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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The slide uses a combination of bulleted lists and callout boxes to present a political and financial argument for GSE privatization.",
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      "kind": "callout",
      "text": "Fannie and Freddie appreciated sharply in 2024 as President Trump’s victory increased their probability of exiting conservatorship",
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      "kind": "callout",
      "text": "As discussed in our January 16th presentation, “The Art of the Deal”, we believe the likely privatization path will result in 5x to 6x upside for FNMA and FMCC shares in two to three years",
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      "text": "Recent appointees likely support releasing the GSEs from conservatorship",
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      "text": "President Trump has publicly committed to privatizing Fannie and Freddie. Meaningful progress was made during President Trump’s first term. Net worth sweep suspended by Secretary Mnuchin in January 2021. The GSEs now have a combined net worth of $147bn.",
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      "text": "Treasury Secretary Scott Bessent believes conservatorship should be temporary. Privatizing the GSEs is one of HUD Secretary Scott Turner’s priorities. FHFA Director nominee Bill Pulte to focus on executing the President’s agenda.",
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      "text": "share price upside: 5x to 6x",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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