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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 list to enumerate specific failure modes of 'bad' platforms.",
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      "text": "These failures can be distinguished from the Outsider model in the following ways: They lacked a competitive advantage in cost structure or strategy; They overpaid for acquisitions to generate growth; They relied on overvalued equity as an acquisition currency; They failed to integrate and achieve cost synergies; They focused on growing reported GAAP earnings rather than economic earnings per share",
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      "text": "Bad \"Platforms\"",
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