Pershing Square 2020 notes

Notes 2018: You pay $14,86 today per share of Pershing and the sum of the parts Net Asset Value per share is $19 which you would have to pay to get the same number of underlying shares in companies if you bought them directly. The upside is 28% roughly the same as it has been for a few years.

https://sinaas.blogspot.com/2018/11/pershing-square-net-asset-value-and.html

Notes 2020: You pay: $23,80 and SOTP (Sum Of The Parts) Net Asset Value is $34,75

More than 50% increase in NAV 2 years. A great result for Bill Ackman.

Upside: 46% and Ackman is now buying back shares (good for shareholders).