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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance",
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      "text": "The above is intended to be illustrative and there is no guarantee that Pershing Square will be able to identify the constituent investments or create a portfolio that reflects these characteristics.",
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      "text": "Asymmetric payoff structures; Monetization provides liquidity during periods of market dislocation",
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