Pershing Square's shares at $33 look far too high for some of the worst fundamentals in the market. The $22 IPO price is the next stop, and even a level as low as $3.55 could arguably be fair. x.com
The Long Investor
Airline Captain & Investment Analyst, Technical/Fundamental Analysis
Pershing Square looks excessively valued: a $24 billion market cap against $22 billion of fee-paying assets under management. x.com
Pershing Square USA offers little reason to own it when investors can buy its holdings, such as Hilton, Uber, Meta and Chipotle, directly. Per @StockSavvyShay, Bill Ackman's fund opened 15% below its IPO price. x.com x.com
Pershing Square trades below the price strategic investors paid for a stake two years ago, even though its fee-paying assets have roughly doubled since. Those investors bought a 10% interest at $26.25. Pershing Square USA also trades at a large discount to its $49 of cash per share, and the firm looks nothing like other closed-end funds. x.com