{
  "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": 6,
  "pageCount": 39,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "key_messages",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This slide sets the stage for an activist critique by highlighting the 'implicit compact' between management and shareholders regarding transparency.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5896-7649-985b-a047bf109b4e/6",
  "deckHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e",
  "deckJsonHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e.json",
  "deckAnchorHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e#slide-6",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.008400000000000001
      },
      "kind": "list",
      "text": "Valeant has underinvested in public relations, government relations, and investor relations. This has been a very costly mistake",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "038428ec-6ce2-4561-9f8c-fa63a62f81ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.04,
        "y": 0.004200000000000001
      },
      "kind": "list",
      "text": "Valeant's complexity necessitates: Strong, high-integrity management; High level of transparency",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04ce93be-f0c7-42ea-b434-06a3b48c8eb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.04,
        "y": 0.0016
      },
      "kind": "list",
      "text": "Valeant's business and strategy are complicated to understand; GAAP accounting is an inadequate measure of an acquisitive company",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0aa1d43f-e1da-4d85-8293-25eca86d87e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.0062
      },
      "kind": "list",
      "text": "Anything less than complete transparency leaves Valeant susceptible to attack",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa8ad719-eda1-4729-a62a-d76ad8ebe61d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.1,
        "y": 0.0026
      },
      "kind": "list",
      "text": "Investor base has historically consisted of sophisticated, long-term investors (Ruane Cunniff & Goldfarb, T Rowe Price, ValueAct, Lone Pine, Brave Warrior, Brahman Capital, etc.)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9219296-1bc4-4ef6-bbf4-84c9b62f8d64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.0073
      },
      "kind": "list",
      "text": "Valeant's implicit compact with shareholders: in exchange for high returns, investors accept complexity so long as there is transparency",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd2365a3-7cb7-4998-82cc-485998407081",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Valeant: Context on the Company (cont'd.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c2e6dbb-0c45-4c11-8819-ea618eb7d21c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}