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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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      "kind": "callout",
      "text": "Many commentators think that these high rates of return suggest the market is overvalued",
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      "text": "The S&P 500 index increased 24%, 23%, and 16% in 2023, 2024, and 2025, respectively",
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      "text": "Annual S&P 500 Index Price Change",
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      "text": "S&P 500 Index Price Change: 24%",
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      "text": "Source: Bloomberg. Excludes dividends.",
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      "kind": "title",
      "text": "Stock Market Performance Has Been Particularly Strong Over the Last Three Years",
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      "name": "Cost Of Inaction",
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