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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The slide uses a callout circle to emphasize the 12% spread in 2023 and 2024.",
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      "kind": "callout",
      "text": "The S&P 500 Equal Weight Index has closely tracked the S&P 500 Index over time, but has significantly underperformed in the last two years as a handful of mega-cap technology stocks has driven outsized returns",
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      "text": "Spread Between S&P 500 Index and S&P 500 Equal Weight Index Return (2013 to 2024)",
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      "text": "Annualized Average Spread: 12%",
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      "text": "Annualized Average Spread: 2013-2022 0%, 2023-2024 12%",
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      "text": "Recent Performance Spread is a Historical Outlier",
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