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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "CPKC is a unique North American railroad with significant earnings growth potential led by an exceptional management team",
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      "text": "High-quality, inflation-protected business model; Operates in an oligopolistic industry; Pricing power underpins growth; Rail is often the cheapest or only viable method",
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      "text": "Transformative acquisition creates significant shareholder value; Canadian Pacific closed its acquisition of Kansas City Southern in April 2023; Significant revenue and cost synergies; Likely beneficiary of deglobalization; Line-of-sight to strong free cash flow conversion above 90%",
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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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