54 mins. ago
During the second quarter, Pershing Square Capital Management, the hedge fund firm founded by Bill Ackman, initiated positions in Visa (NYSE: V) and Mastercard (NYSE: MA). While their share prices have appreciated in recent months, these businesses traded at attractive valuations at purchase.
Here are three reasons the billionaire investor is bullish on these two S&P 500 stocks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman's firm believes these are two of the highest-quality businesses on Earth. There are three notable factors supporting this view.
Visa and Mastercard, which connect consumers, merchants, and banks around the world, have developed robust network effects. This makes their platforms almost impossible to disrupt.
#pershing
Here are three reasons the billionaire investor is bullish on these two S&P 500 stocks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman's firm believes these are two of the highest-quality businesses on Earth. There are three notable factors supporting this view.
Visa and Mastercard, which connect consumers, merchants, and banks around the world, have developed robust network effects. This makes their platforms almost impossible to disrupt.
#pershing
26 days ago
This year hasn't treated Netflix's (NFLX) stock well, and it is down over 18% year-to-date (YTD). It peaked above $108 in April ahead of its Q1 2026 earnings. However, that report triggered a selloff in Netflix, as did the next one. Incidentally, the company did not raise its 2026 guidance in either release, which dampened sentiment and raised fears of a slowdown in the back half of the year.
To be sure, Netflix hasn't had a linear decline this year, and the stock has had its moments. It rallied in late February after the company announced that it was walking away from the bidding war for Warner Bros. Discovery's (WBD) ******* ets. It did not hurt that Paramount Skydance (PSKY) paid a $2.8 billion breakup fee to Netflix for stepping aside from the deal. NFLX hit its 2026 lows following its Q2 2026 confessional but smartly rallied from those levels, in part aided by the disclosure that Bill Ackman's Pershing Square Holdings (PSHZF) took a stake in Q2.
Dear Nvidia Stock Fans, Mark Your Calendars for September 10
Rocket Lab Keeps Landing Defense Deals. Here's Why ******* ysts Aren't Getting More Bullish.
Why Stifel Just Revamped Its Price Target for Microsoft Stock
#company #however #incidentally
To be sure, Netflix hasn't had a linear decline this year, and the stock has had its moments. It rallied in late February after the company announced that it was walking away from the bidding war for Warner Bros. Discovery's (WBD) ******* ets. It did not hurt that Paramount Skydance (PSKY) paid a $2.8 billion breakup fee to Netflix for stepping aside from the deal. NFLX hit its 2026 lows following its Q2 2026 confessional but smartly rallied from those levels, in part aided by the disclosure that Bill Ackman's Pershing Square Holdings (PSHZF) took a stake in Q2.
Dear Nvidia Stock Fans, Mark Your Calendars for September 10
Rocket Lab Keeps Landing Defense Deals. Here's Why ******* ysts Aren't Getting More Bullish.
Why Stifel Just Revamped Its Price Target for Microsoft Stock
#company #however #incidentally
1 month ago
Bill Ackman has built a portfolio of stocks that he believes currently trade at very compelling valuations. The head of Pershing Square (NYSE: PS) has built a strong track record as a long-term buy-and-hold value investor. But some of his top holdings today wouldn't be considered value stocks by most.
For the most part, the stocks in the portfolio have valuations around the S&P 500 average, or in some cases, much higher. That's because valuation isn't the most important factor for generating long-term returns, Ackman explained in his recent letter to shareholders. While valuation should always be a consideration, strong and sustainable earnings-per-share growth is even more important, Ackman says.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
He explains his thesis with simple math, and while it opens the universe of so-called "value stocks," it follows the same ethos as the father of value investing, Ben Graham, and Graham's most well-know pupil, Warren Buffett.
Ben Graham is quoted as saying that in the short-run the stock market is a voting machine; in the long run, it's a weighing machine.
#value #NVIDIA #signal #long
For the most part, the stocks in the portfolio have valuations around the S&P 500 average, or in some cases, much higher. That's because valuation isn't the most important factor for generating long-term returns, Ackman explained in his recent letter to shareholders. While valuation should always be a consideration, strong and sustainable earnings-per-share growth is even more important, Ackman says.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
He explains his thesis with simple math, and while it opens the universe of so-called "value stocks," it follows the same ethos as the father of value investing, Ben Graham, and Graham's most well-know pupil, Warren Buffett.
Ben Graham is quoted as saying that in the short-run the stock market is a voting machine; in the long run, it's a weighing machine.
#value #NVIDIA #signal #long
1 month ago
Do you ever wish you could buy stakes in companies before they go public? It's not impossible, although it can be difficult, and somewhat convoluted. Most of these few offerings still aren't exactly suited for smaller investors.
