Visa is undervalued by about 12% and is a wide-moat, high-margin business, supporting a bullish view.

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. For example, Visa and Mastercard, they are basically toll booths on global payments.

They are both running margins over 50%.

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