Activist hedge fund managed by Bill Ackman investing in concentrated public equity positions.pershingsquareholdings.com ↗
1 take · first discussed Aug 2, 2024
Private company — no public price to score. We track what they said; valuation-mark tracking is on the roadmap.
The hosts' collective view on Pershing Square Capital Management's IPO attempt is captured solely by Chamath, who takes a neutral but high-conviction structural stance: the deal failed not because of anything specific to Ackman personally, but because hedge fund GP equity is fundamentally uninvestable as a public asset class. Chamath argues that the short-term, unpredictable nature of individual bets makes it nearly impossible to underwrite durable enterprise value for any such entity. No other hosts weighed in, so there is no agreement or disagreement to note beyond Chamath's view that this outcome is simply the latest in a pattern of failed GP equity offerings.
Chamath argues Ackman's IPO failed because hedge fund GP equity is structurally un-investable — bets are short-term and unpredictable, making it nearly impossible to underwrite durable enterprise value, regardless of Ackman's personal track record.
in finance, these entities that try to sell a piece of the quote-unquote general partner as a company, I just think that it's, um, frankly, that it doesn't work. And this is just, you know, an example, yet another example that there's not”1:12:24