“The Super Investors Are Buying BIG.”Pershing Square
Mastercard is undervalued by 47% per DCF, with high margins and a wide moat, making it an attractive 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.