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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2026-02-11 00:00:00",
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  "pageNumber": 46,
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a comparison frame to justify portfolio concentration in specific high-growth tech stocks.",
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      "kind": "callout",
      "text": "We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles",
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      "text": "NTM P/E Multiple: 22x",
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      "kind": "paragraph",
      "text": "We believe these companies offer structurally higher growth than most companies in the S&P 500 at only modestly higher average multiples",
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      "text": "Note: The companies on this page reflect all portfolio companies with a market cap greater than $150 billion. See the Equity Portfolio Update slides for a discussion of all equity positions in the portfolio. NTM P/E multiples are based on Bloomberg consensus estimates. Earnings growth figures are based on Pershing Square estimates.",
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      "kind": "table",
      "text": "S&P 500 Index, S&P 500 Equal-Weight, Uber, Amazon, Alphabet, Meta with NTM P/E and EPS Growth metrics",
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      "kind": "title",
      "text": "We Have Increased Our Exposure to High-Quality, Higher-Growth Megacaps",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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