| Not checkable |
Not checkable |
2024 |
Thank you to all for an incredible 20 years.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Our hedging program has enabled to us to be comfortable remaining fully invested even during periods of market turmoil.
Not checkable · 2024 |
|
| Not researched |
Factual |
2024 |
In 2023 Pershing Square's portfolio companies continued to generate strong growth in revenues, profits and shareholder value despite wars and higher interest rates.
Factual · 2024 |
Economics and markets |
| Not checkable |
Not checkable |
2024 |
With the benefit of the newly modified VPF arrangement, our long-term goal is to reduce PSH's performance fees to zero with the launch of…
Not checkable · 2024 |
|
| Not researched |
Factual |
2024 |
In 2023 Pershing Square added Alphabet to its portfolio and exited Lowe's.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
In retrospect, we should have invested more and achieved even greater profits without risking materially more capital.
Not checkable · 2024 |
|
| Not checkable |
Not checkable |
2024 |
While we fret about the world around us, we are well positioned for uncertainty.
Not checkable · 2024 |
|
| Not researched |
Factual |
2024 |
PSH's long-term bond leverage has a 3.1% weighted average cost and eight-year weighted-average term.
Factual · 2024 |
Their own work or organisation |
| Mostly true |
Factual |
2024 |
Pershing Square's NAV returns compounded at 25.3% over the last six calendar years, 1,320 bps per year above the S&P 500's total return.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
We are incredibly grateful for the opportunity you have given us to be a long-term steward of your investment capital.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
David O'Reilly of Howard Hughes Holdings (HHH, Financial) (who has not yet reached iconic status but is on his way based on his progress to…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
While the CEOs get most of the shoutouts, the rest of the team members ultimately do the work required to deliver the results.
Not checkable · 2024 |
|
| Mostly true |
Factual |
2024 |
PSH's stock currently trades at a 26.3% discount to NAV.
Factual · 2024 |
Their own work or organisation |
| Resolved true |
Factual |
2024 |
Day One Investors in Pershing Square grew their equity at a 16.5% compounded annual rate over 20 years versus 10.0% for the S&P 500.
Factual · 2024 |
Their own work or organisation |
| Mostly true |
Factual |
2024 |
Pershing Square continues to maintain an energy-related hedge against a large rise in energy prices.
Factual · 2024 |
Their own work or organisation |
| Not researched |
Factual |
2024 |
In October 2023 Pershing Square sold its 30-year USD interest-rate swaptions at a 33% premium above cost.
Factual · 2024 |
Their own work or organisation |
| Not researched |
Factual |
2024 |
In 2023 Pershing Square's hedges generated 187 bps of losses, from an energy hedge (-108bps) and Japanese swaptions (-141bps), partly offset by USD swaption gains (+92bps).
Factual · 2024 |
Their own work or organisation |
| Unresolvable |
Prediction |
2024 |
Pershing Square's asymmetric investments could become an even more important contributor to returns over time.
Prediction · 2024 |
Their own work or organisation |
| Not researched |
Factual |
2024 |
Canadian Pacific completed its acquisition of Kansas City Southern in December 2021, creating the first Trans-North American railroad, under CEO Keith Creel.
Factual · 2024 |
Economics and markets |
| Not researched |
Factual |
2024 |
PSH's 2023 total shareholder return was 36.0%, as its discount to NAV narrowed by 4.5 points from 33.2% to 28.7%.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
There are few firms in our industry who make it past a decade, let alone more than 20 years.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
These two executives run two of the most important companies in the country, critical for our unique housing finance system to remain…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
2023 was another excellent year for our portfolio companies and their stock price performances.
Not checkable · 2024 |
|
| Not checkable |
Not checkable |
2024 |
This outcome is not guaranteed every year, but it is certainly intentional.
Not checkable · 2024 |
|
| Mostly true |
Factual |
2024 |
SPARC has no underwriting fees, shareholder warrants or founder stock, and has 10 years to execute a deal.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
2024 will likely be no different with the upcoming U.S. presidential election, unresolved wars in Ukraine and the Middle East, and…
Not checkable · 2024 |
|
| Own records only |
Factual |
2024 |
Pershing Square has 40 employees.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
we can't promise to identify and execute attractive hedges for all future risks.
