{
  "docId": "019de074-61d5-77ad-804e-a10cfea572ae",
  "docSlug": "871a150e8685ea20715b43fc3aa48dd4",
  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 47,
  "pageCount": 62,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "traction",
  "function": "show_traction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The chart includes a dashed line indicating an average cost basis of $73* and callout boxes explaining specific market events affecting the share price.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-61d5-77ad-804e-a10cfea572ae/47",
  "deckHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae",
  "deckJsonHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae.json",
  "deckAnchorHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.59,
        "y": 0.61
      },
      "kind": "callout",
      "text": "April 2022: Industrywide nightly rates rise above pre-COVID levels in response to broad-based inflation and pent-up demand for travel",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb4d5132-935e-4cd8-9f0e-b984d2ae11e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.73,
        "y": 0.325
      },
      "kind": "callout",
      "text": "10/26/22: HLT reports first quarter with systemwide RevPAR above 2019, despite occupancy still not having fully recovered",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f89b8a9f-a7d0-4a59-b49d-08d1e2659618",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.32,
        "y": 0.4
      },
      "kind": "callout",
      "text": "7/29/21: HLT reports a step-function improvement in profitability relative to prior recent trending; fully repays previously drawn credit line",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe7cd235-525f-4b34-a248-5595d97ede27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.24,
        "y": 0.48
      },
      "kind": "callout",
      "text": "3/10/20: HLT withdraws 2020 outlook given macro uncertainty; draws down $1.75bn credit line",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff4d01e9-28fe-47d0-a3a3-662cbe5800b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.84,
        "x": 0.08,
        "y": 0.325
      },
      "kind": "chart",
      "text": "HLT Share Price Performance From 10/8/2018 to 2/7/2023",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66f67456-3310-4059-9703-543ce17011aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.08,
        "y": 0.87
      },
      "kind": "disclaimer",
      "text": "Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "194bedee-f9f8-4020-85a7-3ecb6f67ff71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.84,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "title",
      "text": "HLT's share price including dividend reinvestment decreased 19% in 2022 and has increased 17% year-to-date in 2023(1)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4199e33a-bc24-4e9f-9c20-48c544fc6524",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "HLT Share Price Performance Since Inception",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "009d04e6-845e-436b-a8aa-87babf129e1a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chartjunk Elimination",
      "slug": "chartjunk-elimination",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "4d854ac0-2b33-4cc3-bba8-be7f7cadd8f0",
      "evidence": "chart/line: HLT Share Price Performance From 10/8/2018 to 2/7/2023",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 49,
      "from": 38,
      "beatId": "85a51ea2-bd3f-4b75-bc32-97be75d53d9d",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Market Size",
      "beatSlug": "sequoia-pitch-market-size",
      "evidence": "The document provides an update on the portfolio, highlighting key investments and their performance",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 47,
      "from": 38,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "aa731689-e1cf-4f86-93a0-af28e853609d",
      "evidence": "The document provides an update on the portfolio, highlighting key investments and their performance",
      "position": 1,
      "objective": "Explain the investment strategy and portfolio",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}