Hedge fund manager Bill Ackman plans on changing this, and soon.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman is the chief stock picker behind Pershing Square Capital Management, L.P. (aimed at larger, accredited investors) and Pershing Square USA (NYSE: PSUS) (for smaller retail investors), which holds a hand-picked portfolio of publicly traded equities. Ackman also runs Pershing Square Inc. (NYSE: PS), an alternative ****** et management firm, while its primary investment vehicle is Pershing Square Holdings (OTC: PSHZF).
Ackman is working on a new investment vehicle for smaller retail traders that will own private stakes in pre-IPO companies. He spoke about it earlier this month.
#NVIDIA #signal
Hedge fund manager Bill Ackman plans on changing this, and soon.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman is the chief stock picker behind Pershing Square Capital Management, L.P. (aimed at larger, accredited investors) and Pershing Square USA (NYSE: PSUS) (for smaller retail investors), which holds a hand-picked portfolio of publicly traded equities. Ackman also runs Pershing Square Inc. (NYSE: PS), an alternative ****** et management firm, while its primary investment vehicle is Pershing Square Holdings (OTC: PSHZF).
Ackman is working on a new investment vehicle for smaller retail traders that will own private stakes in pre-IPO companies. He spoke about it earlier this month.
#NVIDIA #signal
1 month ago
The latest filings covering President Donald Trump's **** ets show that securities held on his behalf included purchases of Mastercard (NYSE: MA) and Home Depot (NYSE: HD) in June. The Q2 filings also show Home Depot among the holdings of the Bill Gates Foundation Trust, while billionaire investor Bill Ackman's Pershing Square initiated a new position in Mastercard during the quarter.
The disclosure covers the president's transactions for June 2026 and was recently filed with the U.S. Office of Government Ethics. The disclosures showed over 1,000 separate transactions for the month.
In this article, we will **** yze Home Depot, which is gaining attention as bulls believe the stock is set to rebound amid a potential recovery in the housing market. HD is down about 17% over the past year.
HD is struggling because of slow housing activity amid high mortgage rates. But bulls say the housing market recovers sooner or later. Rates come down, the lock-in effect breaks, and the missing million transactions come back. Home Depot would be a major beneficiary of that upcoming trend.
Pixabay/Public Domain
#home #NYSE #rates #filings
The disclosure covers the president's transactions for June 2026 and was recently filed with the U.S. Office of Government Ethics. The disclosures showed over 1,000 separate transactions for the month.
In this article, we will **** yze Home Depot, which is gaining attention as bulls believe the stock is set to rebound amid a potential recovery in the housing market. HD is down about 17% over the past year.
HD is struggling because of slow housing activity amid high mortgage rates. But bulls say the housing market recovers sooner or later. Rates come down, the lock-in effect breaks, and the missing million transactions come back. Home Depot would be a major beneficiary of that upcoming trend.
Pixabay/Public Domain
#home #NYSE #rates #filings
1 month ago
When Bill Ackman's Pershing Square Capital Management puts capital to work, Wall Street pays attention.
The billionaire investor's firm just disclosed a brand new stake in one of the biggest names in payments. And the size of the bet is hard to ignore.
Regulatory filings show Pershing Square initiated multiple positions in companies across the financial segment. Let's dive deeper.
Pershing Square's latest 13F filing, covering holdings as of June 29, 2026, shows a fresh position in Visa Inc.
The fund now owns 3.27 million shares of Visa (V) worth roughly $1.12 billion, accounting for 5.4% of the hedge fund's portfolio.
#square #capital #bill #june
The billionaire investor's firm just disclosed a brand new stake in one of the biggest names in payments. And the size of the bet is hard to ignore.
Regulatory filings show Pershing Square initiated multiple positions in companies across the financial segment. Let's dive deeper.
Pershing Square's latest 13F filing, covering holdings as of June 29, 2026, shows a fresh position in Visa Inc.
The fund now owns 3.27 million shares of Visa (V) worth roughly $1.12 billion, accounting for 5.4% of the hedge fund's portfolio.
#square #capital #bill #june
1 month ago
Bill Ackman is one of the most closely followed investment managers on Wall Street. His investment strategy typically involves long-term buy-and-hold investments that can sit in Pershing Square's (NYSE: PS) portfolios for years. But 2026 has proven to be a transformative year for the fund manager and its portfolios.
Not only did Ackman launch a new fund last quarter, but he also made a major shake-up in his investments for the company. Here are all the moves Ackman and his team made over the last few months.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman successfully raised $5 billion to launch Pershing Square USA (NYSE: PSUS) last quarter. The closed-end fund makes it easier for U.S. investors to invest alongside Ackman. The portfolio in Pershing Square USA will closely match that of the long-standing Pershing Square Holdings fund.