Not checkable · 2024 |
|
| Not researched |
Factual |
2024 |
Using PSH's stock price return, Day One Investors earned a 15.0% compounded return, a 17-times multiple.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
An investment manager who markets itself as a long-term owner of businesses, but who is constantly buying and selling new securities is…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Our experience with our new dedicated effort has been favorable.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Pershing Square manages to be a highly diverse, meritocratic, and inclusive culture for all of our employees.
Not checkable · 2024 |
|
| Not checkable |
Not checkable |
2024 |
Marvin Ellison of Lowe's (who has executed a brilliant turnaround on a rapid path to catch Lowe's direct competitor)
Not checkable · 2024 |
|
| Unresolvable |
Prediction |
2024 |
Reducing PSH's performance fees will produce higher returns, lower fees on the KID document and make PSH a more attractive investment.
Prediction · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
Our principal goal in initiating and maintaining hedges is to reduce the overall risk of a permanent loss of capital, and to create…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Thank you for your confidence and support.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Our strategy is to acquire large minority stakes in the highest quality, durable growth companies in the world, generally at times when a…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
We should all be incredibly appreciative for their important work on our nation's behalf.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Sir Lucian Grainge of UMG (who has navigated every music format and technological threat to the industry with aplomb and can only be…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
We are well known for our tenacity, for keeping our word, and for doing the right thing.
Not checkable · 2024 |
|
| Not researched |
Factual |
2024 |
Pershing Square recently announced a number of steps intended to help close PSH's discount to NAV.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
While our strategy of identifying asymmetric investments has existed since the inception of Pershing Square, it could be best described as…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
Our strong preference is for PSH's shares to trade at or around intrinsic value for which we believe NAV per share is a conservative…
Not checkable · 2024 |
|
| Not checkable |
Not checkable |
2024 |
Chris Nassetta of Hilton (HLT, Financial) for whom words do not do justice
Not checkable · 2024 |
|
| Not checkable |
Not checkable |
2024 |
are underpaid because both companies remain wards of the state
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
We believe that SPARC is the most efficient and certain way for a private business to go public, with the benefit of Pershing Square as an…
Not checkable · 2024 |
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| Not checkable |
Not checkable |
2024 |
We would not have achieved our success without their transformative contributions.
Not checkable · 2024 |
|
| Mixed |
Factual |
2024 |
Pershing Square has not made an activist investment in nearly eight years.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
Priscilla Almodovar and Michael DeVito, whom we have never met, get no recognition
Not checkable · 2024 |
|
| Unresolvable |
Factual |
2024 |
Cumulative total NAV return since inception is 2,078% versus 592% for the S&P 500.
Factual · 2024 |
Their own work or organisation |
| Not checkable |
Not checkable |
2024 |
Volatility is the friend of the long-term investor with permanent capital.
Not checkable · 2024 |
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| Not checkable |
Not checkable |
28 Sep 2022 |
Thank you. Withdrawn.
Not checkable · 28 Sep 2022 |
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| Not checkable |
Not checkable |
24 Sep 2022 |
We are all lucky to have lived during the @rogerfederer era, one of the greatest athletes ever and a wonderful human being.
Not checkable · 24 Sep 2022 |
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| Not checkable |
Not checkable |
23 Sep 2022 |
The @federalreserve can only reduce demand by raising rates, a very blunt tool.
Not checkable · 23 Sep 2022 |
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| Not checkable |
Not checkable |
23 Sep 2022 |
Why don’t we reduce the @federalreserve need to raise rates by expanding immigration now?
Not checkable · 23 Sep 2022 |
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| Not checkable |
Not checkable |
23 Sep 2022 |
Inflation can be mitigated by reducing demand and/or by increasing supply.
Not checkable · 23 Sep 2022 |
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| Not checkable |
Not checkable |
13 Sep 2022 |
Let’s hope it happens and the war is resolved without further escalation by Russia.
Not checkable · 13 Sep 2022 |
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| Not checkable |
Not checkable |
13 Sep 2022 |
A very thoughtful analysis worth a careful read.
Not checkable · 13 Sep 2022 |
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| Not checkable |
Not checkable |
13 Sep 2022 |
This was clearly a variant view on Feb. 25th.
