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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "notes": "Slide 54 from a Pershing Square activist deck.",
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      "text": "High-quality business positioned for continued rapid earnings growth trading at a compelling valuation on misplaced industry concerns",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Industry developments consistent with our \"partnership\" investment thesis; AV operations in 10+ cities; Waymo partnership; Nvidia Alpamayo model; Tesla FSD potential",
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      "text": "Near term results are exceptionally strong and accelerating; Bookings increased 19% in 2025; Pre-tax operating profit grew 50%",
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