Ackman says the fund has already invested 95% of the $5 billion raised since launching in late April. He benefited from a volatile market in which some of Pershing Square's largest investments traded at a discount to the prices at which he bought them in the existing Pershing Square Holdings fund.
#ackman #last #NYSE #holdings
Not only did Ackman launch a new fund last quarter, but he also made a major shake-up in his investments for the company. Here are all the moves Ackman and his team made over the last few months.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ackman successfully raised $5 billion to launch Pershing Square USA (NYSE: PSUS) last quarter. The closed-end fund makes it easier for U.S. investors to invest alongside Ackman. The portfolio in Pershing Square USA will closely match that of the long-standing Pershing Square Holdings fund.
Ackman says the fund has already invested 95% of the $5 billion raised since launching in late April. He benefited from a volatile market in which some of Pershing Square's largest investments traded at a discount to the prices at which he bought them in the existing Pershing Square Holdings fund.
#ackman #last #NYSE #holdings
1 month ago
The latest round of Form 13Fs has dropped, and that means investors get to see what billionaire hedge fund managers were up to during the second quarter. One popular stock to buy was Meta Platforms (NASDAQ: META), and two prominent billionaire hedge fund managers bought the stock. Bill Ackman at Pershing Square increased their stake by 20% during the quarter, and it now makes up nearly 10% of its holdings. David Tepper of Appaloosa Management increased his Meta stake by more than 50%, and it now makes up a 5% position in his portfolio.
That's two smart investors dumping a lot of money into Meta's stock, but that information is now a bit old. The 13F filing reveals only what a firm's positions were as of June 30. Since June 30, Meta's stock is actually down 3% from where it ended the quarter. However, these two could have bought at any time during Q2. Since April 1, Meta's stock is down around 6%.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
So right now is actually a better buying opportunity than during any time in Q2. Is Meta still a buy?
Prior to Q2's earnings announcement, Meta stock was actually on the rise during the start of July, leading to quick short-term gains for these two investors. However, that all came crashing down following a poorly received earnings report. While Meta's revenue soared 28% during Q2, its costs increased by 55%, leading to shrinking operating profits. The market wasn't impressed by this or its spending plans and sold the stock off as a result.
#quarter
That's two smart investors dumping a lot of money into Meta's stock, but that information is now a bit old. The 13F filing reveals only what a firm's positions were as of June 30. Since June 30, Meta's stock is actually down 3% from where it ended the quarter. However, these two could have bought at any time during Q2. Since April 1, Meta's stock is down around 6%.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
So right now is actually a better buying opportunity than during any time in Q2. Is Meta still a buy?
Prior to Q2's earnings announcement, Meta stock was actually on the rise during the start of July, leading to quick short-term gains for these two investors. However, that all came crashing down following a poorly received earnings report. While Meta's revenue soared 28% during Q2, its costs increased by 55%, leading to shrinking operating profits. The market wasn't impressed by this or its spending plans and sold the stock off as a result.
#quarter
2 months ago
Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative **** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such **** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings Howard Hughes Holdings Inc. (NYSE:HHH). Headquartered in The Woodlands, Texas, Howard Hughes Holdings Inc. (NYSE:HHH) develops and manages master planned communities. On August 18, 2026, Howard Hughes Holdings Inc. (NYSE:HHH) closed at $65.76 per share. The one-month return of Howard Hughes Holdings Inc. (NYSE:HHH) was 1.07% and its shares lost 10.68% over the past 52 weeks. Howard Hughes Holdings Inc. (NYSE:HHH) has a market capitalization of $3.93 billion.
Pershing Square Holdings stated the following regarding Howard Hughes Holdings Inc. (NYSE:HHH) in its Q2 2026 investor letter:
"At Howard Hughes Holdings Inc. (NYSE:HHH) in June, we closed the acquisition of Vantage Group Holdings Ltd. ("Vantage"), a specialty insurance and reinsurance company. We thereafter announced a leadership transition whereby former Arch Capital Group (NASDAQ: ACGL) CEO Marc Grandisson became Executive Chairman of Vantage, and David Gansberg, Marc's former co-President, will become CEO of Vantage when his non-compete ends in June of next year. Marc and David recently worked as close partners to grow Arch, one of the most successful insurance and reinsurance companies. During Marc's nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period.
