{
  "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": 21,
  "pageCount": 95,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "sparse",
  "nDataPoints": 9,
  "notes": "The slide uses a red bar for the subject company (Mondelez) and blue bars for peers to highlight the performance gap.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-fc8b4a7bf3f5/21",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5#slide-21",
  "components": [
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        "h": 0.65,
        "w": 0.92,
        "x": 0.04,
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      },
      "kind": "chart",
      "text": "CY 2016E Consensus EBIT Margin",
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        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Analyst consensus estimates for calendar year 2016 per Capital IQ.",
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      "kind": "title",
      "text": "Margins Remain Well Below Best-in-Class Levels",
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  "metrics": [],
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      "matchId": "37bcc229-db3c-402a-86d6-d4e9302cc93a",
      "evidence": "Direct comparison of subject company against peer group to highlight performance gap.",
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      "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"
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Slide 21 compares to best-in-class levels, making the problem worse",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "name": "Before After",
      "slug": "21-before-after",
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      "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"
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  "locked": true
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