Jump to content

Pershing Square Capital Annual Presentation To Shareholders [SLIDES]


phil_Buffett
 Share

Recommended Posts

I didn't understand the margin of safety for ZTS and CP. It seems to me that most of these companies were fair to overvalued when he bought them. But he pushed for changes and massively improved the results, which pushed stock price higher.

As an ordinary investor, I am not sure what to learn from him. Non-US investors can buy his PSH funds for sure. Or if you are in US and not afraid of PFIC filings, you can too. :)

Link to comment
Share on other sites

I didn't understand the margin of safety for ZTS and CP. It seems to me that most of these companies were fair to overvalued when he bought them. But he pushed for changes and massively improved the results, which pushed stock price higher.

As an ordinary investor, I am not sure what to learn from him. Non-US investors can buy his PSH funds for sure. Or if you are in US and not afraid of PFIC filings, you can too. :)

 

I don't know anything about ZTS, but for CP, the reason he was able to make changes and massively improve results was because it was very inefficiently managed compared to competitors. So if the company were to simply become an average railroad, it would mean a massive improvement, and that was the margin of safety. The risk was that the board won in the fight against him.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...