{
  "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": 81,
  "pageCount": 120,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a 'quote-contradiction' pattern to highlight management's focus on growth metrics over value.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/81",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "callout",
      "text": "Allergan's interest in acquisitions seems to be motivated by growth for growth's sake rather than shareholder value creation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82a3ac74-c5ba-4622-a2a2-e0f3206e0696",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "quote",
      "text": "Then your question on profile of potential companies, clearly, we're looking to franchises that have growth potential because Allergan is a growth company.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ba1a282-6f7f-48c9-b6cf-80272d829383",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.77
      },
      "kind": "quote",
      "text": "...we would have no interest in buying, and I'll exaggerate, a product or a company that were only growing 2% or 3%, because all we do would be diluting our already really strong internal performance.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63ece308-20ff-4bae-b21b-b10e7e0e1913",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "quote",
      "text": "I was wondering though if you and the board are open to deals that create economic value and add to franchise value even if they don't meet that [10%] revenue growth threshold?",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3c261e0-ec28-4821-9961-a89a38bb2516",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Flawed Capital Allocation Framework: M&A",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b28059df-641c-4475-8591-6c299c1f0e72",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "f3f957c7-e25c-492d-ba0e-898cad93b8ba",
      "evidence": "Uses direct quotes from earnings calls to expose a flaw in management's stated capital allocation logic.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}