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Pershing Square Holdings (PSH)
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Raj K
Posted: 27 January 2022 11:11:05(UTC)
#132

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Mr GL;205620 wrote:
PERSHING SQUARE HOLDINGS, LTD. RELEASES REGULAR WEEKLY NET ASSET VALUE AND YEAR-TO-DATE RETURN AS OF 25 JANUARY 2022

Thu 27 Jan 2022 07:00
The NAV and returns were computed as of the close of business on Tuesday, 25 January 2022.
PSH NAV per share as of close of business on 25 January 2022 was 49.36 USD / 36.54 GBP and year-to-date performance was -13.8%.

Pretty sh1t YTD - discount using 2645 is 27.6%....

performance is poor... the direction of NAV is unhelpful... the purchase of Netflix may help... not sure what other clever hedges that have in place... but its a very wide discount... hopefully just cos it went up last year I am not falling foul of being a twat myself for sticking and adding today..

I added 2% today - replacing some I sold over last couple of weeks...
Pershing Square PSH Global Hedge Fund 5.5%



I would hope that the portfolio of companies it contains will be able to cope with any rising interest rates that may come. He always talks about them having pricing power etc. Yes if the NAV drops further then the SP will likely follow but i see it as an oppurtunitiy to add more then, at least thats my take!
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Mr GL on 27/01/2022(UTC)
Johan De Silva
Posted: 27 January 2022 11:35:11(UTC)
#133

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So the rationale is that this is a hedge fund doing what many here normally do.

The problem is I've (and I am sure others) have beaten it even excluding the fees... so this really is a discount training opportunity as I see little investment value?

They need to go down from 6% to 0% fees to make it match VWRP on a 1 year view!

Bogle states the US market is too efficient for picking out stuff like Netflix in isolation.
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Bulldog Drummond on 27/01/2022(UTC), Mr GL on 27/01/2022(UTC), Sheerman on 27/01/2022(UTC)
Mr GL
Posted: 27 January 2022 12:05:46(UTC)
#135

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Johan De Silva;205626 wrote:
So the rationale is that this is a hedge fund doing what many here normally do.

The problem is I've (and I am sure others) have beaten it even excluding the fees... so this really is a discount training opportunity as I see little investment value?

They need to go down from 6% to 0% fees to make it match VWRP on a 1 year view!

Bogle states the US market is too efficient for picking out stuff like Netflix in isolation.



Its performed as poorly as the NASDAQ over the last year - my favourite benchmark of choice... and this is in opposite of what I would have expected - I was expecting it to be long value and therefore to have held up well in this long duration sell off... over three years it is only just outperforming SMT and both are outperforming EQQQ... I am holding on because of a perception of discount cheapness, because he is still able to make money getting big macro bets right - such as the interest rate hedge - and I feel (hope / faith) there is more downside protection imbedded in his holdings and his continued macro risk hedging...

I sold some a little higher as it wasn't doing what it should... I've added on the news over night re Netflix and interest rate trade profits...

I am not going to try and convince you to buy it - I can only tell you what I have done and why...

EDIT *** actually looks like I sold only a few days ago and bought back at not too dissimilar prices... not doing a good job on this one
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lindsay Morrison2 on 27/01/2022(UTC)
Raj K
Posted: 27 January 2022 12:33:32(UTC)
#134

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Johan De Silva;205626 wrote:
So the rationale is that this is a hedge fund doing what many here normally do.

The problem is I've (and I am sure others) have beaten it even excluding the fees... so this really is a discount training opportunity as I see little investment value?

They need to go down from 6% to 0% fees to make it match VWRP on a 1 year view!

Bogle states the US market is too efficient for picking out stuff like Netflix in isolation.



Is Pershing Square really a classic hedge fund? I thought most hedge funds have lots of holdings and try to generate a low volatity return in excess of market? I know he uses some hedges but maybe for purpose to protect against big sell off. Portfolio is concentrated. Fees are high but maybe thats the only part that is classic hedge fund? It is an activist fund so there is involvement from Pershing with some of the companies to create more value. Performance after fees has been good, since 2004 at 17% c.p.a. I like his criteria for selecting companies and want to hold for the long term but isnt afraid to change positions if something better comes along.

For me a more longer term holding and the dicosunt just gives oppurtunites to add value through cheaper entry points hopefully!
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Tim D on 27/01/2022(UTC), Big boy on 08/02/2022(UTC), Old Jock on 10/02/2022(UTC)
Raj K
Posted: 29 January 2022 17:14:05(UTC)
#136

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https://www.youtube.com/...=4BRtjmdaKzo&t=788s

A analysis of Netflix by one of the few youtubers I respect. Might provide some useful insights into the reasoning PSH bought Netflix.
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Auric
Posted: 07 February 2022 21:32:25(UTC)
#137

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Mentioning this in case there is some interest in attending the live webcast.
Annual Investor Meeting
Time: 14:00 GMT
Date: Friday, February 11, 2022
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Mr GL on 08/02/2022(UTC)
Mr GL
Posted: 08 February 2022 18:32:31(UTC)
#138

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https://pscmevents.com/a...-investor-presentation/

Pershing Square Capital Management, L.P.
cordially invites you to the
Virtual Annual Investor Meeting
of
Pershing Square Holdings, Ltd.
Friday, February 11th, 2022

9:00AM ET (14:00 GMT) – Presentation and Q&A

Please RSVP by Tuesday, February 8th, 2022, 12:00 PM ET (17:00 GMT) by clicking the link below

REGISTER HERE


they want a lot of information ...
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Raj K on 08/02/2022(UTC)
Auric
Posted: 09 February 2022 11:17:03(UTC)
#139

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Too late now to register; so this post is for future reference if you are still holding & want to attend.

Aside from supplying a contact email address and cell phone number, the latter ostensibly for log-in verification on the day; PSH checks that you are a shareholder, which is normal for attendance to an AGM.

I screen captured my latest broker contract note, and then using MS Windows app "photo edit": 1) cropped the image to only include the note, and 2) blanked out with “white ink”, the platform account number. Uploaded the image to PSH as requested, and received confirmation in 24 hrs.
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Big boy on 09/02/2022(UTC)
Raj K
Posted: 09 February 2022 11:18:44(UTC)
#140

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Auric;208230 wrote:
Too late now to register; so this post is for future reference if you are still holding & want to attend.

Aside from supplying a contact email address and cell phone number, the latter ostensibly for log-in verification on the day; PSH checks that you are a shareholder, which is normal for attendance to an AGM.

I screen captured my latest broker contract note, and then using MS Windows app "photo edit": 1) cropped the image to only include the note, and 2) blanked out with “white ink”, the platform account number. Uploaded the image to PSH as requested, and received confirmation in 24 hrs.


Deleted, didnt read the post properly
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Auric
Posted: 10 February 2022 16:05:57(UTC)
#141

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Disney comfortably beat expectations with higher sales and more new subscribers for its streaming service than anticipated in the last quarter. Is Disney eating Netflix's lunch?
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