With the benefit of Marc's and David's leadership and Pershing Square's fee-free management of Vantage's investment portfolio, we believe that HHH is well-positioned to become what we have deemed a modern-day Berkshire Hathaway. While HHH generates a small portion of Pershing Square's fee revenues today, we believe that HHH now has the potential to accelerate its growth in intrinsic value and share price, which will drive HHH's market capitalization and, in turn, the variable service fees that we will earn from the company..." (Click here to read the full text)
#howard #vantage #capital
In its second-quarter 2026 investor letter, Pershing Square Holdings Howard Hughes Holdings Inc. (NYSE:HHH). Headquartered in The Woodlands, Texas, Howard Hughes Holdings Inc. (NYSE:HHH) develops and manages master planned communities. On August 18, 2026, Howard Hughes Holdings Inc. (NYSE:HHH) closed at $65.76 per share. The one-month return of Howard Hughes Holdings Inc. (NYSE:HHH) was 1.07% and its shares lost 10.68% over the past 52 weeks. Howard Hughes Holdings Inc. (NYSE:HHH) has a market capitalization of $3.93 billion.
Pershing Square Holdings stated the following regarding Howard Hughes Holdings Inc. (NYSE:HHH) in its Q2 2026 investor letter:
"At Howard Hughes Holdings Inc. (NYSE:HHH) in June, we closed the acquisition of Vantage Group Holdings Ltd. ("Vantage"), a specialty insurance and reinsurance company. We thereafter announced a leadership transition whereby former Arch Capital Group (NASDAQ: ACGL) CEO Marc Grandisson became Executive Chairman of Vantage, and David Gansberg, Marc's former co-President, will become CEO of Vantage when his non-compete ends in June of next year. Marc and David recently worked as close partners to grow Arch, one of the most successful insurance and reinsurance companies. During Marc's nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period.
With the benefit of Marc's and David's leadership and Pershing Square's fee-free management of Vantage's investment portfolio, we believe that HHH is well-positioned to become what we have deemed a modern-day Berkshire Hathaway. While HHH generates a small portion of Pershing Square's fee revenues today, we believe that HHH now has the potential to accelerate its growth in intrinsic value and share price, which will drive HHH's market capitalization and, in turn, the variable service fees that we will earn from the company..." (Click here to read the full text)
#howard #vantage #capital
2 months ago
Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative ****** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such ****** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted Alcon Inc. (NYSE:ALC) as a new position. Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. On August 18, 2026, Alcon Inc. (NYSE:ALC) closed at $73.55 per share. The one-month return of Alcon Inc. (NYSE:ALC) was 9.21% and its shares lost 9.24% over the past 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $37.14 billion.
Pershing Square Holdings stated the following regarding Alcon Inc. (NYSE:ALC) in its Q2 2026 investor letter:
"Alcon Inc. (NYSE:ALC) is the world's leading ophthalmology company, with a dominant position in surgical vision, strong positions in vision care and contact lenses, and a small but promising pharmaceuticals business. It benefits from attractive long-term, mid-single-digit market growth supported by aging population demographics, rising global incomes, and improved access to healthcare.
Alcon is the premier franchise in this industry, benefiting from a massive global installed base, strong brand affinity, and unrivaled commercial capabilities. The core of Alcon's business is its dominant surgical vision franchise, supported by a 30,000-unit capital equipment installed base. This installed base anchors a highly attractive stream of high-margin recurring consumables revenue — a classic "razor / razor blade" model — which in turn funds Alcon's ability to field the industry's largest sales, commercial, and research organizations, powering its innovation flywheel..." (Click here to read the full text)
#square #investment #company
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted Alcon Inc. (NYSE:ALC) as a new position. Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. On August 18, 2026, Alcon Inc. (NYSE:ALC) closed at $73.55 per share. The one-month return of Alcon Inc. (NYSE:ALC) was 9.21% and its shares lost 9.24% over the past 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $37.14 billion.
Pershing Square Holdings stated the following regarding Alcon Inc. (NYSE:ALC) in its Q2 2026 investor letter:
"Alcon Inc. (NYSE:ALC) is the world's leading ophthalmology company, with a dominant position in surgical vision, strong positions in vision care and contact lenses, and a small but promising pharmaceuticals business. It benefits from attractive long-term, mid-single-digit market growth supported by aging population demographics, rising global incomes, and improved access to healthcare.
Alcon is the premier franchise in this industry, benefiting from a massive global installed base, strong brand affinity, and unrivaled commercial capabilities. The core of Alcon's business is its dominant surgical vision franchise, supported by a 30,000-unit capital equipment installed base. This installed base anchors a highly attractive stream of high-margin recurring consumables revenue — a classic "razor / razor blade" model — which in turn funds Alcon's ability to field the industry's largest sales, commercial, and research organizations, powering its innovation flywheel..." (Click here to read the full text)
#square #investment #company
2 months ago
Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative ****** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such ****** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted S&P Global Inc. (NYSE:SPGI). S&P Global Inc. (NYSE:SPGI) is a financial services and ****** ytics company that provides benchmarks, data, ****** ytics, and workflow solutions in the global capital, energy, commodity, and automotive markets. On August 18, 2026, S&P Global Inc. (NYSE:SPGI) closed at $418.04 per share, reflecting a market capitalization of $123.24 billion. S&P Global Inc. (NYSE:SPGI) posted a one‑month return of -2.57%, while its shares lost 20.66% over the past 52 weeks.
