Netflix is a profitable, cash-generative streaming leader, estimated 20% undervalued, making it a good investment.

Pershing Square opened four brand new positions this quarter: Netflix, Visa, Mastercard, and S&P Global.

And what's notable is that each one landed pretty much at 5% of the Pershing Square portfolio. So, this definitely reads as a bit of a rotation into, you know, a cluster of dominant businesses as opposed to Ackman having one big swing this quarter like sometimes he does.

But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. And these days, Netflix has become, you know, the profitable cash generative leader of streaming rather than what we used to talk about with it being that debt heavy cash burning growth stock.

So, we have Visa coming in at around 12% undervalued and Netflix also sits at an estimated 20% undervalued.