesses: GEICO's loss ratio is >800 bps higher and margin ~400 bps lower than competitor; Burlington Northern trails best-in-class by ~800 bps.",
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      "text": "Cheap relative to intrinsic value and history: Trading at 14x earnings, or 1.3x book value per share.",
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      "text": "Collection of world-class insurance businesses: Robust growth in insurance \"float\" balance, attractive long-term returns, and consistently profitable underwriting.",
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      "text": "valuation: 14x",
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      "text": "(1) Based on economic earnings assuming a \"normalized\" 7% rate of return on BRK's insurance investment portfolio. Source: Company filings",
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