Investor viewpoints
Firm public videos, interviews, shareholder letters, public Q&A, and site analysis are shown from newest to oldest.
Pershing Square Capital Management · Bill Ackman
The Ackman team's 2026 annual investor presentation, reviewing 2025 PSH performance, debt and discount strategies, Howard Hughes strategic trades, and public position logic for Amazon, Meta, Uber, and more.
Pershing Square Capital Management · Bill Ackman
2025 Annual Presentation Review 2024 PSH performance, PSCM minority sale, PSUS plan, discount management and Howard Hughes transaction background.
Pershing Square Capital Management · Bill Ackman
Pershing's presentation on Fannie Mae and Freddie Mac's exit from conservatorship, systematizing the GSE restructuring framework, capital structure and potential paths for common/preferred stock holders.
Pershing Square Capital Management · Bill Ackman
2024 Annual Presentation Summary 2023 portfolio and PSH structure, highlighting London listings, discounts, buybacks, debt structure and core holdings updates.
Pershing Square Capital Management · Bill Ackman
The 2023 annual presentation covers portfolio performance after 2022 interest rates and market stress, PSH discounts, concentrated holdings and Pershing's restatement of long-term compounding assets.
Pershing Square Capital Management · Bill Ackman
2022 Annual Demo Review 2021 Portfolio, SPARC/PSTH related background, long holdings, and Pershing's build on the Permanent Capital platform.
Pershing Square Capital Management · Bill Ackman
The 2021 annual presentation covers the 2020 epidemic shock, credit hedging, portfolio recovery, PSTH and PSH long-term capital structure, and is an important resource for understanding Ackman's post-epidemic phase.
Pershing Square Capital Management · Bill Ackman
The 2020 Annual Presentation showcases Pershing's post-recovery portfolio and structure in 2019, centered around a return to a high-quality, focused, long-term investment framework following setbacks in previous years.
Pershing Square Capital Management · Bill Ackman
The 2019 annual update shows Pershing's mix and discount issues at the end of 2018, highlighting holdings such as Starbucks, Chipotle, Hilton, Restaurant Brands and Canadian Pacific.
Pershing Square Capital Management · Bill Ackman
Ackman presented the Starbucks investment thesis at Grant's Fall 2018 Conference, titled Doppio, focusing on the brand, U.S. same-store sales recovery, international expansion, capital returns and management execution.
Pershing Square Capital Management · Bill Ackman
The 2018 annual presentation follows the most difficult phase of Pershing, with material discussing combination losses, Herbalife, ADP, Valeant follow-up and refocusing processes.
Pershing Square Capital Management · Bill Ackman
2017 Annual Demo Review of the Pershing portfolio and controversial investments in the post-2016 period is one of the key public sources for understanding the risks of Ackman's early concentrated activist style.
Pershing Square Capital Management · Bill Ackman
Ackman’s special presentation at the 2015 Sohn Investment Conference centered on Pershing’s Valeant/platform M&A logic at the time, and later became a classic negative case for studying its mistakes and risk control.