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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 narrative-driven 'before/after' framing to justify an investment entry point based on market mispricing.",
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      "kind": "callout",
      "text": "Rapidly shifting investor narratives around AI enabled us to purchase shares in GOOG at ~16x earnings, a >40% discount to its current multiple",
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      "text": "NTM P/E Multiples – Last Five Years",
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      "text": "NTM P/E Multiple: 16x",
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      "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in GOOG on 3/2/23.",
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      "text": "Comparison table of GOOG vs S&P 500 P/E multiples",
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      "kind": "title",
      "text": "Changing Narratives Create Opportunity: GOOG",
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      "evidence": "Contrasts the 'AI loser' narrative of March 2023 with the 'AI winner' narrative of Nov 2025 to justify entry.",
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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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