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	Podcast:		Yet Another Value Podcast
	Episode:		James Elbaor is investing in Bill Ackman at a Discount $PSH
	Category:		Business
	Duration:		01:05:14
	Publish Date:		2022-09-12 16:00:00
	Description:		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
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