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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "The slide uses a structured list format to present political catalysts and financial upside.",
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      "text": "Fannie and Freddie appreciated sharply in 2024 as President Trump’s victory increased their probability of exiting conservatorship",
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      "text": "President Trump has publicly committed to privatizing Fannie and Freddie. Meaningful progress was made during President Trump's first term. Net worth sweep suspended by Secretary Mnuchin in January 2021. The GSEs now have a combined net worth of $147bn.",
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      "text": "Recent appointees likely support releasing the GSEs from conservatorship: Treasury Secretary Scott Bessent, HUD Secretary Scott Turner, FHFA Director nominee Bill Pulte, Craig Phillips.",
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      "text": "As discussed in our January 16th presentation, “The Art of the Deal”, we believe the likely privatization path will result in 5x to 6x upside for FNMA and FMCC shares in two to three years",
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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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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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