PSHZF - Pershing Square Is A 75-Cent Dollar Primed To Grow
Pershing Square Holdings (PSH) is an under-followed and over-looked closed-end fund ((CEF)) run by a shareholder-friendly value manager with skin in the game and trading at a 25% discount to net asset value ((NAV)).
Pershing Square's discount to NAV is, in my opinion, unsustainably high and likely to narrow. If this happens, investors' returns will outperform Pershing Square's portfolio. In other words, the current discount creates an attractive asymmetric risk/reward profile - free leverage on the upside and a margin of safety on the downside.
In this article, I'll first describe what Pershing Square Holdings