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  "documentTitle": "Pershing Square | Investor Presentation Deck | 59 slides",
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      "text": "The market is underestimating the long-term earnings potential of CPKC's one-of-a-kind network",
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      "text": "High-quality, inflation-protected business model: Operates in an oligopolistic industry with significant barriers to entry; Pricing power underpins growth and provides inflation protection; Rail is often the cheapest or only viable method for transporting heavy freight over long distances",
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      "text": "Transformative acquisition creates significant shareholder value: Canadian Pacific closed its acquisition of Kansas City Southern in April 2023, creating the only railroad with a direct route from Canada to Mexico; Significant revenue and cost synergies drive accelerated earnings growth; Already exceeding management's synergy targets despite soft demand environment; Likely beneficiary of deglobalization and North American onshoring; Line-of-sight to strong free cash flow conversion above 90%",
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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.",
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