Pershing Square Holdings stated the following regarding S&P Global Inc. (NYSE:SPGI) in its Q2 2026 investor letter:
"Earlier this year, we initiated a position in S&P Global Inc. (NYSE:SPGI), a business we have admired for decades and previously owned in 2017. S&P Global provides benchmarks, data, ****** ytics, and workflow tools to 19 customers in the financial and energy markets. The business generates over 80% of profits from three dominant benchmark franchises: Ratings, Indices, and Platts. The remaining profits are derived from the sale of proprietary and non-proprietary data and insights delivered to customers across a range of channels, together with embedded, primarily desktop-based workflow and ****** ytics tools. The company also previously owned an automotive data and ****** ytics business, which was spun off into a separate public company in July 2026.
Our opportunity to invest in S&P Global arose amid concerns of AI disintermediation of the company's data offerings and workflow and ****** ytics products, including Capital IQ. In February 2026, the stock declined more than 25% from peak-to-trough following Anthropic's launch of Claude Cowork and SPGI's release of 2026 organic growth guidance that was below the company's medium-term financial targets announced at their November 2025 Investor Day. As a result, the stock's valuation declined from 25 to 19 times earnings per share, the lowest valuation in the previous five years, and a bargain level for a company that is often cited as one of the world's highest-quality businesses..." (Click here to read the full text)
#NYSE #pershing
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted S&P Global Inc. (NYSE:SPGI). S&P Global Inc. (NYSE:SPGI) is a financial services and ****** ytics company that provides benchmarks, data, ****** ytics, and workflow solutions in the global capital, energy, commodity, and automotive markets. On August 18, 2026, S&P Global Inc. (NYSE:SPGI) closed at $418.04 per share, reflecting a market capitalization of $123.24 billion. S&P Global Inc. (NYSE:SPGI) posted a one‑month return of -2.57%, while its shares lost 20.66% over the past 52 weeks.
Pershing Square Holdings stated the following regarding S&P Global Inc. (NYSE:SPGI) in its Q2 2026 investor letter:
"Earlier this year, we initiated a position in S&P Global Inc. (NYSE:SPGI), a business we have admired for decades and previously owned in 2017. S&P Global provides benchmarks, data, ****** ytics, and workflow tools to 19 customers in the financial and energy markets. The business generates over 80% of profits from three dominant benchmark franchises: Ratings, Indices, and Platts. The remaining profits are derived from the sale of proprietary and non-proprietary data and insights delivered to customers across a range of channels, together with embedded, primarily desktop-based workflow and ****** ytics tools. The company also previously owned an automotive data and ****** ytics business, which was spun off into a separate public company in July 2026.
Our opportunity to invest in S&P Global arose amid concerns of AI disintermediation of the company's data offerings and workflow and ****** ytics products, including Capital IQ. In February 2026, the stock declined more than 25% from peak-to-trough following Anthropic's launch of Claude Cowork and SPGI's release of 2026 organic growth guidance that was below the company's medium-term financial targets announced at their November 2025 Investor Day. As a result, the stock's valuation declined from 25 to 19 times earnings per share, the lowest valuation in the previous five years, and a bargain level for a company that is often cited as one of the world's highest-quality businesses..." (Click here to read the full text)
#NYSE #pershing
2 months ago
Netflix (NFLX) shares closed 5.4% higher on Aug. 13 after Bill Ackman's Pershing Square Holdings (PSHZF) disclosed a new stake in the streaming giant. The move added a vote of confidence at a time when NFLX stock is trading well below its peak.
The investment case is straightforward: Netflix has experienced a sharp valuation reset, but its underlying growth and profitability outlook remain strong.
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#netflix #strong #holdings
The investment case is straightforward: Netflix has experienced a sharp valuation reset, but its underlying growth and profitability outlook remain strong.
A $210 Billion Reason to Buy AMD Stock Here
As Oracle Deepens Its Partnership with AWS, Here's How You Should Play ORCL Stock
CoreWeave vs Nebius: Both Companies Reported Strong Earnings, But Here's the Stock You Should Buy
#netflix #strong #holdings
2 months ago
London BTC Company Ltd (LSE:BTC, OTCQB: VINZF) is expanding the scope of its Nevada exploration strategy to include antimony, adding exposure to the US-designated critical mineral alongside the gold and silver potential already identified across its growing project portfolio.
The company's antimony will now form part of ongoing exploration targeting in Nevada, where London BTC has ***** embled a portfolio of early-stage precious metals projects through its wholly owned US subsidiary, Tethered Gold LLC.
