{
  "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": 12,
  "pageCount": 68,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "key_messages",
  "function": "present_solution",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-37d6-7755-8e9e-0a6385739f0c/12",
  "deckHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c",
  "deckJsonHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c.json",
  "deckAnchorHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.085
      },
      "kind": "callout",
      "text": "The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "242c054b-37d9-45e3-b52e-eb5015607018",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.7,
        "x": 0.06,
        "y": 0.28
      },
      "kind": "list",
      "text": "Marketing: Inclusion of PSH in the FTSE 100 index in December 2020; AIC reclassification from Hedge Funds to US Equity; Portfolio transparent and easy to value; Efforts in UK – Frostrow, increased platform visibility",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00312c64-5f36-47b6-a678-907f1e252d1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.06,
        "y": 0.55
      },
      "kind": "list",
      "text": "Corporate actions: Premium listing in London in May 2017; Share buybacks from 2017 through 2020 repurchased 50.8m shares for $837m at an average discount to NAV of 26.5% and reduced shares outstanding by 21%; Share purchases by PSCM affiliates; Initiation of quarterly dividend of $0.10 per share in Q1 2019",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d1ae037-911c-49a1-8c1f-665461d99fef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "list",
      "text": "Strong investment performance: Compound annual net returns above 50% for the last three years",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e7de9e28-0cc6-431f-a8f3-7338ce0f01c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Reflects public shares outstanding as of April 30, 2017. (2) Ownership percentage based on current shares outstanding.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33106110-ecfb-4d41-b4e4-2301ef44aca9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Strategies to Address the Discount",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9b944ce-d286-4f9d-b3f6-8b004b08fa9d",
      "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
}