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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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      "text": "1/20/22: The company issues lower than expected short-term guidance on margins and next quarter's subscriber growth. NFLX's substantial stock price decline was further exacerbated by recent market volatility",
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      "text": "1/21/22 - 1/25/22: Pershing Square acquires 3.1mm shares of NFLX",
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      "text": "Despite ~50% increase in revenue, ~800bps of margin expansion and improved free cash flow over the last two years, NFLX’s share price is down more than 40% from recent highs and has nearly returned to pre-pandemic levels",
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      "text": "Note: The performance of Netflix's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.",
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      "text": "Amidst a volatile market backdrop in 2022, hedging gains provided the capital to fund the purchase of Netflix",
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