{
  "docId": "019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "docSlug": "7c032e01619eda769cbeaf2bcfe382bc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 39,
  "pageCount": 110,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Slide 39 from an activist deck regarding Valeant Pharmaceuticals.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-52ef-7226-b4e8-f3f08eb88a26/39",
  "deckHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "deckJsonHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26.json",
  "deckAnchorHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Valeant is a nimble acquirer of attractive businesses, large and small",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed01539c-7e42-412d-8abe-c0d3205098b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.1,
        "y": 0.5
      },
      "kind": "list",
      "text": "In-licenses from one-product companies; Acquisitions of sub-scale companies without adequate distribution; Declining products neglected by other companies that can return to growth with promotion",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42cbb853-017c-4ddc-b0f2-175e001d04e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "list",
      "text": "Larger acquisitions of traditional pharma / device companies with bloated cost structures and unproductive R&D spending",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42e804c2-e581-477c-81fb-6ca73b563c33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "list",
      "text": "Smaller, bolt-on acquisitions of products easily integrated into Valeant's efficient, international distribution infrastructure",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56d7cace-0137-42fb-bdb5-6193b5470d75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.1,
        "y": 0.8
      },
      "kind": "list",
      "text": "CEO Mike Pearson is personally involved in evaluation, negotiation and execution of transactions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63784386-e9a9-491d-a086-673616d2157c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "Effective acquisition and integration process",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8102f030-537c-4e5c-ac4c-02fea8045570",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Core Competency in Licensing & Acquisitions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "982f27fa-0dec-492c-b5e6-4b7a1ba50c3f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "eeec099a-ebee-4778-a61f-e168d05f9663",
      "evidence": "list/bullet: In-licenses from one-product companies; Acquisitions of sub-scale companies without adequate distribution; Declining products neglected by other companies that can return to growth with promotion",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}