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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "The chart highlights the valuation premium of the top 10 stocks relative to the rest of the index.",
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      "kind": "callout",
      "text": "The 10 largest companies in the S&P 500 index trade at 27x earnings, compared to 20x for the other 490 companies",
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      "text": "Aggregate NTM P/E Multiples (12/31/1984 to 2/10/2025)",
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      "text": "Index Valuation Skewed by Top 10 Stocks",
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