{
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  "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",
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  "pageNumber": 74,
  "pageCount": 110,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses 'X' icons as bullet points to emphasize the lack of comparability.",
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      "kind": "callout",
      "text": "Val-gan's durable business would have few peers among publicly traded pharmaceutical companies",
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      "kind": "list",
      "text": "Biotech: High product concentration, Large R&D investment",
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      "text": "Big Pharma: Few durable assets, High exposure to competitive, low-growth categories",
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      "text": "Specialty Pharmaceuticals: High product concentration, Few durable assets",
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      "kind": "list",
      "text": "Generic Pharmaceuticals: Focused on commodity categories, Low secular growth",
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      "kind": "title",
      "text": "Durable Portfolio: Few Healthcare Trading Comparables",
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  "loops": [
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      "name": "Benchmark Gap",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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