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