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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2025-02-01 00:00:00",
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      "kind": "callout",
      "text": "Four stocks in our portfolio underperformed the S&P 500 after delivering one year of earnings growth well-below their long-term potential",
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      "text": "2024 Total Shareholder Return Decomposition",
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      "text": "Note: NTM earnings growth and multiples based on consensus and Pershing Square estimates. Excludes Howard Hughes, Fannie Mae, and Freddie Mac given these companies do not trade on traditional earnings metrics. (1) BN and NKE total return as of position inception date (4/11/24 for BN, 5/15/24 for NKE). BN earnings reflect distributable earnings per share. UMG and CPKC metrics shown in local currency.",
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      "text": "We believe our portfolio companies are attractively valued today given their high-quality business models and future growth prospects",
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      "text": "Memo: Current NTM P/E Multiple",
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      "kind": "title",
      "text": "The Pershing Square Portfolio: Attractive Earnings Growth and Valuation",
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