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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": 48,
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  "notes": "The slide highlights the 'value' proposition of UBER by contrasting the compression of the P/E multiple against the growth of EPS.",
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      "kind": "callout",
      "text": "We are delighted to own UBER’s ~30% EPS growth at only 21x while we believe the company disproves concerns around autonomous vehicles",
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      "text": "NTM P/E and EPS - Last Eighteen Months",
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      "text": "NTM P/E: 21.0x",
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      "kind": "source-note",
      "text": "Source: Bloomberg consensus estimates. Pershing Square began purchasing its current investment in UBER on 1/7/25. Note: UBER NTM P/E multiple and NTM EPS not relevant prior to July 2024 given company was not operating at normalized profitability.",
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      "kind": "title",
      "text": "Robust Earnings Growth Overwhelms Misguided Secular Concerns: UBER",
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      "name": "Cost Of Inaction",
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