What makes the current valuation of Pershing Square Holdings attractive to long-term investors?

Pershing Square Holdings offers a compelling double discount. The vehicle trades at an approximate 33 percent discount to the net asset value of its underlying public liquid equity portfolio. Furthermore, the underlying portfolio companies themselves trade at significant discounts to our appraisal of intrinsic value and compound at attractive rates. Supported by low-cost long-term debt financing, this structure provides a wide margin of safety and powerful compounding mechanics.