Aswath Damodaran: Globalization Backlash
April 1, 2025
In his recent article, NYU professor Aswath Damodaran shares his thoughts on how politics, globalization, and disruption has changed the investing landscape.
Bill Ackman: 2025 Annual Investor Presentation
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By Borsgade
- - Published
In his 2025 Annual Investor Presentation, Bill Ackman provides his view on Pershing Square Holdings (PSH) strategic roadmap and organisational changes. Bill also shares his in depth thoughts on the portfolio and key business developments in the companies he owns such as Nike, Brookfield and Uber.
Here are the key takeaways:
- Portfolio Updates and Investment Philosophy: PSH adheres to core investment principles, focusing on simple, predictable, cash-flow-generative businesses with strong management and attractive valuations. Recent investments include Brookfield Corporation, Nike, and Uber, reflecting a focus on high-growth opportunities across diverse sectors.
- Index Inclusion: By the end of 2024, passive funds represent more than half of all mutual fund and ETF assets, making inclusion in the indices they track increasingly important. Bill see three of their positions to benefit in a possible inclusion to an US index: Universal Music Group, Brookfield and Restaurants Brands International, leading to a higher valuation.
- Efforts to Address NAV Discount: PSH continues to implement measures to narrow the discount between its share price and net asset value (NAV), such as share buybacks, dividend increases, and global marketing efforts. The board emphasizes that strong NAV performance is the most effective long-term driver of shareholder returns.
- Proposed Howard Hughes Holdings (HHH) Transaction: Pershing Square proposed a transformative transaction for HHH to reposition it as a diversified holding company. This initiative aims to enhance HHH’s value while reducing PSH’s management fees associated with its HHH stake.
Uber has generated significant earnings growth since turning profitable in 2023. We believe the company’s rapid earnings growth is likely to continue as it maintains high revenue growth and leverages its fixed cost base.
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The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk
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