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Pershing Square Holdings (PSH)
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Big boy
Posted: 24 December 2024 10:03:52(UTC)
#563

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Just doubled up on undervalued PSH....near 35% discount.

For me LTI is to high risk and I dont gamble as now a term investor. It's strange how investors were falling over themselves to buy at large discount (greedy piggys) yet they wont go near them on a suggested discount.
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Alanis M on 29/12/2024(UTC)
Big boy
Posted: 28 December 2024 22:45:30(UTC)
#567

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Nikitaa

Having gone round the houses a few times are you a buyer…or seller based on last SP.
I think the last published discount is closer to 35%.
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Alanis M on 29/12/2024(UTC)
Johan De Silva
Posted: 29 December 2024 09:35:34(UTC)
#568

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Can anyone with a subscription please see if PSH has been tipped here for 2025? (roomer has it, it has)

https://www.thetimes.com...5-4584-bde4-9dbcdff26a1f
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Pre Ka on 29/12/2024(UTC)
Pre Ka
Posted: 29 December 2024 10:10:14(UTC)
#569

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Johan De Silva on 29/12/2024(UTC), Old Jock on 30/12/2024(UTC), Auric on 30/12/2024(UTC), Jay P on 30/12/2024(UTC)
Alanis M
Posted: 29 December 2024 10:40:13(UTC)
#570

Joined: 26/02/2018(UTC)
Posts: 81
As much as I agree in principle with the Times recommendation, the analysis is laughable. I'm glad I'm not paying for that - sadly I am paying for Questor through my telegraph subscription which is similarly poor.

I am still holding at 15% of my ISA, I expect there could be some catalysts this year and I like the current holdings (except Nike which I am waiting to see play out).
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Big boy
Posted: 30 December 2024 16:58:28(UTC)
#571

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Alanis M;329638 wrote:
As much as I agree in principle with the Times recommendation, the analysis is laughable. I'm glad I'm not paying for that - sadly I am paying for Questor through my telegraph subscription which is similarly poor.

I am still holding at 15% of my ISA, I expect there could be some catalysts this year and I like the current holdings (except Nike which I am waiting to see play out).


Do you have a reason to dislike NIKE ....do you know something the FM doesn't know ...

I am very happy with all the stocks they hold and specially happy as I am buying well below most Global Investors...
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Old Jock
Posted: 30 December 2024 17:14:55(UTC)
#572

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Nike seems like a sensible stock for PSH to own, because part of their strategy is to get actively involved in the companies they own and drive performance improvements.

Hence the scope for value add is higher for companies which are major established brands but the current management have screwed up on execution and/or lost their way.

Also because PSH only ever owns a handful of companies (a) they have the time to devote to each holding, and (b) if they do engineer a turnaround the impact on portfolio performance should be material.

Some crude numbers - if you only have 8 holdings in equal weights that means 12.5% of your time is allocated to each company, and say a 50% stock price recovery delivers 6.25% NAV upside. Of course they do not actually own equal weights but hopefully this illustrates the point.

Compare this to a manager with a fund of 80 to 100 shares who only dials into the quarterly trading and annual results calls - PSH often exert a strong degree of direct influence over the Boards of the companies they own, sometimes even getting Board seats.

Personally I don't mind paying high performance fees for this level of active management, which I don't think you'll find much of elsewhere..
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Newbie on 30/12/2024(UTC), Raj K on 30/12/2024(UTC), CPCC on 09/01/2025(UTC)
Big boy
Posted: 30 December 2024 17:32:47(UTC)
#573

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Old Jock;329687 wrote:
Nike seems like a sensible stock for PSH to own, because part of their strategy is to get actively involved in the companies they own and drive performance improvements.

Hence the scope for value add is higher for companies which are major established brands but the current management have screwed up on execution and/or lost their way.

Also because PSH only ever owns a handful of companies (a) they have the time to devote to each holding, and (b) if they do engineer a turnaround the impact on portfolio performance should be material.

Some crude numbers - if you only have 8 holdings in equal weights that means 12.5% of your time is allocated to each company, and say a 50% stock price recovery delivers 6.25% NAV upside. Of course they do not actually own equal weights but hopefully this illustrates the point.

Compare this to a manager with a fund of 80 to 100 shares who only dials into the quarterly trading and annual results calls - PSH often exert a strong degree of direct influence over the Boards of the companies they own, sometimes even getting Board seats.

Personally I don't mind paying high performance fees for this level of active management, which I don't think you'll find much of elsewhere..


Thank you for your comments on NIKE..

I found when Managing money that many hundred/thousands stocks for the future was better than say 8 stocks from the passed..

ie better to be in the small up and coming stocks rather than just major conglomerates.........
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Old Jock on 31/12/2024(UTC)
Newbie
Posted: 30 December 2024 17:50:25(UTC)
#576

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Nike does strike me as a bit odd - especially when their turnaround strategy is to follow the leaders and try to catch up with offerings where they have fallen behind. This not only suggests lack of innovation but also implies that Nike do not have a viable way to get ahead.

However Ackman does have a knack to find companies and make them work with a good degree of conviction (ignoring the Netflix issue where he bailed out instead of sticking to his conviction and in turn making a loss on one of the star performers).
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Raj K on 30/12/2024(UTC), Old Jock on 31/12/2024(UTC)
Raj K
Posted: 30 December 2024 18:10:49(UTC)
#574

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Big boy;329688 wrote:


Thank you for your comments on NIKE..

I found when Managing money that many hundred/thousands stocks for the future was better than say 8 stocks from the passed..

ie better to be in the small up and coming stocks rather than just major conglomerates.........



We are still waiting for the published results, showing your 100's/1000 stock record breaking fund strategy outperformed over multiple cycles... Any chance getting a squizz of that now its nearly 2025 :)

Most wealth has been built by people owning one or a handful of business. I dont expect an indivdual seconday back seat investor to take the same risk however managers like Ackman see stocks as real businesses . There is no way they will buy 25/30/40/100 stocks. That would be diworsification for them. They want to understand the businesses they are invested in and where they can, influence changes in them.

BBOY just teasing i know we will never see the data :)
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4 users thanked Raj K for this post.
Jon.Snow on 30/12/2024(UTC), Guest on 30/12/2024(UTC), Big boy on 30/12/2024(UTC), Old Jock on 31/12/2024(UTC)
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