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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 decided to exit our position at a small profit and redeploy our capital elsewhere rather than fight the transaction and replace management",
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      "text": "Investment thesis to unlock the conglomerate discount was on track\nHigh-quality industrial conglomerate with market-leading businesses in aerospace, elevators and HVAC that would benefit from separation into three focused businesses\nPrivately engaged with management to help catalyze a separation",
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      "text": "Implied valuation of UTX's crown-jewel aerospace business was a significant discount to intrinsic value\nAntithetical to the company's articulated rationale for a separation",
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