Author Topic: NL:PSH - Pershing Square Holdings  (Read 142294 times)

TwoCitiesCapital

  • Hero Member
  • *****
  • Posts: 2641
Re: NL:PSH - Pershing Square Holdings
« Reply #430 on: June 26, 2020, 01:42:19 PM »
I think he just got lucky then with the liquidity drying up back in March. I don't think you get lucky again with the fed pointing a firehose of liquidity at the markets.

Well, he definitely paid more for the exposure this time which will certainly limit the % gain, but I think he'll probably do alright the second time around. We're only just beginning to see the economic impact with bankruptcies like Hertz coming through. Credit spreads probably have another spike or two in them as we work through that which will help.

Also, he doesn't need to be 100% hedged this time around. He's already got like a 30+% advantage to the S&P 500 this year. Just hedge enough to ensure that's locked in and let the rest of the portfolio fluctuate.


Gregmal

  • Hero Member
  • *****
  • Posts: 3875
Re: NL:PSH - Pershing Square Holdings
« Reply #431 on: June 26, 2020, 02:40:06 PM »
He also went bonkers with HHC, something that at least if last time is a precursor, would get annihilated. While I think there is pain in the RE and names that previously got whacked if the economic recovery takes a step back, I am also wondering if this is where some of the clouds circling the more popular stuff start tempering investor enthusiasm for them. Every pop stock but maybe NFLX and MSFT currently have big clouds hanging over them, especially politically.

thowed

  • Full Member
  • ***
  • Posts: 186
Re: NL:PSH - Pershing Square Holdings
« Reply #432 on: June 26, 2020, 03:36:54 PM »
Where did you see this?

It's tucked away in the Transparency Reports.  Listed as 'Long Protection'.  I think it's Indices CDS, so it's confusing as the 0 figure on the Performance Report is for individual and Sovereign CDS.

buffetteer1984

  • Jr. Member
  • **
  • Posts: 71
Re: NL:PSH - Pershing Square Holdings
« Reply #433 on: June 27, 2020, 08:17:06 AM »
Oh man I don't know how I ever missed the transparency reports before.  Thanks!

Where did you see this?

It's tucked away in the Transparency Reports.  Listed as 'Long Protection'.  I think it's Indices CDS, so it's confusing as the 0 figure on the Performance Report is for individual and Sovereign CDS.