{
  "docId": "019dd923-622c-750b-8b9c-fc8b4a7bf3f5",
  "docSlug": "68effc174d2f",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-01-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 95,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "before_after",
  "function": "quantify_opportunity",
  "density": "sparse",
  "nDataPoints": 6,
  "notes": "The chart uses a 'before-after' framing to highlight the gap between current targets and potential optimized performance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-fc8b4a7bf3f5/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.178
      },
      "kind": "callout",
      "text": "While the company has made steady progress in boosting margins, we believe that optimized margins are far higher",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "095ea844-c909-41e4-826d-c3faeb8d08d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.82,
        "x": 0.09,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Mondelez EBIT Margin",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16b00d0b-82ae-4541-851b-efb9dfb26642",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: MDLZ public filings, Pershing Square estimates. 2013-2015 margins are pro forma for the coffee JV transactions and the deconsolidation of MDLZ's Venezuelan operations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "196e5272-99f3-4d01-97ab-4b1512afff4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.72,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Progress on Business Transformation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c59fdb1-bc67-46af-a42e-886ebc16290b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "a5f2bdac-f53b-4738-981e-a29a879afc51",
      "evidence": "Compares historical performance to a future 'optimized' state to highlight opportunity.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 21,
      "from": 20,
      "beatId": "5ebc31d5-ae34-4c86-8c43-ded2b971c7f2",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Slides 20-21 present the problem of low margins",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    },
    {
      "to": 20,
      "from": 20,
      "beatId": "6b4f5f4a-fcf3-4463-a9ec-aceb333f1953",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Slide 20 implies a solution of optimized margins",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 86,
      "from": 20,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "15dacd38-8c07-47d7-bf1b-d6478831b2b3",
      "evidence": "Slides 20 and 86 show before-and-after results of investment strategy",
      "position": 0,
      "objective": "Show impact of investment strategy",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}