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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "Slide 51 from a Pershing Square activist deck.",
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      "kind": "callout",
      "text": "Fannie and Freddie remain valuable perpetual options on their potential exit from conservatorship",
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      "text": "Modest victory in shareholder class action litigation. In August, jury awarded damages to Fannie and Freddie junior preferred holders, as well as Freddie common holders. We do not expect litigation will be the catalyst to end conservatorship.",
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      "text": "We believe re-privatization is an eventual, but may take some time. Both entities continue to build capital through retained earnings from the current base of $118 billion. Presidential election in November 2024 may be a catalyst.",
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      "text": "retained earnings: $118 billion",
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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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      "kind": "title",
      "text": "Fannie Mae (“FNMA”) and Freddie Mac (“FMCC”)",
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