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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The slide uses a before-after structure to contrast the successful turnaround period (2016-2024) with recent management changes and performance struggles.",
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      "text": "Chipotle's turnaround created exceptional value for all stakeholders",
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      "text": "While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares",
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      "text": "Recruited a world-class CEO who led an incredible business transformation. Filed 13D with 9.9% ownership in September 2016. Board recruited Brian Niccol in 2018. SSS growth 8.5%, EBIT margins +13pts, EPS 35% CAGR. Sold 83% of shares.",
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      "text": "New CEO named in August 2024. SSS began to slow in early 2025 and turned negative. We did not adequately adjust our assumptions and required returns following these changes, especially in light of 2025's starting valuation of 45x NTM EPS.",
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      "text": "While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares",
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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": "Chipotle Mexican Grill (\"CMG\")",
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