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  "docId": "019de070-be25-770f-ab06-26379920c096",
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  "documentTitle": "Pershing Square | Investor Presentation Deck | 57 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2021-02-01 00:00:00",
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  "pageNumber": 24,
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  "notes": "The slide uses a callout box to specifically contrast peak losses in March 2020 between the two entities.",
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      "kind": "callout",
      "text": "March 2020 peak losses: S&P 500: 30.4% PSH: 11.2%",
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      "kind": "chart",
      "text": "PSH Indexed Net Return vs S&P 500 | 12/31/2019 to 12/31/2020",
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      "kind": "disclaimer",
      "text": "Note: Past performance is not necessarily indicative of future results. All investments involve the possibility of profit andthe risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "kind": "paragraph",
      "text": "During both equity bear markets since the firm's inception, Pershing Square significantly outperformed the S&P 500 principally due to hedging-related gains and investments in high-quality, durable, growth companies",
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      "text": "PSH delivered strong 2020 performance with a net return of 70.2%, outperforming the S&P 500 by 5,180 basis points",
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      "kind": "title",
      "text": "Strong Performance During the COVID Crisis",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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