Not checkable · 13 Sep 2022 |
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| Not checkable |
Not checkable |
8 Sep 2022 |
Imagine if boxers had 5-hour bouts, and then get one day off before they must box again.
Not checkable · 8 Sep 2022 |
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| Not checkable |
Not checkable |
8 Sep 2022 |
Alcaraz/Sinner. An absolutely incredible match but why should players be required to play until 3am, let alone in an individual sport?
Not checkable · 8 Sep 2022 |
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| Not checkable |
Not checkable |
26 Aug 2022 |
This is an important first step in transforming tennis so all pro players can make a good living, attracting more diverse players, making…
Not checkable · 26 Aug 2022 |
|
| Not checkable |
Not checkable |
22 Aug 2022 |
The ‘evidence’ the Russians are using to blame Ukraine.
Not checkable · 22 Aug 2022 |
|
| Unresolvable |
Factual |
4 Aug 2022 |
Discover was still providing payment services to MindGeek as of 4 August 2022, despite Visa and Mastercard suspending theirs.
Factual · 4 Aug 2022 |
Other |
| Not checkable |
Not checkable |
4 Aug 2022 |
If you have been victimized by PornHub, MindGeek or other affiliated sites, you may be eligible for a large amount of compensation for your…
Not checkable · 4 Aug 2022 |
|
| Unresolvable |
Factual |
2 Aug 2022 |
Visa CEO Al Kelly had not been willing to appear on camera to address the allegations as of 2 August 2022.
Factual · 2 Aug 2022 |
Other |
| Resolved false |
Factual |
2 Aug 2022 |
As of 2 August 2022, Visa had not responded publicly to the allegations about facilitating child trafficking on MindGeek/PornHub sites.
Factual · 2 Aug 2022 |
Other |
| Unresolvable |
Promise |
1 Aug 2022 |
Bill Ackman will appear on CNBC at 8:20am on 2 August 2022 to discuss what he called Visa's continued facilitation of child trafficking on PornHub and affiliated sites.
Promise · 1 Aug 2022 |
Their own work or organisation |
| Mixed |
Factual |
31 Jul 2022 |
The Pershing Square Foundation is not involved in this case but has supported organizations working to stop human trafficking and image-based abuse.
Factual · 31 Jul 2022 |
Their own work or organisation |
| Not checkable |
Not checkable |
31 Jul 2022 |
We should not forget who the real heroes are, the victims who have the courage to come forward, in this case, Serena Fleites, and the real…
Not checkable · 31 Jul 2022 |
|
| Own records only |
Factual |
30 Jul 2022 |
Bill Ackman and his firm have no economic interest, long or short, in Visa, Mastercard, PayPal, Amex or any other payments company, processing company, bank or financial institution.
Factual · 30 Jul 2022 |
Their own work or organisation |
| Not checkable |
Not checkable |
30 Jul 2022 |
Both are culpable.
Not checkable · 30 Jul 2022 |
|
| Mostly true |
Factual |
29 Jul 2022 |
Bond and stock markets rallied substantially after Powell said on Wednesday that Fed rates were at neutral (2.25–2.5%).
Factual · 29 Jul 2022 |
Economics and markets |
| Not checkable |
Not checkable |
29 Jul 2022 |
The tech is broken.
Not checkable · 29 Jul 2022 |
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| Not checkable |
Not checkable |
29 Jul 2022 |
It is an embarrassment and it should end now.
Not checkable · 29 Jul 2022 |
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| Not checkable |
Not checkable |
29 Jul 2022 |
It does not help small businesses, pension funds, other investors in hedge funds or private equity and everyone in the industry knows it.
Not checkable · 29 Jul 2022 |
|
| Not checkable |
Not checkable |
29 Jul 2022 |
It is a great book with an inside look at how central bank sausage is made.
Not checkable · 29 Jul 2022 |
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| Not checkable |
Not checkable |
29 Jul 2022 |
And I should have made clear, it is bad for America.
Not checkable · 29 Jul 2022 |
|
| Unresolvable |
Factual |
29 Jul 2022 |
The Big Four accounting firms are not directly exposed to gas or food inflation.
