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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide uses a hierarchical bulleted list to define two primary pillars of their hedging philosophy.",
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      "kind": "callout",
      "text": "We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance",
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      "text": "Asymmetric payoff structures; Limited upfront investment and carrying costs; Opportunities to generate large (>10x) multiples of capital; Limited downside in the event potential risk does not transpire",
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      "text": "Monetization provides liquidity during periods of market dislocation; Becomes a large funding source at precisely the time stocks become cheap; Enables us to increase our exposure to high-quality businesses at deeply discounted valuations",
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      "text": "We seek to opportunistically invest in hedges to protect our portfolio against specific macroeconomic risks and capitalize on market volatility",
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      "text": "Pershing Square's Core Hedging Principles",
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