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      "text": "The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance",
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      "text": "Note: Pershing Square began its \"permanent capital era\" on 1/1/18... (1) The 1-year, 5-year, and 10-year compound annual NAV net returns... (2) Initial shares outstanding... (3) Ownership percentage... (4) FTSE 100 companies...",
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      "text": "Strong investment performance; Corporate actions; Global marketing efforts outside of the United States",
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