{
  "docId": "019de070-be25-770f-ab06-26379920c096",
  "docSlug": "5c20cf382e5e635fa3fe29b744d27a82",
  "documentTitle": "Pershing Square | Investor Presentation Deck | 57 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2021-02-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 22,
  "pageCount": 57,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "before_after",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide highlights the defensive nature of the strategy by specifically calling out the 'Average Return in Down Months' with a red dashed box.",
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  "imagePath": null,
  "slideHref": "/slides/019de070-be25-770f-ab06-26379920c096/22",
  "deckHref": "/decks/019de070-be25-770f-ab06-26379920c096",
  "deckJsonHref": "/decks/019de070-be25-770f-ab06-26379920c096.json",
  "deckAnchorHref": "/decks/019de070-be25-770f-ab06-26379920c096#slide-22",
  "components": [
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        "h": 0.65,
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      "kind": "chart",
      "text": "PSLP / PSH Average Monthly Net Returns vs. S&P 500 through December 31, 2020",
      "attrs": null,
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      "kind": "source-note",
      "text": "Note: Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012. Past performance is not necessarily indicative of future results.",
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      "kind": "title",
      "text": "Pershing Square's Strategy Has Proven to be Defensive in Down Markets",
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      "evidence": "Compares performance in 'up' vs 'down' market conditions to prove a defensive thesis.",
      "confidence": 0.9
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      "beatId": "35d3cb35-0e2a-445a-b6de-322e10cac455",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Desire",
      "beatSlug": "aida-desire",
      "evidence": "The document highlights the company's achievements and successes, creating a desire for more information",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
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  "loops": [
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      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "d810eb62-0ffd-4be5-89a8-106c2982aa42",
      "evidence": "The document uses before-after comparisons to illustrate the company's performance during market downturns",
      "position": 0,
      "objective": "Highlighting Pershing Square's defensive strategy",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
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