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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-02-01 00:00:00",
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  "pageNumber": 21,
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The chart specifically highlights the 'Average Return in Down Months' with a red dashed box to emphasize the defensive nature of the strategy.",
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  "slideHref": "/slides/019de074-61d5-77ad-804e-a10cfea572ae/21",
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      "kind": "callout",
      "text": "PSLP / PSH Average Monthly Net Returns vs. S&P 500 through December 31, 2022",
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      "kind": "chart",
      "text": "Grouped bar chart showing returns for PSLP/PSH and S&P 500 across three categories: Average Monthly Return, Average Return in Up Months, and Average Return in Down Months.",
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      "text": "Note: Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012. Please see the individual performance results for PSH on the next page.",
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      "text": "PSLP / PSH (Dark Blue), S&P 500 (Light Grey)",
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      "kind": "title",
      "text": "Pershing Square's Strategy Has Proven to be Defensive in Down Markets",
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