Pershing Square's Ackman Talks IPO, State of Markets
Speakers
Bill Ackman
— CEO, Pershing Square Capital (Quoted via X/Twitter)
Summary
Bill Ackman discusses the IPO of Pershing Square's new closed-end fund PSUS, deploying $5 billion quickly into cheap high-quality stocks like Uber and Meta. He also outlines plans for Howard Hughes Holdings to emulate Berkshire Hathaway. Ackman is bullish on markets broadly but sees no current dislocations for hedging.
- Pershing Square CEO Bill Ackman details PSUS IPO and $5 billion capital deployment over weeks.
- Ackman views Uber and Meta as very cheap at historically low multiples and will add to positions.
- PSUS is taken public at book value with a 19% historical ROE and tax-advantaged structure.
- Ackman outlines building Howard Hughes Holdings into a long-term diversified holding company akin to Berkshire Hathaway.
- He believes the overall market is heading into a good place with AI, energy, and tax reforms supportive.
- He does not see any major dislocations or hedging opportunities currently.
- Ackman expresses skepticism on fast-growing private credit but does not outright avoid it.
- He expects resolution of geopolitical tensions and eventual Fed rate cuts.
Trade Ideas
Cheap high quality stocks to add
Uber and Meta are among the best businesses in the world trading at historically low multiples. Pershing Square plans to add to existing positions, taking advantage of these cheap prices to increase ownership. The go-forward projected IRR is in the mid-twenties, indicating a very high rate of return for high-quality companies.
Cheap at book value, high compounding
Pershing Square's new closed-end fund (PSUS) is being taken public at book value, despite the business earning a 19% return on equity for 22 years. The structure is tax-advantaged, low-cost, and liquid. Compounding at historical rates should grow NAV substantially over time, making it a cheap way to invest in Pershing Square.
Building a modern Berkshire Hathaway
Howard Hughes Holdings (HHH) is being built into a modern-day Berkshire Hathaway-like diversified holding company. Pershing Square has taken a significant stake and management role, and has signed a deal to acquire an insurance subsidiary (Vantage Holdings) to deploy permanent capital. This structure allows long-term compounding similar to Buffett's model.
Up Next
This Bloomberg Markets video, published April 29, 2026, features Bill Ackman discussing UBER, META, PSUS, HHH. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Bill Ackman · Tickers: UBER, META, PSUS, HHH