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  "documentTitle": "Pershing Square | Investor Presentation Deck | 59 slides",
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      "text": "We invested in Alphabet in March 2023 when misplaced concerns over the company’s AI positioning reduced its valuation to 15x earnings",
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      "text": "Substantial margin expansion opportunity & capital return program; EBIT margins expanded ~225bps; Cost control in Cloud/YouTube; Repurchasing ~4% of shares.",
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      "text": "Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. (1) Excludes one-time severance and real estate realignment charges.",
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