Pershing Square Share Discussion Threads

[grahamg8] 04/6/2021 17:19

kinbasket, you've been on the Vivendi site haven't you? Lots of information on the deal there. My take is that the Tencent consortium bought 20%, Tontine will have 10%, Vivendi retain 10% with lock in clause, and 60% shares are distributed to the Vivendi shareholders. Then Tontine distribute their 10% to their own shareholders leaving a cash shell SPAC/SPARC available to do another deal.

With a newly listed 35bn Euro company from September the price action is likely to start then as fund managers try to buy into a must have share. Possible future dual listing in New York?

[ntv] 04/6/2021 16:40

out this morning

[thruxie] 04/6/2021 16:29

I think the target UMG is a good one. There's massive potential growth in music streaming revenues, just look at Song trust for an example.

From todays press release:

UMG has the following strategic attributes and competitive advantages:

Number one industry market share in a stable competitive environment
Iconic world-class management team
Massive and growing total addressable market. Everyone loves music!
Global consumer adoption of streaming will generate many years of high growth
Irreplaceable owned IP and must-have content
Predictable, recurring revenue streams that require minimal capital despite high growth
Significant fixed-cost expense base allowing for long-term margin expansion
Minimal financial leverage (<1x Net Debt / EBITDA)
UMG will be the only uncontrolled, pure-play major music content company
UMG will have an independent, high quality board of directors

[arja] 04/6/2021 11:43

was the news out today so bad for PSH as it has been hit after a good start ?

[wish i wasnt in rbs] 04/6/2021 11:03

anyone know what the relationship is between psh and psth?

[rickyl1] 04/6/2021 08:59

Probably neutral until the deal is done and the benefits to PSH are weighed up. A positive from me, 1.5b still left for another opportunity and automatic right to new Spac type company at nav being formed with up to 10.5b available to merge with.

[bmel] 04/6/2021 08:11

Well SAPC deal announced.

We shall see what that does for the price.

[undervaluedassets] 03/6/2021 15:30

can someone tell me about the charges that are levied on this stock and how they are levied.

the charges are giving me pause for thought.

[arja] 01/6/2021 14:55

really come off now and might be worth buying if it gets to 2620 level today .

[bmel] 01/6/2021 11:12

US futures showing a slow but steady improvement - should continue to increase our NAV.

[arja] 01/6/2021 09:46

certainly motoring today and in recent days . The trend is your friend applies nicely

[arja] 01/6/2021 09:18

disappointing that NAV has done nothing in last few weeks BUT it still trades as a big discount to NAV and chart looks good and might even get to all time high again in coming weeks .

[bmel] 26/5/2021 09:32

Ackman on CNBC with some commentary. Pretty positive. Says update on the SPAC deal within a couple of weeks - talks still ongoing.

[grahamg8] 21/5/2021 07:36

kinbasket, Ackman is already on record for a big hedge against interest rate rises for exactly that reason. His presentation was very positive on a Tontine announcement in a 'few weeks'.

I was most interested in some of the discussion articles on Dominos. Not innovative vs their competitors, same menu churned out year after year. But that is what Ackman looks for. Well established solid performer with a reliable income stream from a low asset base which you get with a franchise model.

It's quite refreshing to have a business leader who says one thing and does exactly the same thing!

[kinbasket] 20/5/2021 09:17

Had a chance to compare the 13f this morning. Apart from selling Starbucks and adding Dominos he's shifted the others around a bit too. Small reductions in Agilent, Chipotle, Hilton, Lowes and QSR have been offset with a fairly big increase in the holding of Howard Hughes. HHC is an inflation play so I guess that gives us some indication of how he sees things going forward.

[arja] 18/5/2021 09:00

uptick today but painfully slow moving and wonder whether it can get back to previous high point of about 2800 in next few months .

[thruxie] 12/5/2021 16:11

Bill said he started buying Domino's in March @$330. Today, it's $430. Just bought a bunch more PSH.

[mozy123] 12/5/2021 15:19

DPZ in!
SBUX out!

Spac deal close

[arja] 06/5/2021 16:42

bad day again even as dow took off and in a short term downtrend perhaps heading for 2500 chart support ! wish I had cut my loss and might do so tomorrow ! ( wry smile )

[rickyl1] 30/4/2021 12:02

True, Agilent probably contributed less than 0.5% ytd which will be included in the 'others' bracket.

[kinbasket] 30/4/2021 09:58

When discussing the new investment and the disclosure in the upcoming 13F he said.

"Our most significant next investment will be an announcement of the SPAC transaction"

Sounds like it might be fairly close then..

I think he's right that the market doesn't fully understand that the SPAC sponsor economics accrue to the fund. It creates significant value but is hard to accurately price.

[kinbasket] 30/4/2021 09:06

The Starbucks sale was mentioned in the annual report on 30th March. Agilent was still in the portfolio at that date and the narrative was quite positive so I don't think it's gone. Any new investment will be listed in the 13f which is due mid May (15th last year). We'll get a full update on all positions then.

[bmel] 30/4/2021 08:40

Interesting developments.

Not sure if 'new investment' is a reallocation of teh Sratbucks money. They are usually quite specific when they talk about the SPAC.

We shall see.

Intersting to note that Wall Street is much less in love with Spacs than it was as several of them have bombed - companies being brought to market much earleier than they should have been.

I dont think that will apply here - Ackman is far too smart to fall down that hole. Perhaps that is why it is taking longer than panned - seeking out a high grade opportunity.

I remain optimistic about the spac and the rest of th portfolio is well placed to benefit from post-covid USA recovery.

[rickyl1] 30/4/2021 08:23

Cash + equivalents was 1.8 billion so looks like they're readying the fund for some big changes.