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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide outlines legal developments and the firm's continued bullish stance on the entities.",
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      "text": "Despite an adverse Supreme Court ruling in June, we believe Fannie and Freddie remain valuable perpetual options",
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      "text": "Supreme Court largely sided with the government against shareholders. Found the Third Amendment to the PSPAs to be authorized under the HERA statute. Found unconstitutional HERA's provision that the FHFA director may be removed only for cause.",
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      "text": "We remain confident in the long-term value of Fannie and Freddie. Ongoing proceedings in the Court of Federal Claims. Both entities continue to build capital through retained earnings from the current base of $67 billion. We believe re-privatization is an eventuality.",
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      "text": "Source: Company filings (1) Preferred Stock Purchase Agreement.",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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