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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 chart highlights a significant upward trend in market concentration, peaking at 39% in 2024.",
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      "kind": "callout",
      "text": "The 10 largest companies in the S&P 500 accounted for nearly 40% of total market capitalization and nearly 60% of total index returns in 2024",
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      "text": "Market Capitalization: 39%",
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      "text": "Source: Bloomberg, Compustat, Goldman Sachs Research as of 12/31/24. Note: Total returns include dividend reinvestment.",
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      "kind": "title",
      "text": "Market Capitalization of the 10 Largest S&P 500 Companies As % of Index Total (1984 to 2024):",
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