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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Four stocks in our portfolio underperformed the S&P 500 after delivering one year of earnings growth well-below their long-term potential",
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      "text": "We believe our portfolio companies are attractively valued today given their high-quality business models and future growth prospects",
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      "text": "2024 Total Shareholder Return Decomposition",
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      "text": "Total Shareholder Return: 47%",
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      "text": "Note: NTM earnings growth and multiples based on consensus and Pershing Square estimates. Excludes Howard Hughes, Fannie Mae, and Freddie Mac...",
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      "text": "The Pershing Square Portfolio: Attractive Earnings Growth and Valuation",
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