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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide also highlights the widening discount to NAV for PSH during 2021.",
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      "kind": "callout",
      "text": "2021 was a strong year for PSH with NAV appreciation of 26.9% and a total shareholder return of 18.6%",
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      "text": "PSH's discount to NAV widened by 5.3% from 23.0% in the beginning of 2021 to 28.3% as of December 31, 2021",
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      "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) and includes dividends. All index returns include dividend reinvestment. Past performance is not necessarily indicative of future results.",
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      "text": "Annualized Returns table comparing PSH, Market Indices (S&P 500, FTSE 100, MSCI World), and HFRX Indices (Activist, Equity Hedge) over 2021, 3-Year, and 5-Year periods.",
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      "text": "Overview of 2021 Performance",
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