Pershing Square Share Discussion Threads

[olliemagern] 14/8/2024 08:05

Jelly, i am a value investor. Can you give us a couple of investments you believe are better value than PSH.

[jellypbean] 13/8/2024 14:33

Chipotle has its boss poached. Down 12%.

[jellypbean] 12/8/2024 22:19

Ollie, the latest info we have is that PSH is/was sitting on 2.4Bn of cash equivalents (zero net gearing)

On reflection, given the market falls, that was a good place to have it.

Will that now be used to buy the rest of HHH? We just don't know yet. By my reckoning that could end up with >50% of NAV in just UMG and HHH. Hence why I'm sitting it out now.

If I still took small sized punts on ITs, perhaps I'd be tempted, but for me it's 5 or 10% of my portfolio, or nothing, so nothing it is.

[olliemagern] 12/8/2024 11:22

With the S&P500 P/E close to its 50 year high, now would be an excellent time for PSH to sell 20% of its holdings and buy back 20% of PSH shares.

That would significantly improve NAV and performance, and reduce the silly unwarranted too large discount.

Then Bill could re-float PSUS with discounted warrants attached.

[riverman77] 12/8/2024 08:53

I would probably have done the same - not entirely comfortable with the very high concentration in single names and lack of transparency (no idea what the portfolio actually holds). I was hoping the launch of the new fund would act as a trigger to close the discount, but that now appears to be off the cards. May revisit if the discount drops back to earlier levels.

[jellypbean] 12/8/2024 07:19

Seems you are right riverman. I did wonder whether there would be, though was hopeful.

Decided therefore to sell out for what I paid for them and buy back into something more conventional, for a quieter life.

[riverman77] 10/8/2024 16:13

Just catching up on last week's NAV update - as expected a reasonable fall given the wider market sell-off. Looks like no magic hedges in place this time, such as we saw during the Covid sell-off.

[affemoose] 08/8/2024 09:20

Possibly... hxxps://theseaport.nyc/

Would be cashflow generative (lots of retail rents etc etc) so good for the Berkshire Hathaway V2.0 that Bill seems to want to build. But is not as reliable as nice insurance companies like Buffett has. Let's see.

HHH also has a good land bank -so maybe something that PSH cash can be used to exploit faster than if they were reliant on their own income stream.

Only time will tell.

[rickyl1] 08/8/2024 08:20

My only concern was that it doesn't really fit Bill's template of investable companies on its own.

[rickyl1] 08/8/2024 08:14

That's what I was thinking, suppose we'll find out soon.

[jellypbean] 07/8/2024 22:19

Can we assume the new holding that caused "Leisure and Hospitality" to appear in the list of sectors, is Seaport (recently spun out of HHH).

[rickyl1] 07/8/2024 19:20

Howard Hughes Holdings, one of the companies in PSH of which they own 38% already.

[rickyl1] 07/8/2024 09:20

Saw on 'X' that Bill possibly looking to take HHH private. Nothing much to add other than keep watching.

[riverman77] 05/8/2024 11:34

Does anyone have an inkling how the rest of the portfolio may be doing? Always difficult to find out what he actually holds but can normally come up with a rough idea based on most recent reports and commentary. He's not really into tech, and the consumer sector where he tends to focus has held up a bit better.

[jellypbean] 05/8/2024 10:56

Yes, if they did have any hedges in place to protect from this kind of event, then the fund will do well.

Fingers crossed.

My attempt to protect from this was to hold AJOT (cash heavy Japanese small caps), but its price has just fallen 6% too, so I'm also hoping that's an over reaction and NAV will be different.

[rickyl1] 05/8/2024 09:28

It would be great for his new fund if he does well on any hedges he might have. I may be wrong but isn't Ryan Israel leading up the hedge 'team' ? May also be a good opportunity to be buying for the new fund with many names well down.

[affemoose] 05/8/2024 09:12

Ouch. PSH Brutalised again today.

Mind you - everything is brutalised today. Not a pretty sight.

[riverman77] 05/8/2024 08:34

Not just distracted by twitter - also the launch of the new fund apparently involved over 100 meetings with various potential investors. Surely can't be any time left to do actual investing?

[foetus in your brain] 05/8/2024 08:16

The fallout from the yen carry trade is exactly the sort of once in 5 years asymmetrical event that is supposed to be Bills forte. I just hope he caught it, because if he didn't the suspicion will be that he is distracted by Twitter

[jellypbean] 02/8/2024 15:39

Hum, bought back in at 3.56 ish
Will I regret this? Hope not.

[rickyl1] 02/8/2024 14:45

Yeah, I meant the share price today. I'm still well up from my initial purchase years ago :)

[peckers56] 02/8/2024 12:26

Rickyl1 - down 5.65%. I guess it all depends on when you bought. I did on 1st Nov 2023,and currently sitting (dividends included) on a 33% profit.

[rickyl1] 02/8/2024 08:00

Yes leisure & hospitality is the new sector added.Let's hope something helps lift us here, down 5.65% at time of writing !

[foetus in your brain] 02/8/2024 07:01

In the monthly report PSH is up to 13 holdings. So if I'm right there are 3 we've not been told about