{
  "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": 7,
  "pageCount": 39,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a timeline-based annotation approach to correlate specific corporate events with stock price movements.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5896-7649-985b-a047bf109b4e/7",
  "deckHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e",
  "deckJsonHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e.json",
  "deckAnchorHref": "/decks/019de06f-5896-7649-985b-a047bf109b4e#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.2,
        "x": 0.53,
        "y": 0.46
      },
      "kind": "callout",
      "text": "7/30/15: Former Valeant CFO and current Board Director Howard Schiller testifies in Congress on corporate tax rate",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d577298-25c3-4267-b567-9a38183d5dea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.28,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "callout",
      "text": "2/9/15: Pershing Square begins to accumulate Valeant shares; 16.5mm shares purchased at average cost of $196 per share through March 17th",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bfe38a6-f813-4b02-affb-a1b097001852",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.2,
        "x": 0.31,
        "y": 0.575
      },
      "kind": "callout",
      "text": "3/16/15: Valeant announces revised agreement to acquire Salix for $15.8bn; Pershing Square acquires 3mm additional shares from Valeant at $199 to help finance revised transaction",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2c8abaf-d792-4f5f-9f5d-a3508d340fce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.2,
        "x": 0.53,
        "y": 0.23
      },
      "kind": "callout",
      "text": "7/23/15: Valeant announces strong Q2 earnings and raises FY2015 guidance",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc058830-2700-4c87-a94d-d6fdd4daf96c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.2,
        "x": 0.09,
        "y": 0.32
      },
      "kind": "callout",
      "text": "2/22/15: Valeant announces initial agreement to acquire Salix for $14.5bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e022c210-998c-48b5-ae0d-db4dce5c5d14",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.31,
        "y": 0.23
      },
      "kind": "callout",
      "text": "4/29/15: Valeant announces strong Q1 earnings; CFO Howard Schiller announces retirement, but remains on Board and maintains stock ownership",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7d51ee7-5f54-4cce-8bc5-e7b635006c52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.9,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "chart",
      "text": "Valeant Share Price – 1/1/15 to 10/29/15",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5f1a8b3-1415-4e0f-becd-3425f1521318",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d2b7efa-74ea-41b3-8961-a0bdf0437d53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Valeant: Share Price Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e319545-1a69-4de9-b2a3-779e452113a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "91f11617-8d58-4d42-b841-4420487c660d",
      "evidence": "Correlating specific corporate events with stock price performance over time.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 17,
      "from": 7,
      "beatId": "c4e228f3-d94d-44e6-83ff-a813f9cea88d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Presentation of challenges and contradictions in Valeant's business",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}