{
  "docId": "019dd923-622c-750b-8b9c-242e23015294",
  "docSlug": "cb06bd893f1e",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 26,
  "pageCount": 85,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The chart highlights significant outperformance since firm inception (2,644% vs 836%).",
  "elementsJson": [
    "headline_text",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-242e23015294/26",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-242e23015294",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-242e23015294.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "callout",
      "text": "Net Returns vs. S&P 500 through December 31, 2025",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82e68328-8253-4faf-8a28-2e5b7070765f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.86,
        "x": 0.07,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Grouped bar chart showing returns for 1, 5, 8, 10 years, since PSH inception, and since firm inception.",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc280940-60f4-4d76-8280-04caecb22da6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative Net Returns: 2,644%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99b-bc6e9f7999ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: PSLP/PSH data represents returns an investor would have earned if such investor had invested in PSLP at its 1/1/04 inception...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f21b35d1-af57-4800-a2f7-2182abe7faaf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "PSLP / PSH Cumulative Net Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96026e9f-03a0-4ae1-8c79-6a63dcb5e9f9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "f9a83194-2023-44f0-be29-39d5e4b3d7d8",
      "evidence": "peer_benchmark type with chart/bar-grouped and callout/primary",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 33,
      "from": 20,
      "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "The document provides a performance review and update on strategic initiatives",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 26,
      "from": 22,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
      "evidence": "The document provides before-and-after comparisons of PSH's performance",
      "position": 1,
      "objective": "Showcasing PSH's performance",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}