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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "CP's pending acquisition of Kansas City Southern (\"KCS\") will create a unique North American railroad led by a superb management team",
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      "text": "High-quality business model: Operates in an oligopolistic industry with significant barriers to entry; Large bulk franchise (grain, coal, potash) is resilient to economic headwinds",
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      "text": "Pending acquisition of KCS will create significant shareholder value: CP-KCS will have the only direct route from Canada to Mexico; Significant revenue and cost synergies drive earnings accretion; Likely beneficiary of deglobalization and North American onshoring",
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      "text": "Pricing power underpins growth and provides inflation protection: Rail transportation is often the cheapest or only viable method for transporting heavy freight over long distances; CP is renewing contracts with high-single-digit percentage price increases",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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