How has your approach to shareholder activism evolved over the past decade?

In our earlier days, we had to publish exhaustive public presentations and occasionally wage proxy contests because corporate boards and management teams refused to engage with a smaller firm. Today, Pershing Square's track record and credibility allow us to operate as an influential, collaborative shareholder. Corporate executives frequently welcome our perspective as an outside owner with industry-wide context. We prefer taking meaningful minority stakes in outstanding businesses with proven management teams over undertaking disruptive operational turnarounds.