Pershing Square
Our archive holds 3 letters from Pershing Square, behind 18 investment theses. Every quote below is copied verbatim from the letter it came from.
Theses · 18
- December 2025
Brookfield Corporation is a leading alternative asset manager with durable, growing fee streams and multiple growth tailwinds, trading at a discount to intrinsic value.
Read the full thesis - December 2025
Meta Platforms, Inc. is a dominant, fast-growing digital ad business with vast AI upside trading at a discounted multiple.
Read the full thesis - December 2025
Alphabet Inc. is leveraging data, distribution, and infrastructure to drive AI-led growth in Search, YouTube, and Google Cloud.
Read the full thesis - December 2025
Uber Technologies is leveraging AV partnerships and strong operating leverage to drive rapid growth in users, bookings, and profitability.
Read the full thesis - December 2025
Hertz Global Holdings, Inc. targets significant EBITDA growth and new ancillary revenues, offering meaningful upside on execution.
Read the full thesis - December 2025
Howard Hughes Holdings, Inc. is transforming into a diversified holding company anchored by strong, cash-generative real estate assets.
Read the full thesis - December 2025
Hilton Worldwide Holdings Inc. delivered substantial EPS and EBITDA growth with strong fee expansion and disciplined cost control.
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Universal Music Group N.V. trades at a trough multiple despite strong competitive position, AI monetization, and long growth runway.
Read the full thesis - December 2025
Amazon.com, Inc. combines dominant AWS and e-commerce franchises with long-term secular growth and significant retail margin expansion potential.
Read the full thesis - June 2025
Amazon is well-positioned for long-term growth with its dominant AWS cloud business and expansive e-commerce operations, supported by strong customer focus and significant margin expansion potential despite current valuation concerns.
Read the full thesis - June 2025
Brookfield’s accelerating earnings, expanding insurance platform, real estate streamlining, and carried interest upside position it for 20%+ cash flow growth and substantial value creation, all while trading at a discount to peers.
Read the full thesis - June 2025
Hertz is a recovering car rental company with strong market positioning and strategic initiatives that could yield significant returns, despite higher risks due to its financial leverage.
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- Howard Hughes HoldingsJun 2025
- NikeJun 2025
- Uber TechnologiesJun 2025
- Brookfield CorporationMar 2025
- Canadian Pacific Kansas CityMar 2025
- UberMar 2025
Letter archive · 3
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