The move broadens a strategy that has so far concentrated on gold and silver, with recent work producing high-grade surface results from several projects.
At the Amonett-Frank Gold-Silver Project in Pershing County, recent ***** ays returned gold grades of up to 143.1 grams per tonne (g/t), the highest recorded to date across London BTC's US portfolio.
Black Star has also returned surface ***** ays of up to 16.23 g/t gold and 50.5 g/t silver, with mineralisation identified across 2 target areas separated by around 2.5 kilometres.
#london
The company's antimony will now form part of ongoing exploration targeting in Nevada, where London BTC has ***** embled a portfolio of early-stage precious metals projects through its wholly owned US subsidiary, Tethered Gold LLC.
The move broadens a strategy that has so far concentrated on gold and silver, with recent work producing high-grade surface results from several projects.
At the Amonett-Frank Gold-Silver Project in Pershing County, recent ***** ays returned gold grades of up to 143.1 grams per tonne (g/t), the highest recorded to date across London BTC's US portfolio.
Black Star has also returned surface ***** ays of up to 16.23 g/t gold and 50.5 g/t silver, with mineralisation identified across 2 target areas separated by around 2.5 kilometres.
#london
2 months ago
Concerned about an AI bubble? Sign up for The Daily Upside for smart and actionable market news, built for investors.
As Anthropic preps for its initial public offering, there's a math puzzle not even its ultrafrontier models can solve: What's the right price?
Not just the price of its eventual IPO (though that's certainly top of mind these days), but also the price of using its suite of high-powered artificial intelligence tools. On Thursday, Bloomberg reported that Anthropic is in talks to pay $6 billion for startup Decart, which makes software that improves chip efficiency, reducing the cost of training and running AI. It's a big sign that it's reading the room on cheaper open-source models.
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READ ALSO: Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds
#anthropic
As Anthropic preps for its initial public offering, there's a math puzzle not even its ultrafrontier models can solve: What's the right price?
Not just the price of its eventual IPO (though that's certainly top of mind these days), but also the price of using its suite of high-powered artificial intelligence tools. On Thursday, Bloomberg reported that Anthropic is in talks to pay $6 billion for startup Decart, which makes software that improves chip efficiency, reducing the cost of training and running AI. It's a big sign that it's reading the room on cheaper open-source models.
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READ ALSO: Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds
#anthropic
2 months ago
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Back to Pershing Square one? It's been a busy year for Bill Ackman. In addition to listing his alternative ****** et manager Pershing Square and its new stock-picking fund Pershing Square USA, he abandoned a $1.5 billion position in Universal Music after the company said no to a $65 billion takeover.
On Thursday, he revealed one of the biggest shakeups at those funds in years, writing that Pershing took on six new holdings in the second quarter: Netflix, Mastercard and Visa, eye care firm Alcon, exchange operator Intercontinental, and financial data provider S&P Global. You can expect to hear a lot about it.
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READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains
#cost
Back to Pershing Square one? It's been a busy year for Bill Ackman. In addition to listing his alternative ****** et manager Pershing Square and its new stock-picking fund Pershing Square USA, he abandoned a $1.5 billion position in Universal Music after the company said no to a $65 billion takeover.
On Thursday, he revealed one of the biggest shakeups at those funds in years, writing that Pershing took on six new holdings in the second quarter: Netflix, Mastercard and Visa, eye care firm Alcon, exchange operator Intercontinental, and financial data provider S&P Global. You can expect to hear a lot about it.
Sign up for The Daily Upside at no cost for premium ****** ysis on all your favorite stocks.
READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains
#cost
2 months ago
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There's only one place you can sit in a booth surrounded by Egyptian columns, European-style frescos, and fiery blown-glass light fixtures that resemble the Eye of Sauron and scarf down a slice of "Reese's Peanut ***** er Chocolate Cake Cheesecake." That's Cheesecake Factory of course, which, along with other kitsch dine-in chains, is having a moment as diners ditch fast food for sit-down experiences they can't have at home (or so one hopes).
Chains including Cheesecake Factory, BJ's, IHOP and Chili's have seen sales and foot traffic climb alongside their shares, while fast-food companies like Wendy's are struggling to keep sales warm.
Sign up for The Daily Upside at no cost for premium ***** ysis on all your favorite stocks.
READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds
#fast
There's only one place you can sit in a booth surrounded by Egyptian columns, European-style frescos, and fiery blown-glass light fixtures that resemble the Eye of Sauron and scarf down a slice of "Reese's Peanut ***** er Chocolate Cake Cheesecake." That's Cheesecake Factory of course, which, along with other kitsch dine-in chains, is having a moment as diners ditch fast food for sit-down experiences they can't have at home (or so one hopes).
