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  "docSlug": "93546af35138",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2023-02-09 00:00:00",
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  "notes": "The slide uses a red dashed box to emphasize the 'Down Months' performance, which is the core argument for the strategy's defensiveness.",
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      "kind": "callout",
      "text": "PSLP / PSH Average Monthly Net Returns vs. S&P 500 through December 31, 2022",
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      "text": "Average Monthly Net Returns: -2.0%",
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      "kind": "source-note",
      "text": "Note: Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012. Please see the individual performance results for PSH on the next page.",
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      "kind": "title",
      "text": "Pershing Square's Strategy Has Proven to be Defensive in Down Markets",
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