{
  "docId": "019de06f-55b4-734a-a2e3-c1019ed629b5",
  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2955465,
  "pageNumber": 52,
  "pageCount": 120,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "testimonial",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses color-coded callout boxes to present analyst endorsements.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/52",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "quote",
      "text": "Valeant has a strong track record of creating value by acquiring firms with solid product portfolios and investing only in late-stage/low-risk R&D. Management has proven that M&A can lead to better returns than early-stage R&D given Valeant's ability to strip out costs.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f35dae4-6b51-4acf-9d58-f086e1f11f57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "quote",
      "text": "Whether the acquisition happens or not, however, we believe that the Valeant business model remains valid and we do not believe that Allergan management's allegations regarding Valeant's strategy are valid.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3503fb8a-cee2-4e7e-a42b-c5fabbace9e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "quote",
      "text": "We don't think that Valeant promotionally starves its brands, but rather makes selective investments in highest value programs like Luzu and local DTC...the roll-up strategy is difficult, and Valeant's execution know-how and experience is an intangible asset that will continue to drive value, in our view.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa2312c4-b9c9-4b16-95f5-528a95043fba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Research Analysts Are Confident in Valeant's Operating Model and the Strategic Combination (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58c41981-e9b4-4327-a45b-af5040daac27",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "24306080-5d4b-4aca-8f53-db8597c37a71",
      "evidence": "Uses analyst quotes to build credibility for the company's strategy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}