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1 Oct 2026 |
I know pretty much every CEO in the S&P 500, either directly or one person removed.
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1 Oct 2026 |
I was concerned about the country because I felt we needed to have basically a 2-week pause.
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1 Oct 2026 |
I think you underwrite a SpaceX the way you underwrite a venture capital investment.
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1 Oct 2026 |
I don’t think markets have changed as a result of anything that’s happened with me or follower growth on Twitter.
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1 Oct 2026 |
I would say I’m as activist as I’ve ever been, but more of it’s on Twitter than in the corporate context.
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1 Oct 2026 |
We don’t have to hire another person, and we don’t have to spend another dollar on overhead.
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1 Oct 2026 |
I think it’s hard to do this because you need control of a public company and you have to be not in a get-rich-quick mindset.
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1 Oct 2026 |
the probability of your being disrupted has gone up enormously.
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1 Oct 2026 |
On that basis, stocks of really high-quality companies are really cheap.
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1 Oct 2026 |
But he builds an army of believers and followers that enabled Tesla to be built.
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1 Oct 2026 |
And it’s a company that owns these small cities.
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1 Oct 2026 |
the biggest change over time is an appreciation for the importance of what we call business quality— long-term, durable, protected…
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1 Oct 2026 |
I would say every CEO in America today is like, how do I use AI? How does it apply to my business? How is it a threat?
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1 Oct 2026 |
you can build this enormously profitable, compounding, tax-efficient machine over time.
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1 Oct 2026 |
we can buy it at, whatever, $0.60 on the dollar.
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1 Oct 2026 |
So super cool company, but the timeframe is decades as opposed to quarters.
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1 Oct 2026 |
That is a change in markets.
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1 Oct 2026 |
I think those companies are really at risk.
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1 Oct 2026 |
I think a similar thing is happening today in a sense to Amazon and Meta. Microsoft.
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1 Oct 2026 |
It’s a bit like the Irvine Company.
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1 Oct 2026 |
Stocks just got crazy cheap, just incredibly cheap, of really high-quality companies, right?
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1 Oct 2026 |
What we’re doing is instead of reinvesting all the cash the business generates into real estate, we’re going to reinvest all the cash into…
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1 Oct 2026 |
I worry more about a Salesforce than I do about your kind of— I think you got to do the work.
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1 Oct 2026 |
A company has to earn a return in excess of its cost of capital in order for a stock to go up.
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1 Oct 2026 |
I think we’re still super, super early in terms of big companies using AI effectively.
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1 Oct 2026 |
And 15 years later, we haven’t really created much value with it.
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1 Oct 2026 |
So I haven’t seen much success other than— I’ll give you the Pershing Square story.
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1 Oct 2026 |
We’ve not taken advantage of this at all.
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1 Oct 2026 |
the most important and most challenging thing to do is determine what’s the risk of disruption?
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1 Oct 2026 |
But you don’t go work for an insurance company. So the insurance company’s ability to recruit investment talent is very limited.
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1 Oct 2026 |
It’s a royalty on the compounding of investments in these entities.
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1 Oct 2026 |
Microsoft, when the average customer is paying, I don’t know, $50 a seat or some small number, that platform is worth a lot more and is…
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1 Oct 2026 |
I think there are 3 ways you can invest with us that are all different and will achieve different things.
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1 Oct 2026 |
The best investments are ones where you don’t need to join the board and do anything.
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1 Oct 2026 |
They’re venture investments that do— what’s helpful is they’re not seed or Series A, right? They’re D or E, but they’re still like venture…
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1 Oct 2026 |
We got here by accident, right?
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1 Oct 2026 |
Howard Hughes is actually a really interesting company, but it’s a business that Wall Street has not cared about for a long period of time.
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1 Oct 2026 |
Stocks are at an incredibly cheap valuation.
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1 Oct 2026 |
So Wall Street’s never cared, it’s always traded at a huge discount.
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1 Oct 2026 |
I would say on the hierarchy of things they worry about, it’s probably number one.
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1 Oct 2026 |
It doesn’t have to be public.
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1 Oct 2026 |
We’re going to build this into a compounding machine over the next 50 years.
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1 Oct 2026 |
And Elon’s done an amazing job keeping the cost of capital of his companies really low.
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1 Oct 2026 |
I think the answer is exactly what you said.
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1 Oct 2026 |
And how can you do that when someone’s asking about the tax rate in the second quarter?
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1 Oct 2026 |
So what we’re doing is we’re repurposing the real estate assets and we’re transforming the company into a much higher returning kind of…
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12 Aug 2026 |
Over time, high rates of earnings growth overwhelm the short-term impact of multiple compression.
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12 Aug 2026 |
We view Meta as one of the clearest beneficiaries of AI
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12 Aug 2026 |
We believe that the current trading prices of our portfolio companies in many cases reflect such a temporary unfavorable dislocation from…
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12 Aug 2026 |
While investors are assigning a lower probability to a favorable resolution in the near-term, the per-share intrinsic values of Fannie and…
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12 Aug 2026 |
We believe stablecoins represent an opportunity for the card networks rather than a threat.
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12 Aug 2026 |
We have chosen to invest in businesses that have relatively high rates of EPS growth because, for among other reasons, the longer the…
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12 Aug 2026 |
We believe PSH is an excellent long-term investment when purchased at NAV.
