{
  "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": 47,
  "pageCount": 75,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "This is a classic activist investor thesis slide summarizing the bull case for a portfolio company.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/47",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.16,
        "y": 0.175
      },
      "kind": "callout",
      "text": "Alphabet's underappreciated leadership in AI and substantial margin expansion opportunity led to impressive business results in 2024",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "429dc614-bebc-465e-b9a2-02b6632652eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Profit margins expanded 370bps in 2024 driven by disciplined cost control",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5d-8bcbf425a578",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.04,
        "y": 0.965
      },
      "kind": "disclaimer",
      "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. (1) Excludes one-time severance and real estate realignment charges.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f94b709a-871f-4d0a-81bc-96f745c4e91c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.16,
        "y": 0.62
      },
      "kind": "list",
      "text": "Profit margins expanded 370bps in 2024 driven by disciplined cost control",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28e16376-5a3c-4a14-9ffc-fc8eb65dfa85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.16,
        "y": 0.87
      },
      "kind": "list",
      "text": "Well-positioned to navigate a range of outcomes from recent antitrust review",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a8abf4d-d327-45c9-897d-55c091934f8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.16,
        "y": 0.28
      },
      "kind": "list",
      "text": "Strong growth fueled by key AI advances and dominant market positioning",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "541b7142-5c04-483a-8b1d-13951d9fddb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "profit margins: 370bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5d-8d4bedb3ace6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Alphabet (\"GOOG\")",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65e4a1e9-7f7d-43de-9ca7-d48c0caeea6d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 45,
      "beatId": "99d0d049-fe2a-4378-ac31-ac602ad0a01f",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Product",
      "beatSlug": "sequoia-pitch-product",
      "evidence": "The document provides detailed updates on the portfolio companies, highlighting their growth potential and attractive valuations.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 45,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9a743561-f9d3-4645-a71b-1658b1a53364",
      "evidence": "The document provides a comprehensive breakdown of the portfolio companies, highlighting their attractive valuations and growth potential.",
      "position": 2,
      "objective": "To provide a detailed breakdown of the portfolio companies and their growth potential",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}