Pershing Square Capital Annual Presentation To Shareholders [SLIDES]

[phil_Buffett]

http://www.valuewalk.com/2015/01/pershing-square-capital-annual-presentation-shareholders-slides/

 

bill talks about his stocks. very nice.

 

btw iam Long Restaurant brands int. , fannie and Freddie common and platform specialty products.

 

 

[giofranchi]

Could you post a pdf?

 

Thanks! :)

 

Gio

[phil_Buffett]

here gio :)

2014-PSH-Annual-Update-Presentation.pdf

[giofranchi]

here gio :)

 

Thank you very much! ;)

 

Gio

[muscleman]

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. :)

[Mephistopheles]

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.