Calls
2
James Elbaor
Marlton
Win Rate
50.0%
return
+10.3%
Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
May 19
$38.68
+26.7%
PS owns the management and performance fees across the Pershing Square platform and, in the speaker's view, deserves a premium multiple to peers such as Blackstone, KKR, Apollo, Carlyle, and Blue Owl. Marlton models FRE of $550-590M, about 30x, versus peer average around 27x, and argues PS has truly permanent capital (~$34B), only ~50 employees, high operating leverage, a clean income statement, likely 80% payout, and strong alignment with management owning over 85%.
Capital Markets
Long
May 19
$41.00
-6.1%
PSUS is the largest US equity closed-end fund but should not be valued like a typical CEF. The speaker argues its scale, franchise quality, holding-company-like reporting and corporate access, Ackman's record including macro hedges, new investor base, and potentially understated Level 2/3 assets should narrow the current ~17% discount toward the ~9% US equity CEF peer average or even Gabelli-like ~4%; he prefers PSUS over London PSH near term and sees it as early innings.
Capital Markets
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James Elbaor has 2 trade ideas tracked on Buzzberg across 2 tickers since May 2026. Most covered: PSUS, PS, PSH.
Historical call returns are modeled from recorded ideas and stored prices, not actual brokerage portfolio returns. Check the evaluated call set and horizon; past results do not establish future prediction accuracy. Explore our data and methodology
