{
  "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": 86,
  "pageCount": 95,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "sparse",
  "nDataPoints": 2,
  "notes": "The chart uses a timeline-based annotation style to correlate stock performance with specific activist interventions and management changes.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-fc8b4a7bf3f5/86",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-fc8b4a7bf3f5#slide-86",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "callout",
      "text": "CP’s share price including dividends increased 244% (3.44x) from our average cost at announcement date to August 4, 2016*",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b94de17-ee27-4380-b384-17cebae8b5fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.92,
        "x": 0.04,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Stock price performance of CP from 9/22/2011 to 8/4/2016 (CAD)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5218270b-bcdf-4c06-b096-03f3f0552248",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Note: The performance of CP's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Return includes dividends. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd6711e-ed43-4fcc-895b-eab7f84b6606",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "CP: Share Price Performance Since Inception",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9be96fe1-2ca6-4886-9f2d-a071893e9db0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "c70a5bbe-1462-4093-aa85-3819184bf0b6",
      "evidence": "The slide explicitly compares the starting share price ($56) to the ending share price ($187) to demonstrate value creation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "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
}