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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": "During the three bear markets since the firm’s inception, Pershing Square substantially outperformed the S&P 500 due to hedging-related gains and opportunistic investments in high-quality, durable growth companies",
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      "text": "Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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