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  "documentTitle": "Pershing Square | Activist Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-01 00:00:00",
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  "pageNumber": 37,
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  "notes": "Includes a callout box explaining a specific Q3 results event and a reference line for average cost.",
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      "kind": "callout",
      "text": "BRK's share price increased 10% from our average cost at inception to December 31, 2019, and decreased 1% year-to-date in 2020",
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      "text": "BRK.B share price performance from 5/23/2019 to 2/4/2020",
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      "text": "Note: The performance of BRK.B's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/4/2020",
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      "text": "11/2/19: BRK reports Q3 results which feature significant appreciation in BRK's insurance tangible book value. BRK's cash balance rises to $128 billion",
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      "text": "BRK.B Share Price Performance Since Inception",
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