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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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  "notes": "The slide uses a causal argument linking EPS growth to P/E expansion.",
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      "kind": "callout",
      "text": "If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher",
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      "text": "NTM Consensus EPS Growth",
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      "text": "NTM Consensus P/E Multiple",
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      "text": "P/E multiple: 22x",
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      "kind": "source-note",
      "text": "Source: Bloomberg. 12/31/26E NTM consensus EPS growth represents the current estimated year-over-year growth of 2027E S&P 500 earnings.",
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      "kind": "title",
      "text": "Growth Outlook Supports Current Market Multiple",
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      "name": "Cost Of Inaction",
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      "evidence": "The document discusses the S&P 500's performance and PSH's investment strategy",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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