Liberty Posted March 24, 2015 Share Posted March 24, 2015 Probably the first time ever that Ackman has been compared to Bilgari. Why? They are both activist investors, run concentrated portfolios, like the same kind of businesses (S n S, Burger King), they both look for securing permanent capital, etc. I can see many similarities. Of course, Biglari is also much more controversial than Ackman… Gio Just a guess. Have you ever seen them compared before? Link to comment Share on other sites More sharing options...
muscleman Posted March 24, 2015 Share Posted March 24, 2015 Gio, I assume that Ackman invests all his funds roughly similarly and pools votes for his activism. So a withdrawal of non-permanent capital could, in theory at least, affect his influence over his investments. Pete Yes! Of course you are right! By the way, I have just bought more this morning. ;) Cheers, Gio And I have just joined you! Are you not afraid of the hassle of PFIC tax filings? I sold because of that. Turbo tax does not support that and it will be a pain in the ass to do each year. Link to comment Share on other sites More sharing options...
petec Posted March 24, 2015 Share Posted March 24, 2015 Ummm...enlighten me? As a UK investor in a Netherlands stock in a tax-protected account I'm hoping I'm OK! What is PFIC? Link to comment Share on other sites More sharing options...
fareastwarriors Posted March 24, 2015 Share Posted March 24, 2015 Gio, I assume that Ackman invests all his funds roughly similarly and pools votes for his activism. So a withdrawal of non-permanent capital could, in theory at least, affect his influence over his investments. Pete Yes! Of course you are right! By the way, I have just bought more this morning. ;) Cheers, Gio And I have just joined you! Are you not afraid of the hassle of PFIC tax filings? I sold because of that. Turbo tax does not support that and it will be a pain in the ass to do each year. According to this piece by E&Y, you should be okay if you purchase this in an IRA. US persons holding PFIC stock through tax-exempt organizations or accounts will be exempt from Form 8621 filing requirements http://www.ey.com/Publication/vwLUAssets/US_persons_holding_PFIC_stock_through_tax-exempt_organizations_or_accounts_will_be_exempt_from_Form_8621_filing_requirements/$FILE/2014US_CM4364_US%20persons%20holding%20PFIC%20stock%20through%20tax-exempt%20orgs%20to%20be%20exempt%20from%20Form%208621%20filing%20reqs.pdf Link to comment Share on other sites More sharing options...
muscleman Posted March 24, 2015 Share Posted March 24, 2015 Ummm...enlighten me? As a UK investor in a Netherlands stock in a tax-protected account I'm hoping I'm OK! What is PFIC? PFIC is a us specific tax law. You are ok as a UK investor. Link to comment Share on other sites More sharing options...
obtuse_investor Posted March 24, 2015 Share Posted March 24, 2015 Makes sense... What about a non-American (eg Canadian) buying PSH in American OTC market? Buying otc is easy and cheaper than buying in Amsterdam. Link to comment Share on other sites More sharing options...
obtuse_investor Posted March 25, 2015 Share Posted March 25, 2015 Annual Report for 2014 has been posted: http://pershingsquareholdings.com/media/2014/09/PSH-Annual-Report.pdf Link to comment Share on other sites More sharing options...
dcollon Posted March 27, 2015 Share Posted March 27, 2015 Vanity Fair Article with Ackman http://www.vanityfair.com/news/2015/03/bill-ackman-herbalife-marty-lipton Link to comment Share on other sites More sharing options...
giofranchi Posted April 1, 2015 Author Share Posted April 1, 2015 Pershing Square remains focused on healthcare • 1:42 PM Douglas W. House, SA News Ed... Even after his big win with Allergan, Bill Ackman's Pershing Square maintains significant exposure (~50%) to the healthcare sector. In a recent regulatory filing, Pershing disclosed a 19.5M share stake in Valeant Pharmaceuticals (VRX -0.2%) valued at ~$3.83B, making it the largest position in its equity portfolio. It also has a 41.8M share stake in Zoetis (ZTS -0.2%) valued at almost $2B. In case you were wondering, Pershing is also maintaining its short position in Herbalife (HLF -0.9%). Gio Link to comment Share on other sites More sharing options...
elevensecsrt4 Posted April 1, 2015 Share Posted April 1, 2015 I started reading links above that piqued my interest in Ackman which I have more or less followed since LUK invested a small sum in the target fund he had back years ago. Just curious as to where you guys are holding shares. I understand IRAs are suited better because of tax purposes but like a above comment, My broker doesn't recognize the security PSHZF on the OTC market. Thanks Link to comment Share on other sites More sharing options...
