{
  "docId": "019de06f-5896-7649-985b-a047bf109b4e",
  "docSlug": "0679cfa5b71d2595d2aa08ef14ddbab6",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 39 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 39,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses historical precedent to argue for buying opportunities during market panics.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5896-7649-985b-a047bf109b4e/37",
  "deckHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e",
  "deckJsonHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e.json",
  "deckAnchorHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.53
      },
      "kind": "list",
      "text": "Although it wasn’t obvious to many at the time, the dislocation in the stock price due to the scandal provided a great buying opportunity. With the passage of time, the strength of AmEx’s business proved resilient",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "354e79cd-afea-4953-8967-fd2a951d515e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "list",
      "text": "Had AmEx done better due diligence, it would have never dealt with De Angelis\nAmEx’s share price fell over 40%, eliminating ~$110 million in AmEx’s market capitalization due to the perception that AmEx’s franchise was at risk\nA 35-year-old hedge fund manager put 40% of his fund into AmEx . . .",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cccd88b-a825-4e7d-bea5-20fdf6adf4e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.33,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "- American Express, 1964 Annual Report",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dcbb694e-bdda-4c09-81f6-5c1bf55abd5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.1,
        "y": 0.38
      },
      "kind": "quote",
      "text": "“Every trust department in the United States panicked,” explained this 35-year-old hedge fund manager, “the stock just poured out”",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa57140a-6d09-4d87-bfc9-ce469356d03a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.1,
        "y": 0.68
      },
      "kind": "quote",
      "text": "“As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business”",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dcbf2764-0a63-4622-808a-53570cd1dcf7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "The Great Salad Oil Scandal of 1963 (cont'd.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ce1cada-1ecf-49a2-a450-ed467c031c67",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Credibility Transfer",
      "slug": "credibility-transfer",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "66f77715-21c5-4f55-895d-f55da049cdfd",
      "evidence": "American Express, 1964 Annual Report",
      "confidence": 0.6
    },
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "bee93a28-932f-4f20-bf0f-d5f7c7fb2365",
      "evidence": "the perception that AmEx’s franchise was potentially impaired",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "argument-from-analogy",
      "slug": null,
      "matchId": "0edcca54-0a97-4bf9-8130-8746d9fb471b",
      "evidence": "Uses the 1963 scandal as a historical precedent to justify current investment thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 39,
      "from": 28,
      "beatId": "093d5633-6185-472d-b341-a3d1ddad9ecc",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and call to action, highlighting Valeant's strengths and opportunities",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}