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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses the 'Outsiders' framework by William Thorndike to establish a benchmark for capital allocation and management philosophy.",
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      "text": "The CEOs chronicled in The Outsiders produced returns of over 20x the S&P 500 and over 7x their respective peer groups",
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      "text": "Capital allocation is a CEO's most important job; What counts in the long run is the increase in per-share value; Cash flow determines long-term value; Decentralized organizations; Independent thinking; Own stock as investment; Patience/boldness in acquisitions.",
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      "text": "The Outsiders' Principles remind us of Valeant",
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