Pershing Square Activist Presentation Deck
The Outsiders' Principles remind us of Valeant
"Capital allocation is a CEO's most important job"
"What counts in the long run is the increase in per-share value, not
overall growth or size"
▸ "Cash flow, not reported earnings, is what determines long-term value"
► "Decentralized organizations release entrepreneurial energy and keep
both costs and 'rancor' down"
"Independent thinking is essential to long-term success, and
interactions with outside advisers (Wall Street, the press, etc.) can be
distracting and time-consuming"
▸ "Sometimes, the best investment opportunity is your own stock"
"With acquisitions, patience is a virtue... as is occasional boldness"
The CEOs chronicled in The Outsiders produced returns of over
20x the S&P 500 and over 7x their respective peer groups
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