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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "Hilton's unique asset-light model and unit growth opportunity should allow it to sustainably grow earnings at a mid-teens rate",
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      "text": "Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth",
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      "text": "9% Adjusted EBITDA growth, 13% growth in economic earnings per share; 7% net unit growth; 5% reduction of outstanding shares",
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      "text": "Despite realizing ~1% RevPAR growth, HLT should grow earnings by 13% in 2019; Embedded growth from unit pipeline and strong cost control should sustain free cash flow growth even if RevPAR declines in a weak economy; Substantial capital return provides downside protection",
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      "text": "(1) Based on the midpoint of management's guidance for Q4. Excludes Other Non-Operating Income and gain or loss on foreign currency transactions. Source: Company filings",
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