{
  "docId": "019dd923-622c-750b-8b9c-1c236b5335d8",
  "docSlug": "ded99bd7e3eb",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 75,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management fees paid by PSH to PSCM associated with PSH's current stake of 16.5 million HHH shares would be eliminated",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5b-4af98a501fc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.9,
        "x": 0.06,
        "y": 0.2
      },
      "kind": "list",
      "text": "Reduction in PSH management fees; Improved HHH should enhance the value of PSH's stake in the company; PSH and HHH will pursue distinct yet synergistic investment mandates",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b2859a6-2c94-4175-9073-cd0793618b89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "management fees: ~$21 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5b-4c9536bcea0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "(1) Assuming transaction price of $85 (1.5% x $85 per share x 16.6 million HHH shares owned by PSH = $21 million).",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d125ba63-4950-4233-a57b-0d9f4f07019f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Benefits to PSH from Proposed Transaction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f287b716-8be2-41bd-ae0f-a15e0a1867d6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "7ff337bb-9cbd-47d3-ae5c-683dd2ceacf2",
      "evidence": "The slide contains a list of bullet points under 'Benefits to PSH from Proposed Transaction'.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "0242859c-1846-4bf4-a127-b7e58ed6ab6a",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The document outlines strategies to address the discount, such as the PSUS IPO and the HHH transaction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 15,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "2289cca0-48bf-4ba8-861b-9bb05a07ae02",
      "evidence": "The document provides a clear before-and-after analysis of the HHH transaction's potential impact.",
      "position": 1,
      "objective": "To show the potential impact of the HHH transaction on PSH's performance",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}