“The Super Investors Are Buying BIG.”Pershing Square
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.