Factual · 29 Jul 2022 |
Economics and markets |
| Not checkable |
Not checkable |
29 Jul 2022 |
Neutral is to rate as transitory is to inflation @federalreserve
Not checkable · 29 Jul 2022 |
|
| Not checkable |
Not checkable |
29 Jul 2022 |
The carried interest loophole is a stain on the tax code.
Not checkable · 29 Jul 2022 |
|
| Unresolvable |
Factual |
27 Jul 2022 |
Since the close on 14 June 2022, 2-year, 10-year and 30-year Treasury rates were down 36, 70 and 41 basis points respectively as of 27 July 2022.
Factual · 27 Jul 2022 |
Economics and markets |
| Not checkable |
Not checkable |
26 Jul 2022 |
A very thoughtful and good summary of the Fed/rates/inflation state of play.
Not checkable · 26 Jul 2022 |
|
| Not checkable |
Not checkable |
26 Jul 2022 |
Every headline is about soaring inflation.
Not checkable · 26 Jul 2022 |
|
| Not checkable |
Not checkable |
21 Jul 2022 |
I couldn’t agree more. Very well said.
Not checkable · 21 Jul 2022 |
|
| Mostly true |
Factual |
14 Jul 2022 |
Ackman said that in response to the June 2022 CPI print, short-term fed funds futures moved upward, implying a peak fed funds rate of 3.68% by December 2022, then cuts to 2.9% by January 2024.
Factual · 14 Jul 2022 |
Economics and markets |
| Resolved true |
Factual |
5 Jul 2022 |
There had been 309 mass shootings in the US year-to-date as of 5 July 2022, about 12 per week.
Factual · 5 Jul 2022 |
Other |
| Not checkable |
Not checkable |
5 Jul 2022 |
The trend is not our friend.
Not checkable · 5 Jul 2022 |
|
| Not checkable |
Not checkable |
4 Jul 2022 |
Friday’s move was particularly stunning for the scale of the move and for the degree of intraday volatility.
Not checkable · 4 Jul 2022 |
|
| Resolved true |
Factual |
4 Jul 2022 |
Interest rates declined dramatically over the two weeks before 4 July 2022.
Factual · 4 Jul 2022 |
Economics and markets |
| Own records only |
Factual |
26 Jan 2022 |
To fund the Netflix purchase, Pershing Square unwound the substantial majority of its interest rate hedge over several days, generating proceeds of $1.25 billion.
Factual · 26 Jan 2022 |
Economics and markets |
| Not checkable |
Not checkable |
26 Jan 2022 |
We invest in hedges not to protect the funds from a short-term mark-to-market loss, but rather because they can become a large source of…
Not checkable · 26 Jan 2022 |
|
| Not checkable |
Not checkable |
26 Jan 2022 |
We are pleased to add Netflix to our portfolio.
Not checkable · 26 Jan 2022 |
|
| Not checkable |
Not checkable |
26 Jan 2022 |
we believed the opportunity to invest in Netflix at current prices offered a more compelling risk/reward and likely greater, long-term…
Not checkable · 26 Jan 2022 |
|
| Not checkable |
Not checkable |
26 Jan 2022 |
Many of our best investments have emerged when other investors whose time horizons are short term, discard great companies at prices that…
Not checkable · 26 Jan 2022 |
|
| Not checkable |
Not checkable |
26 Jan 2022 |
its subscription-based, highly recurring revenues, which have enormous future growth potential
Not checkable · 26 Jan 2022 |
|
| Unresolvable |
Prediction |
26 Jan 2022 |
Netflix's improving free cash flow profile should allow continued investment in growth and return of cash to shareholders.
Prediction · 26 Jan 2022 |
Economics and markets |
| Not checkable |
Not checkable |
26 Jan 2022 |
Had we not sold the hedge, we could have likely realized more gains based on the increase in rates, largely today, since our sale.
Not checkable · 26 Jan 2022 |
|
| Not checkable |
Not checkable |
26 Jan 2022 |
Highly differentiated perspectives on future outcomes can yield attractive payoffs for investors, particularly when structured in an…
Not checkable · 26 Jan 2022 |
|
| Unresolvable |
Factual |
26 Jan 2022 |
Pershing Square acquired more than 3.1 million shares of Netflix over several days from Friday, making it a top-20 shareholder.
Factual · 26 Jan 2022 |
Their own work or organisation |