{
  "docId": "019de072-37d6-7755-8e9e-0a6385739f0c",
  "docSlug": "fb136123164f5e36a5a596a541676b1e",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 68,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-37d6-7755-8e9e-0a6385739f0c/11",
  "deckHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c",
  "deckJsonHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c.json",
  "deckAnchorHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "955b4afb-a624-4d4b-adeb-06f816d7bb19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.07,
        "y": 0.8
      },
      "kind": "list",
      "text": "No mark-to-market covenants",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6af7f6fc-083c-4e91-9c38-275123d1a16b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.07,
        "y": 0.28
      },
      "kind": "list",
      "text": "PSH has attractive credit characteristics; Simple, transparent and highly liquid investment portfolio; Significant asset coverage: PSH debt is covered ~4.5x by assets; Underlying portfolio companies are diversified; Proven investment strategy; Facilitates opportunistic issuances",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79f3e325-6101-4f1d-a735-5098ed7d89d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "list",
      "text": "Laddered maturities ranging from 2022 to 2039 are well matched with PSH’s long-term investment horizon",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7812896-49e4-46b6-aa86-21a7a9ba0c24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.07,
        "y": 0.75
      },
      "kind": "list",
      "text": "No margin leverage",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de960d36-e5cb-4549-b967-02021e08a46c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "The spread on PSH USD-denominated debt has declined from 337bps at its inaugural issuance to 175bps at its most recent issuance",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e733436f-8f3a-4f95-bd68-5bd8a5a2681d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Long-Term Debt Financing Strategy",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18ca37fe-e19d-4fec-9627-e1b7dde89a46",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 12,
      "from": 11,
      "beatId": "773ffd65-eb89-4d03-9421-2ab7aa1d7c88",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Key Messages",
      "beatSlug": null,
      "evidence": "The key messages on pages 11-12 highlight the firm's competitive advantages and strategies.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 11,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c9efada2-47d9-4cbb-a1ae-3f14c3ad5a93",
      "evidence": "The emphasis on the competitive advantage of access to low-cost debt.",
      "position": 0,
      "objective": "Highlighting the importance of access to low-cost, investment-grade debt",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}