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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 a red callout box to emphasize the negative thesis regarding the industry's lack of durability and predictability.",
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      "kind": "callout",
      "text": "The traditional pharmaceutical company's products are not durable, and growth is not predictable",
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      "kind": "list",
      "text": "Patent cliffs for major products\nHuge investments in high-risk, low-return R&D to replace off-patent drugs\nPrice pressure in many segments\nBloated overhead and cost structures\nValue-destroying acquisitions",
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      "kind": "title",
      "text": "We Have Not Previously Invested in a Pharmaceutical Company",
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