Pershing Square Capital Annual Presentation To Shareholders [SLIDES]

Pershing Square Capital Annual Presentation To Shareholders [SLIDES] full pdf below

Also see Ackman Still Unprofitable On Herbalife As Chicago Protesters Greet His First Church Sermon

On December 31, 2012, we launched a new private fund, Pershing Square Holdings, Ltd. (“PSH”). PSH launched with approximately $2.2B on December 31, 2012. Private fund NAV prior to IPO on September 30, 2014 had grown to $3.1B largely through capital appreciation. An additional $212mm of investor capital rolled over from Pershing Square International, Ltd. to PSH at the time of the IPO.Pershing Square employees invested $129m in the IPO. The PSH IPO priced on October 1, 2014 raising $2.8B. PSH began trading on Euronext Amsterdam on October 13, 2014

Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More

See full Presentation below.