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      "kind": "list",
      "text": "Most stocks in the S&P 500 trade at less elevated valuations vs. history; Overall S&P 500 index trades at a relatively elevated valuation due to the very high concentration of a select few companies",
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      "text": "Pershing Square’s idea generation is among its highest levels in recent history; Many companies in the S&P 500 remain attractively valued and their stock prices have generally underperformed the S&P 500 index",
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      "text": "High levels of passive flows increase the importance of index inclusion; Pershing Square is actively engaged with some of its portfolio companies to help evaluate index inclusion potential",
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      "text": "Implications for the Pershing Square Portfolio",
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