LongFMCCFeb 2026
Freddie Mac
The Trump administration's commitment to privatization presents a clear path to unlock value in the GSEs. A quick re-listing on a major exchange, which can be executed without…
Pershing Square Capital Management, L.P.
11 published ideas
Ideas from Pershing Square Capital Management, L.P.
LongUMGFeb 2026
Universal Music Group
UMG is a high-quality, capital-light royalty on growing music consumption, currently trading at a record low valuation of 18x earnings. Growth is set to accelerate from…
LongMETAFeb 2026
Meta
Meta's current share price underappreciates its long-term AI upside, representing a discounted valuation for a world-class business. The company is a dominant leader in the…
LongHHHFeb 2026
Howard Hughes Holdings
HHH is beginning its transformation into a leading diversified holding company, a pivotal shift that started in 2025. This transformation, supported by a $900 million investment…
LongGOOGFeb 2026
Alphabet
Alphabet is successfully leveraging its core strengths to execute on its vast AI potential, which is having a transformative impact on Search and YouTube. AI Overviews in Search…
LongFNMAFeb 2026
Fannie Mae
With the Trump administration committed to privatization, we believe a simple re-listing of the GSEs on the NYSE can happen quickly, driving a significant re-rating of the…
LongQSRFeb 2026
Restaurant Brands International
QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation. Its largest businesses are outperforming peers, and it's…
LongHTZFeb 2026
Hertz
Hertz is in the early stages of a turnaround with asymmetric upside. The company has completed its fleet refresh and achieved best-in-class vehicle utilization. We believe…
LongUBERFeb 2026
Uber Technologies
UBER is a high-quality business positioned for rapid earnings growth, trading at a compelling valuation due to misplaced industry concerns. The medium-term outlook suggests…
LongBNFeb 2026
Brookfield Corporation
BN is a leading alternative asset manager with high-quality, growing cash flows, trading at a significant discount. Its earnings growth is poised to accelerate to ~25%+ due to…
LongAMZNFeb 2026
Amazon
We initiated a position in Amazon at a highly attractive valuation, believing it operates two world-class franchises. AI adoption is accelerating AWS’s growth, and we expect…
Letters covered
- Annual Investor Presentation February 11, 2026February 11, 2026
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