gfp Posted April 1, 2015 Share Posted April 1, 2015 Interactive Brokers has no problem with the Amsterdam shares. Haven't tried anywhere else. Link to comment Share on other sites More sharing options...
james22 Posted April 1, 2015 Share Posted April 1, 2015 Vanguard recognizes PSHZF. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 1, 2015 Share Posted April 1, 2015 E-trade works too. Link to comment Share on other sites More sharing options...
giofranchi Posted April 2, 2015 Author Share Posted April 2, 2015 Pershing Square: Herbalife Operates In Violation of China's Direct Selling and Pyramid Sales Laws Pershing Square responds to The Wall Street Journal article about Herbalife in China GioChina-Response-Release-4.1.15.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted April 3, 2015 Author Share Posted April 3, 2015 March 2015 Monthly Report GioPerformance-Report-March-2015-PSH.pdf Link to comment Share on other sites More sharing options...
obtuse_investor Posted April 9, 2015 Share Posted April 9, 2015 News Release to help out the US based shareholders http://pershingsquareholdings.com/media/2015/04/PFIC-Press-Release.pdf Pershing Square Holdings, Ltd. (“PSH”) U.S. Shareholders Tax Reporting Information (PFICs) Amsterdam, April 8, 2015 // - Pershing Square Capital Management, L.P. (“Pershing Square”) today released the following statement: PSH will use reasonable efforts to provide to self - identified U.S. shareholders of PSH for the 2014 calendar year, on a confidential basis only, information necessary for such a shareholder to satisfy its U.S. federal income tax filing obligations, including such information necessary to make qualified electing fund (QEF) elections under the U.S. tax rules for Passive Foreign Investment Companies (PFICs). Shareholders who wish to receive this confidential information should provide their contact details to Pershing Square’s Investor Relations department at the contact details below. Link to comment Share on other sites More sharing options...
Aurelius Posted April 28, 2015 Share Posted April 28, 2015 http://pershingsquareholdings.com/media/2014/09/2015-European-Investor-Meeting-Presentation.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted April 28, 2015 Author Share Posted April 28, 2015 http://pershingsquareholdings.com/media/2014/09/2015-European-Investor-Meeting-Presentation.pdf Thank you for posting this one! :) Cheers, Gio Link to comment Share on other sites More sharing options...
james22 Posted April 29, 2015 Share Posted April 29, 2015 Goal: Market price at premium to NAV Result: Currently trading at 5% discount to NAV Link to comment Share on other sites More sharing options...
giofranchi Posted April 29, 2015 Author Share Posted April 29, 2015 Goal: Market price at premium to NAV Result: Currently trading at 5% discount to NAV That is the one thing they cannot control, but we can take advantage of! ;) Gio Link to comment Share on other sites More sharing options...
Aurelius Posted April 29, 2015 Share Posted April 29, 2015 You are very welcome Gio! :) Link to comment Share on other sites More sharing options...
obtuse_investor Posted April 30, 2015 Share Posted April 30, 2015 Personally, I do not like to see any management commenting about their stock's price. Stating a goal that the stock should sell at a premium makes me very concerned about their motives. Anyway, here is Pershing's Price/NAV (based on weekly data they publish) Link to comment Share on other sites More sharing options...
giofranchi Posted April 30, 2015 Author Share Posted April 30, 2015 Personally, I do not like to see any management commenting about their stock's price. Stating a goal that the stock should sell at a premium makes me very concerned about their motives. Buffett has said many times he likes BRK shares to trade around FV. That’s what I think Ackman means. Cheers, Gio Link to comment Share on other sites More sharing options...
rpadebet Posted April 30, 2015 Share Posted April 30, 2015 Personally, I do not like to see any management commenting about their stock's price. Stating a goal that the stock should sell at a premium makes me very concerned about their motives. Buffett has said many times he likes BRK shares to trade around FV. That’s what I think Ackman means. Cheers, Gio Can someone explain what is the logic behind "it should trade at a premium"? Does the NAV account for the taxes yet to be paid on the profitable positions? Link to comment Share on other sites More sharing options...
Liberty Posted April 30, 2015 Share Posted April 30, 2015 I think Ackman is just trying to make it look better for those who bought at IPO, so that next time he wants to raise capital investors won't be reticent. He event mentioned something close to that on an interview that he did with the BBC (iirc) not to long after IPO. Link to comment Share on other sites More sharing options...
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