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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "notes": "The chart illustrates the divergence between market-cap weighted and equal-weighted index performance.",
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      "kind": "callout",
      "text": "While the S&P 500 appreciated by 25% including dividend reinvestment in 2024, the average stock in the index was up just 13%(1)",
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      "text": "S&P 500 Index vs. S&P 500 Equal Weight Index Return (12/29/2023 to 12/31/2024)",
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      "text": "Source: Bloomberg, S&P Global. Note: All index returns include dividend reinvestment. (1) As measured by the S&P 500 Equal Weight Index (\"EWI\") including dividend reinvestment.",
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