Chains including Cheesecake Factory, BJ's, IHOP and Chili's have seen sales and foot traffic climb alongside their shares, while fast-food companies like Wendy's are struggling to keep sales warm.
Sign up for The Daily Upside at no cost for premium ***** ysis on all your favorite stocks.
READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds
#fast
2 months ago
Staying at one company for decades was once a badge of honor. But as layoffs have become more common and workers have turned to job hopping for higher pay and career growth, employee loyalty has become harder to find. Billionaire investor Bill Ackman, however, still believes earning employee loyalty is worth every penny.
That's why his hedge fund Pershing Square, which manages roughly $35 billion in ***** ets, offers its four dozen employees generous workplace benefits, including broad ownership and an even rare degree of flexibility for Wall Street.
"There's not a person at Pershing Square that doesn't own multiple millions of dollars of stock in the company—whether you're cleaning the ***** e or at the front desk or another role in the company," Ackman told Fortune's Editor-in-Chief Alyson Shontell on a recent episode of Fortune's ***** ans and Disruptors of Industry podcast. "We believe in taking care of our people."
Ackman's approach to retention goes beyond financial incentives. While Perishing employees are required to work from the office five days a week—that policy only applies for 10 months of the year. During July and August, employees can spread out as they like, with the company's investment team moving to the Hamptons together, either in homes they rent or own, to work.
"We look after people, and so that when you operate that way, people don't think about going anyplace else," Ackman said.
#become
That's why his hedge fund Pershing Square, which manages roughly $35 billion in ***** ets, offers its four dozen employees generous workplace benefits, including broad ownership and an even rare degree of flexibility for Wall Street.
"There's not a person at Pershing Square that doesn't own multiple millions of dollars of stock in the company—whether you're cleaning the ***** e or at the front desk or another role in the company," Ackman told Fortune's Editor-in-Chief Alyson Shontell on a recent episode of Fortune's ***** ans and Disruptors of Industry podcast. "We believe in taking care of our people."
Ackman's approach to retention goes beyond financial incentives. While Perishing employees are required to work from the office five days a week—that policy only applies for 10 months of the year. During July and August, employees can spread out as they like, with the company's investment team moving to the Hamptons together, either in homes they rent or own, to work.
"We look after people, and so that when you operate that way, people don't think about going anyplace else," Ackman said.
#become
2 months ago
Surprisingly enough, most hedge funds habitually underperform the broad market. That's what makes any of them that reliably beat the S&P 500 of such interest.
And that's what makes Bill Ackman's hedge fund Pershing Square Capital Management (NYSE: PS) so interesting right now. Although it lagged early this year, it has outperformed -- albeit unevenly -- the broad market since its launch in 2004. Moreover, its flagship fund Pershing Square Holdings' (OTC: PSHZF) positions are leading the marketwide bullish charge again right now.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Even more incredible is that rather than diversifying this portfolio, a mere seven stocks account for 98% of the fund's total value. Here's a rundown of those seven.
Just because Ackman likes them doesn't necessarily mean they're all right for your portfolio. He and Pershing's investors are accustomed to inconsistent performance. You may not be able to afford such uncertainty and prolonged dry spells from your portfolio.
#right #Portfolio #hedge
And that's what makes Bill Ackman's hedge fund Pershing Square Capital Management (NYSE: PS) so interesting right now. Although it lagged early this year, it has outperformed -- albeit unevenly -- the broad market since its launch in 2004. Moreover, its flagship fund Pershing Square Holdings' (OTC: PSHZF) positions are leading the marketwide bullish charge again right now.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Even more incredible is that rather than diversifying this portfolio, a mere seven stocks account for 98% of the fund's total value. Here's a rundown of those seven.
Just because Ackman likes them doesn't necessarily mean they're all right for your portfolio. He and Pershing's investors are accustomed to inconsistent performance. You may not be able to afford such uncertainty and prolonged dry spells from your portfolio.
#right #Portfolio #hedge
3 months ago
For anyone trying to understand the wealth management industry, in general, and the clearing and custody business, in particular, the most important concept is likely basis points.
That's industry-speak for hundredths of a percentage point. And those numbers speak to how most wealth management firms and their service providers do business by collecting their share of basis points out of the fees paid by clients. With traditional commissions and fund expense ratios falling off a cliff in recent decades, service providers like giant custodian BNY Pershing are trying to adapt to a much different industry with drastically lower margins.
In fact, Mark Tibergien, who was CEO of Pershing Advisor Solutions, the company's registered investment advisory firm custody and services unit, from October 2007 to June 2020, told Financial Planning that, over his tenure, the firm's revenue-per-asset tumbled. The number dropped to about a third of its previous size to between eight and 12 basis points by the time he left from around 25 to 30 when he started at Pershing.
