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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The chart uses a stacked bar approach to show the attribution of market returns.",
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      "kind": "callout",
      "text": "The S&P 500 annualized return of 13% from 2020-2025 has been primarily driven by 10% EPS growth, while P/E multiple expansion has only been 3%",
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      "text": "The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%",
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      "text": "Annual S&P 500 Index Price Change",
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      "text": "Change in NTM EPS; Change in P/E Multiple",
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      "text": "S&P 500 Index Price Change: 112%",
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      "text": "The 112% increase in the S&P 500 from 2020 through 2025 has been largely driven by cumulative earnings growth of 77%, with P/E multiple up 20%",
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      "text": "Source: Bloomberg. Excludes dividends.",
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      "text": "Earnings Growth Has Driven Market Return",
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      "evidence": "Decomposing market returns into EPS growth and P/E multiple expansion components.",
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      "name": "Cost Of Inaction",
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