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James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Pershing Square Holdings (PSH).
PSH is Bill Ackman's closed end fund. It trades at a discount, at James thinks Ackman is on the verge of taking steps that will both increase net asset value and shrink the discount.
James' Twitter: https://twitter.com/jameselbaor
Chapters
0:00 Intro
2:25 PSH Overview
11:50 Why would a U.S. listing close the NAV gap?
20:20 What could PSH buy to relist in the U.S.?
22:55 How does PSH fund an acquisition?
24:55 Responding to the Ackman Blow Up Risk
27:30 PSH's management fees and the discount
32:20 Why has PSH's leverage come down this year?
38:30 Discussing PSH's "macro" trades
42:30 The interest rate swaption
46:30 PSH's current portfolio
52:30 How PSH will evolve over time
56:30 PSH's dividend
1:01:30 A little more on a potential relisting
4.6
9595 ratings
James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Pershing Square Holdings (PSH).
PSH is Bill Ackman's closed end fund. It trades at a discount, at James thinks Ackman is on the verge of taking steps that will both increase net asset value and shrink the discount.
James' Twitter: https://twitter.com/jameselbaor
Chapters
0:00 Intro
2:25 PSH Overview
11:50 Why would a U.S. listing close the NAV gap?
20:20 What could PSH buy to relist in the U.S.?
22:55 How does PSH fund an acquisition?
24:55 Responding to the Ackman Blow Up Risk
27:30 PSH's management fees and the discount
32:20 Why has PSH's leverage come down this year?
38:30 Discussing PSH's "macro" trades
42:30 The interest rate swaption
46:30 PSH's current portfolio
52:30 How PSH will evolve over time
56:30 PSH's dividend
1:01:30 A little more on a potential relisting
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