So it's not surprising that Pershing began charging at least some of its RIA clients a custody fee last year for the "services that help them run their businesses more effectively and efficiently," Tibergien said in an interview. Since transaction fees have fallen to "virtually zero right now, in terms of margins" and profits are falling across the board for custodians, companies like Pershing are finding new sources of revenue, he said.
At the same time, they're trying to maintain their traditional safekeeping, surveillance and operational duties for advisory firms while meeting the growing service and technology demands of financial advisors and their clients.
That's industry-speak for hundredths of a percentage point. And those numbers speak to how most wealth management firms and their service providers do business by collecting their share of basis points out of the fees paid by clients. With traditional commissions and fund expense ratios falling off a cliff in recent decades, service providers like giant custodian BNY Pershing are trying to adapt to a much different industry with drastically lower margins.
In fact, Mark Tibergien, who was CEO of Pershing Advisor Solutions, the company's registered investment advisory firm custody and services unit, from October 2007 to June 2020, told Financial Planning that, over his tenure, the firm's revenue-per-asset tumbled. The number dropped to about a third of its previous size to between eight and 12 basis points by the time he left from around 25 to 30 when he started at Pershing.
So it's not surprising that Pershing began charging at least some of its RIA clients a custody fee last year for the "services that help them run their businesses more effectively and efficiently," Tibergien said in an interview. Since transaction fees have fallen to "virtually zero right now, in terms of margins" and profits are falling across the board for custodians, companies like Pershing are finding new sources of revenue, he said.
At the same time, they're trying to maintain their traditional safekeeping, surveillance and operational duties for advisory firms while meeting the growing service and technology demands of financial advisors and their clients.
4 months ago
SpaceX is acquiring AI coding company Cursor in a $60 billion all-stock deal.
Bill Ackman said ****** eX's mega-valuation allows it to do M&A without worrying about dilution.
SpaceX's M&A potential is an "important component" of the company's value, Ackman said.
Just days after its blockbuster IPO, ****** eX announced it's acquiring Cursor in a $60 billion deal.
Bill Ackman — the billionaire founder of Pershing Square Capital Management — says ****** eX's massive public valuation is helping it do M&A, which he sees as a major piece of the company's growth story.
Bill Ackman said ****** eX's mega-valuation allows it to do M&A without worrying about dilution.
SpaceX's M&A potential is an "important component" of the company's value, Ackman said.
Just days after its blockbuster IPO, ****** eX announced it's acquiring Cursor in a $60 billion deal.
Bill Ackman — the billionaire founder of Pershing Square Capital Management — says ****** eX's massive public valuation is helping it do M&A, which he sees as a major piece of the company's growth story.
4 months ago
We just covered the Top 10 Stock Picks of 10 Famous Billionaires. Brookfield (NYSE:BN) ranks #9 (see Top 5 Stock Picks of 5 Famous Billionaires).
Number of Hedge Funds: 47
Top Pick Of: Bill Ackman — Pershing Square Capital
Brookfield (NYSE:BN) has quietly become an indirect play on the AI infrastructure buildout, thanks to its exposure to power. AI data centers consume enormous amounts of electricity, and Brookfield is positioned to supply it. It has a framework agreement to provide 10.5 gigawatts of power to Microsoft. It also has a separate deal to supply 3,000 megawatts to Alphabet, with that Google contract valued at roughly $3 billion over its lifetime.
Digital infrastructure is another piece. Through its infrastructure portfolio, Brookfield operates around 150 data centers, 308,000 telecom sites, and 77,000 kilometers of fiber optic networks. These **** ets are increasingly tied to AI growth and hyperscaler expansion.
Number of Hedge Funds: 47
Top Pick Of: Bill Ackman — Pershing Square Capital
Brookfield (NYSE:BN) has quietly become an indirect play on the AI infrastructure buildout, thanks to its exposure to power. AI data centers consume enormous amounts of electricity, and Brookfield is positioned to supply it. It has a framework agreement to provide 10.5 gigawatts of power to Microsoft. It also has a separate deal to supply 3,000 megawatts to Alphabet, with that Google contract valued at roughly $3 billion over its lifetime.
Digital infrastructure is another piece. Through its infrastructure portfolio, Brookfield operates around 150 data centers, 308,000 telecom sites, and 77,000 kilometers of fiber optic networks. These **** ets are increasingly tied to AI growth and hyperscaler expansion.
1 yr. ago
Pershing Square Holdings, Ltd. UK Regulatory Announcement: Net ******* et Value(s) http://dlvr.it/TL2mqQ
http://dlvr.it/TL2mqQ
http://dlvr.it/TL2mqQ
