Ackman said the business he was describing earns a 20% return on capital overall.

Judge as of 2011-06-06. First identify which business Ackman was describing, from the context of the speech or interview. True: that company's financial statements from around 2011 support an overall return on capital (ROIC or a comparable measure) of about 20%, in roughly the 17–23% range. Mostly true: about 15–17% or 23–26%. Mixed: the figure depends heavily on the definition (for example it holds for one segment only, or only on adjusted capital). Mostly false: the return is materially different, about 10–15% or above 30%, though still high. False: the return is far from 20% (under 10%). If the business cannot be identified, the claim is unresolvable.

Set before the research began.

1. E1 Pershing Square Presentation on Canadian Pacific Pershing Square Capital Management, L.P. (hosted on 10xebitda.com) · 6 February 2012 Own record

   “CP’s ROIC is Low and Lags CN’s”

2. E2 Pershing Square Presentation on Canadian Pacific Pershing Square Capital Management, L.P. (hosted on 10xebitda.com) · 6 February 2012 Own record

   “CP’s low profitability and poor asset utilization result in low returns on invested capital”

3. E3 untitled Canadian Pacific Railway Limited (Annual Report 2010) · 2011

   “The balance sheet was further strengthened by reducing longterm debt by approximately $250 million and making a $650 million voluntary prepayment to the Canadian Defined Benefit Pension Plan;”

4. E4 The Nominees for Management Change (Pershing Square presentation on Canadian Pacific) Pershing Square Capital Management, L.P. (hosted on 10xebitda.com) · 6 February 2012 Own record

   “CP’s low profitability and poor asset utilization result in low returns on invested capital”

5. E5 Pershing Square, Ackman and CP Rail IGOPP (Allaire and Dauphin) · November 2016

   “Pershing Square began purchasing shares of CP on September 23, 2011.”

None of the evidence shows which business Ackman was describing when he made the statement on 2011-06-06. The Pershing Square deck on Canadian Pacific (E1, E2, E4) dates from February 2012. It says CP's return on invested capital is low but gives no number. E5 says Pershing Square only began buying CP shares in September 2011, after the statement, and E3 contains no return-on-capital figure. The business cannot be identified and no return figure is given, so under the criteria the claim is unresolvable.