Author Topic: PSH.L - Pershing Square Holdings  (Read 158183 times)

5xEBITDA

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Re: NL:PSH - Pershing Square Holdings
« Reply #480 on: September 01, 2020, 07:34:58 AM »
Yep, it’s impractical to expect a 0% discount for all the reasons you mentioned. The CEF folks  like governance, fees, tender offers where they can get overallotments, predictability, hedge ability (for arbs. PSH scores poorly in those respects and we can’t expect the CEF crowd to solely lift up PSH to a reasonable discount.

There is also the issue of sheer size. You have to attract a fair amount of loyal holders/ true believers to   Because PSH is a big vehiclle, it’s not like it’s PEO where bulldog can come in and ruffle feathers.

Yep! Another interesting tidbit. You've mentioned Bulldog, who I am familiar with from my adventures with SPACs, but you're right that they are CEF activists. Saba Capital is also a good CEF activist, I'd say probably better than Bulldog but I can't back that up. Saba has done very well this year with credit, and I believe there is an article from Bloomberg talking about how Ackman has money with Saba. I am sure Saba owns some PSH shares, but given their relationship I think it is fair to say that one of the main players you'd expect to help close a CEF discount is effectively out of the market for it.


John Hjorth

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Re: NL:PSH - Pershing Square Holdings
« Reply #481 on: September 01, 2020, 08:25:28 AM »
Good luck messing around with something, that you actually [perhaps] do not like, but it appears cheap.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

thepupil

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Re: NL:PSH - Pershing Square Holdings
« Reply #482 on: September 01, 2020, 10:08:00 AM »
Good luck messing around with something, that you actually [perhaps] do not like, but it appears cheap.

theme for the day here, but not sure what you mean.

i don't follow what you mean by "messing around".

I've followed ackman for about a decade and invested a substantial amount of money with him in March/April of 2020. i then trimmed some shares on the way up. with more facts (and wildly different valuations on some other holdings), I reversed some of those trims and added a little more.

« Last Edit: September 01, 2020, 10:15:07 AM by thepupil »

buffetteer1984

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Re: NL:PSH - Pershing Square Holdings
« Reply #483 on: September 01, 2020, 12:32:40 PM »
Too many people love to hate on ackman for whatever reason i'm unsure but you can't argue against his performance.  He's batting close to .800 on all his collective investments and is up more than 800% since inception for pershing square (2005).  I really don't think there are many other investors that have done as well as him over the long term or have given as much detail of each of their investments. 

Gregmal

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Re: NL:PSH - Pershing Square Holdings
« Reply #484 on: September 01, 2020, 12:37:06 PM »
Ackman is one to cautiously admire, but also respect for what he is.

Gregmal

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Re: NL:PSH - Pershing Square Holdings
« Reply #485 on: September 02, 2020, 09:24:23 AM »
Posted in another thread but relevant here, Ackman supposedly was going after AirBNB with the SPAC. Again, if nothing else, what a wily and opportunistic fellow.

thowed

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Re: NL:PSH - Pershing Square Holdings
« Reply #486 on: September 02, 2020, 10:33:12 AM »
To be clear, I was saying *I* have got this wrong in the past!

Apologies!  I dashed that off in haste, so it came out wrong.  I meant to say that, like you, I have *also* got this wrong in the past!

Pupil (a veritable misnomer), many thanks for your recent long post about PSH, more food for thought.

Gregmal - AirBNB - wow!  I hadn't heard that.

I agree about the portfolio - most of it is not stuff that I'd normally own, BUT in contrast to some previous eras, nothing looks especially controversial (though I don't know enough about Howard Hughes, and the money he put in for the raise earlier this year).  In addition, I find this sort of portfolio slightly more reassuring than buying most Tech at current prices.

God - I remember that Baby Buffett cover... Cringe!

Re: the CEF discount, I haven't looked into if London or Amsterdam is where most of the trades take place (I'd guess London).  LSE CEF discounts have tightened up over the past 5 years, and 0 to -5% is not unusual these days (whereas -10% used to be quite standard).  There is also still a paucity of decent USA CEFs listed on the LSE.  Against that is certain governance issues, especially with the long-term debt etc. I believe.

villainx

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Re: NL:PSH - Pershing Square Holdings
« Reply #487 on: September 02, 2020, 06:36:41 PM »
For USA base folks, PSHZF is the share?  Is it preferable to be in regular trading account or IRA type?

Thanks in advance!

thepupil

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Re: NL:PSH - Pershing Square Holdings
« Reply #488 on: September 02, 2020, 07:01:46 PM »
ownership by US persons is tricky, period. In fact, it's questionable whether an IRA of an accredited person can own it. It would be best to be owned in an IRA that's not a rollover or would not be considered ERISA money.

Owning in a taxable account is a no go unless you want to file PFIC form and have it taxed in an onerous fashion.

One can buy the less liquid ADR in a non rollover IRA of an accredited investor and I think that it's okay from what I've read.


The Placing Shares have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan, New Zealand or South Africa. Subject to
certain exceptions, the Placing Shares may not be offered or sold within the United States, Australia, Canada, Japan, New Zealand or South Africa or into any other jurisdiction where to
do so would constitute a violation of applicable laws or regulations of such other jurisdiction or to any national, resident or citizen thereof. The Placing Shares may not be offered or sold to
or for the account or benefit of U.S. persons (‘‘U.S. Persons’’) as defined in Regulation S (‘‘Regulation S’’) under the U.S. Securities Act of 1933, as amended (the ‘‘Securities Act’’).
The Placing Shares are being offered and sold only to non-U.S. Persons in the Netherlands and selected other jurisdictions in offshore transactions in reliance on Regulation S, provided
such persons are also Qualified Eligible Persons (‘‘QEPs’’) under U.S. Commodity Futures Trading Commission (‘‘CFTC’’) Rule 4.7.
Neither the U.S. Securities and Exchange Commission (the ‘‘SEC’’) nor any U.S. state securities commission has approved or disapproved of the Placing Shares, nor have they passed upon
or endorsed the merit of the Placing or the accuracy or completeness of this Prospectus. Any representation to the contrary is a criminal offence in the United States. The Company has not
registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the ‘‘Investment Company Act’’), and investors will not be entitled to the benefits of
that Act.
The Placing Shares may not be acquired by: (i) investors using assets of: (A) an ‘‘employee benefit plan’’ as defined in Section 3(3) of the U.S. Employee Retirement Income Security Act
of 1974, as amended from time to time (together with the applicable regulations thereunder, ‘‘ERISA’’), that is subject to Title I of ERISA; (B) a ‘‘plan’’ as defined in Section 4975 of the
U.S. Internal Revenue Code (the ‘‘IRC’’), including an individual retirement account or other arrangement that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to
hold the assets of any of the foregoing types of plans, accounts or arrangements that is subject to Title I of ERISA or Section 4975 of the IRC (‘‘ERISA Plans’’); or (ii) a governmental,
church, non-U.S. or other employee benefit plan that is subject to any federal, state, local or non-U.S. law that is substantially similar to the provisions of Title I of ERISA or Section 4975
of the IRC.
Each Manager is acting exclusively

See this

fareastwarriors

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Re: NL:PSH - Pershing Square Holdings
« Reply #489 on: September 02, 2020, 07:09:57 PM »
For USA base folks, PSHZF is the share?  Is it preferable to be in regular trading account or IRA type?

Thanks in advance!

I own PSHZF in my Roth IRA.