Pershing Square Capital Management

I saw a podcast probably a bit a year ago.

And it was, I believe his name is Sam Altman from Pershing Square, the big investor.

And he said when he was going through his divorce and his lawsuits and stuff, he said a really good advice.

He said, if you're going through tough times, try to accomplish one thing at a time.

I'm just not, you know, You don't reward someone for doing well when it's easy to do well.

Ackman has lost a lot of money since the inception of Pershing Square.

He's more of a salesperson than an investor.

Yeah, one up on Wall Street.

You can sell the stock, but the capital, the book value is retained within Berkshire Hathaway.

That is why Bill Ackman, Pershing Square, created a permanent capital vehicle, 'cause he wants what Berkshire has.

But it's not as good as what Berkshire got.

He's got a closed-end fund that trades at a twenty percent discount to NAV, so it's not as good for investors.

Joining us today is Jean Baptiste.

30-plus years of investing, 20 years at private equity firm BC Partners, and currently running his own family office and serving as a board member for Pershing Square Holdings and Howard Hughes Holdings.

What is coming in this podcast? This is one of the very best podcasts I think we've ever done.

Get a pen and paper ready, there's some information coming here we can all value and we can all learn from.

And there I was CIO for 10 years, and I was also involved in, in covering consumer and healthcare, so did a lot of deals in the space.

I stepped down a few years ago to create my family office, which already manages, uh, five consumer companies, one of which is, is a startup.

I'm also on the board of Pershing Square and Howard Hughes, which are two entities that Bill Ackman controls and manages, so also active on the public side now.

And other than that, I do lots of other things, lectures, philanthropy and, and, and the sorts.

But what if both of these strategies are actually overestimating the speed of disruption? What if the smartest play on the board is recognizing that the legacy system, you know, the old plumbing, is far more resilient and adaptable than anyone gives it credit for?

If we connect this to the bigger picture, this is where we examine the recent moves by Bill Ackman's hedge fund, Pershing Square.

Right.

Their latest 13F filing reveals a massive, highly concentrated allocation into the ultimate legacy incumbents.

ACI is proving that supplying the intelligence for localized zero-fee rails is massively profitable.

Bitmine is demonstrating that monopolizing the consensus layer of a decentralized network provides unprecedented compounding yield.

And Pershing Square is reinforcing the reality that incumbent networks, when leveraged as AI authentication layers, still hold the ultimate trump card of global distribution.

It is a brilliant strategic landscape.