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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "This slide outlines the core investment thesis for Alphabet, structured by key value drivers.",
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      "text": "We invested in Alphabet in March 2023 when misplaced concerns over the company's AI positioning reduced its valuation to 15x earnings",
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      "text": "Substantial margin expansion opportunity & capital return program; EBIT margins expanded ~225bps; Cost control and operating leverage; Repurchasing ~4% of shares.",
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      "text": "Structural beneficiary of decade-long AI investment and leadership; AI embedded in Search and 14 other products; AI integration leads to greater ad conversion.",
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      "text": "Dominant player in secularly fast-growing global digital advertising market; Digital advertising well-poised to continue taking share; Search & YouTube are high return formats; Revenue growth accelerated from 3% to 10%.",
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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. (1) Excludes one-time severance and real estate realignment charges.",
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