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12 Aug 2026 |
we believe the market overestimates the portion of segment profits susceptible to AI disruption and underestimates the potential for AI to…
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12 Aug 2026 |
We carefully follow, track, and update our library as we patiently wait for our target (TGT) companies to become available at valuations…
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12 Aug 2026 |
Over a very long period - say the full lifespan of a business - the investment returns from owning a company's shares should approximately…
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12 Aug 2026 |
If Vantage achieves our goal of achieving a long-term return on equity of 20% or more
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12 Aug 2026 |
Our strong preference is for PSH's shares to trade at or around intrinsic value for which we believe PSH's NAV per share is a conservative…
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12 Aug 2026 |
The latter is a decisive risk management advantage over perps venues
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12 Aug 2026 |
Valuation is increasingly disconnected from its fundamentals.
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12 Aug 2026 |
In our view, time reallocated toward short-form video is far more likely to come from share donors like linear TV or lower-quality…
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12 Aug 2026 |
In our view, Visa and Mastercard are among the highest-quality businesses in the world.
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12 Aug 2026 |
In summary, in ICE we see a classic, simple, predictable, free-cash-flow-generative business that has sold off on concerns we view as…
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12 Aug 2026 |
We attribute this to investor concerns around stablecoin disruption, agentic commerce, and proposed U.S. regulation, each of which we…
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12 Aug 2026 |
Indices is a high-margin royalty on equity market appreciation and continued active-to-passive flows.
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12 Aug 2026 |
We accept the volatility of earnings multiples associated with macro events and market flows on the valuation of our portfolio companies.
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12 Aug 2026 |
When stock prices get dislocated in the short term, the tether stretches and eventually stock prices revert to fair values.
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12 Aug 2026 |
While the share price performance of our portfolio companies has been highly volatile year-to-date, their underlying business progress…
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12 Aug 2026 |
We believe the company's current valuation multiple represents a substantial discount for a business with such a strong growth profile and…
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12 Aug 2026 |
We view AURN001 as an underappreciated call option that could become a growth and margin tailwind.
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12 Aug 2026 |
We are fortunate in that the current market backdrop has created a highly attractive environment for Pershing Square to deploy capital into…
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12 Aug 2026 |
We seek to purchase our target companies at share prices that incorporate a margin of safety so that even if our estimates for the…
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12 Aug 2026 |
we believe our current portfolio is highly attractive in terms of business quality and prospective earnings growth and is therefore…
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12 Aug 2026 |
The careful selection of a portfolio of high-quality businesses that we expect will continue to generate high levels of earnings growth…
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12 Aug 2026 |
Netflix has since effectively won the streaming wars.
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12 Aug 2026 |
In the short term, the impact of a reduction in a company's P/E multiple can easily overwhelm the positive impact of a company's earnings…
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12 Aug 2026 |
We are on it.
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12 Aug 2026 |
There is no guarantee we will be correct in our assessments of their future growth potential, and our estimates are inherently imprecise.
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12 Aug 2026 |
Each of SPGI's benchmark franchises is a high-margin, IP licensing business with a formidable competitive moat inside an oligopolistic…
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12 Aug 2026 |
We believe M365's deep embeddedness in daily workflows, superior price-to-value proposition and proprietary Copilot AI agent make it far…
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12 Aug 2026 |
By investing in businesses that have higher rates of sustainable earnings growth, we can achieve high levels of investment returns without…
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12 Aug 2026 |
In the short term, stock prices are often, and sometimes materially, disconnected - either favorably or unfavorably - from intrinsic values.
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12 Aug 2026 |
Collectively, S&P's benchmark businesses have formidable competitive positions and attractive growth prospects, with next to no AI…
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12 Aug 2026 |
Despite the name, a perp is most economically akin to a total return swap that never expires.
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30 Mar 2026 |
Some of the highest quality businesses in the world are trading at extremely cheap prices.
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30 Mar 2026 |
Ignore the bears.
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30 Mar 2026 |
One of the best times in a long time to buy quality.
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29 Mar 2026 |
By far the best piece I have read on U.S. strategic options in Iran.
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26 Mar 2026 |
Very good questions for @Harvard that deserve answers.
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24 Mar 2026 |
.@GovPritzker you owe this man and his family an apology.
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22 Mar 2026 |
Now that you have the time, Mr. President, let’s Stop the Steal!
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22 Mar 2026 |
The NWS was not a ‘settlement’ for a lesser amount of future payments. It was the outright theft of the forever profits of both companies.
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22 Mar 2026 |
I couldn’t have said it better than President Trump.
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21 Mar 2026 |
Politicians should not be able to shut down our country’s critical infrastructure in an attempt to achieve a political outcome.
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20 Mar 2026 |
I couldn’t have said it better myself.
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17 Mar 2026 |
I would not be surprised to find out that this litigation is funded by the soda companies.
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15 Mar 2026 |
Important advice for parents
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13 Mar 2026 |
.@NYCMayor Mamdani’s strategy appears to be to make NYC an unattractive place to live and to die.
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12 Mar 2026 |
An apology should not be buried on @X hoping your core audience won’t see it.
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11 Mar 2026 |
President @realDonaldTrump, let’s help these young women by making it very costly for the IRGC to harm them.
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