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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 green dashed oval to highlight the 'Multiple of Capital' column, emphasizing the high returns.",
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      "text": "Pershing Square's hedging strategy has generated substantial gains across multiple volatile market environments since the firm's inception",
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      "text": "(1) Other bond insurers included Assured Guaranty, Ambac, PMI Group, Financial Securities Assurance, XL Capital Assurance, and Radian Group. (2) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February / March hedging program, Pershing Square maintained smaller positions in CDS index hedges throughout various periods in 2020 and 2021. (3) Includes initial hedges purchased in late 2020 and early 2021 and excludes recent purchases in 2022. The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.",
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      "text": "Track Record of Defensive Hedging",
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