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Nice little perk up before the bell
Hedge already worth over 1 billion dollars, 6x cost.
Very nice to hear :)
https://youtu.be/qRWH-ZaMTM4
5 minute interview with Bill Ackman where he explains the latest hedge for the fund.
https://www.youinvest.co.uk/shares-and-markets/research/videos
Lots on offer here, I like the fact that some of Bill Ackmans best trades have been is bear markets, makes me bullish on this in a bull or bear market
forgot link
https://www.youtube.com/watch?v=Ajzywjf7D1w
@8.50.....Bill Ackman interview covers the fees of the PSH retail offering against his private family run funds.....complicated....certainly beyond the interviewer :-) but works for me ....feel a top up coming on
https://www.youtube.com/watch?v=BpeHWiRuu2k
Great presentation / insight into how lucky PSH shareholders got by this deal not being able to complete within the PSTH.
Trading at around 25% discount to NAV
FTSE 100
Massive outperformance of S&P 500 year on year
Managed by Bill Ackman
He does well in good & tough markets, very defensive, as markets get toppy it feels a wise move adding PSH
https://www.barrons.com/articles/how-bill-ackman-turned-27-million-into-2-6-billion-during-the-coronavirus-crisis-51585147940
Well the £30 took a few weeks longer……..but here we are.
Skipping along nicely as it seems to have broken out of the previous trading channel.
Freddie Mac and Fannie May have both bounced 40% in the last week. It sure what % of the portfolio they make up but important enough for our Bill to write about in the last report.
Goodish quarterlies from the rest of the portfolio will see the Nav continue to rise. The discount will not stay at this level forever, especially as we are de-risked from the SPAC and have a huge chunk of the‘boringly predictably profitable ‘tunes’ business. £30 before end of the week I think.
Yes, you only pay the extra fee if performance is stellar, which it has been the last 2 years. Fine by me.
Looks like the message is getting out there. Buy now while there is still a large discount.
PSH hold some great investments and making me smile at present. from a UK retail investors point of view the way costs are covered on the likes of Hargreaves Lansdown will put a lot of people off and therefore stifle demand. it states costs/charges of over 11%. which while true last year, is in fact 1.5% reg fee and the rest is performance related. Unless people dig deeper may over look this trust which gives access to some fab businesses.
Climbing nicely……..very good indeed and some way to go yet.
Wonder if price of gas and consequencies thereof were the problem here... Any news snyone ? Chartist would say the Fib retracement is over and a significant rise should follow... Seems a bit optimistic to me but then I would have said a retracement to such levels would have been typical chart voodoo until it happened. Just for comparison everything else did badly today.
Hi Rickyl,
I tend to be more of a voyeur on these boards but occasionally pick up some interesting stuff.
Reading your posts, like you I have a bit of skin in the game here (for me anyway), I think this trust could fly with a bit of positive news and performance. With assets of 9 billion and NAV of 7 billion, I’d say it’s a pretty big discount at present and Ackman has stated in his reports he wants to reduce it. There’s also some court case going on in America challenging the legitimacy of the PTSH spac (10% holding in PSH) which will distract from performance for a while, but I agree, some very good underlying investments, for me it’s a long term holding.
It's nice to see another post on here too :)
Nice bit of movement, hopefully the last 12 mths patience and buying on dips will start to pay off. UMG and Pershings 10% expected to be valued at around 18.50 euros a share as start, currently circa 25euros considerably raising the market capitalisation from 33.5 billion euros to the 44 billion region.
Complicated does not begin to describe it lol. US stock exchange thought so too. Once UMG is listed we should see improvement here.
Thank heavens that SPAC complication is over. Mind you I never really understood it. This I understand. Well I haven’t done a cashflows analysis but expect Bill to have done good job on that.
We now own 7.1% of UMG. It lists on Amsterdam stock exchange on 21 Sept. Will be intersting to see what impact that has on oour NAv and the discount. I suspect it will be positive .
A good addition of another very high quality consumer brand business to the portfolio.....and an end to the SPAC uncertainty.
Thanks for the comments. I am broadly in agreement on the risk level here and have started rebuilding my position.
Low risk and Vivendi just posted great numbers for umg which is highly profitable.. Will be a nice add to the psh portfolio
It is full of food and hotel (and retail) - and shortly UMG. These are excellent defensive, quality brand stocks that will benefit considerably as consumer spending recovers post-pandemic in the USA - as noted already Chipotle and Domino shot the lights out wiht their result this week. US airlines are already reporting increasing travel numbers and that will be seen in hotel activity too.
Consider also that companies that have survived the pandemic have massively reduced their costs and invested in technology (read up on Chipotle) hence their profitabilty will be higher as they move back towards full volume consumer activity.
I am not sure I know how PSH will benefit from the SPAC going forward as all its cash (rather than PSHT) will be used on the UGM purchase - arguably that has reduced uncertainty and may lead to a reduction in the circa 25% discount. When combined with the rising value of those assets it seems like a good reward for negligable risk play.
I have a relatively large holding also. Domino's and Chipotle have had stellar results and both risen over 10% on the back of them. I think buying on weakness and holding through volatility will pay off medium to long term. UMG is a great company and should bolster performance and any forward purchase of PSTH could help also. Still plenty of unknowns but that's investing for you.