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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2026-02-11 00:00:00",
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      "text": "2018: Return to Our Roots. Created a strong path forward that reminds us of our early roots.",
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      "kind": "disclaimer",
      "text": "Note: All market and return data as of 2/9/26. Represents returns an investor would have earned if such investor had invested in PSLP at its 1/1/04 inception...",
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      "kind": "list",
      "text": "Restructured to a smaller investment-centric organization; Reinforced our core investment principles; Exited problematic investments; Stabilized our capital base",
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      "text": "Cumulative Net Return: 2,503%",
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      "text": "2018: Return to Our Roots — PSH Annual Investor Presentation",
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      "kind": "table",
      "text": "Since PSH Inception (12/31/12 - 2/9/26) PSH: 391% S&P 500: 518%",
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      "kind": "title",
      "text": "Cumulative Net Returns Since Inception",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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