원문 보기
feel quite good about 2022 we've had some very significant profits from Hedges uh you know decent percentage of which we've realized so that gives us cash to deploy that's offset some weakness and I would say stock price uh performance uh We've definitely uh you know I think the last reported return uh was probably something the 13 range something along those lines year to date uh we're a bit ahead of the s p um but uh what we really focus on is the performance of the companies we own and in almost every case uh with one uh short-term glaring example which was Netflix which we can we can discuss uh we feel very very good about the businesses we own um you know Universal Music continues to you know perform extraordinarily well and we expect it to for for decades to come uh you know really every company we own has reported uh good results are actually quite strong results management you know taking the right initiatives we feel very good about the businesses and what's happened is you know the move-in rates has caused you know re-rating in multiples and and brought down kind of today's stock market value of these companies um but we like them on January 1 at the prices where they traded and we like them more today at lower valuations and we think you know sort of finally the Federal Reserve is getting aggressive about uh tempering inflation and I think that's important for the long-term value of these businesses so as long as we don't we're not in a world with runaway inflation forever um you know and even in that World We Own the kind of businesses for the most part that can protect themselves from inflation so we like the companies we own uh we like uh you know the prices that were where they trade and then Pershing Square Holdings itself The Entity the the discount to nav has widened over the course of the year so the you know the performance of the share price is disappointing to us because it includes further Whiting widening of the the gap between nav and and share price and uh we we did launch a pretty aggressive share repurchase program we're buying the maximum every day that we can uh in the open market and the benefit uh for the long-term investor obviously is canceling shares at a 35 discount to any of the is quite a creative use of capital particularly when any of these comprised of businesses you really like that are trading it themselves cheap prices so you're we're buying back stock today and the last time we sort of did the math we sort of estimated kind of our if she took the kind of fair value of everything we owned and they traded at fair value uh that's a number you know comfortably in excess of 70 dollars per share when we're buying back stock you know today at 32 or 33 a share and I think that will endure to our benefit over the long term um so it you know obviously very interesting challenging year for the world um we try to own businesses that can withstand the test of time and I think we've been successful in selecting them you know the uh it's sort of a U.S uh headquartered company with most of its you know about half its profits in America uh listed on your next Amsterdam and It suffers a little bit I would say from what Persians were holding suffers from uh where the The Logical market for that stock is probably NASDAQ or the New York Stock Exchange and that's something the company can address over time but it's uh the business is doing great earnings are up you know well in excess of what we expected we bought the you know made the deal to buy the stock in in August of uh of last year and uh just the multiples come down trading at you know something under 20 times earnings for a business that we think can grow earnings at you know 20 percent or certainly High Teens compounded for a long long time in a you know really undisruptible business uh you know Ukraine is going through you know a tragedy and uh you know but my guess is people are still listening to music in Ukraine you know it it can appease you know the mind at a at tragic times and it's you know it's a kind of universal language and uh you're going to see more and more growth in music streaming over time and I think it's pretty inevitable so we like inevitable companies and we think we have by far the best management team in the industry so there's nothing to complain about other than I would say in the short term perhaps the share price the other thing that is hurting the share price uh is the you know uh the translation of euro to dollars right this is uh a Euro uh list you know entity uh we we hedge our exposure to kind of Universal's uh operating income in terms of its Euro and other currency uh exposures we don't hedge if you will sort of the the translation risk of the of the of the of the stock price so I think you know the earnings are better than expected you know partially because um you know obviously the business is doing really really quite well but uh over time we expect the market to give benefit for the fact that uh you know a lot of the company's earnings are on US Dollars and the US dollar is appreciated you know the stock price doesn't yet reflect that and we think it will over time but again great company great management very very cheap stock shouldn't Trade It 19 times earnings it makes no sense
Comments 0