저자: BillAckman · 외국인
요약 보기
Ackman은 Persian Square를 영구자본 장기투자 모델로 소개하며 뉴욕증시 상장 폐쇄형 펀드 PSUS를 설명. 시장은 반도체·메모리 쏠림으로 양극화되어 Meta·Microsoft 등 '구식' 기업이 저평가됐다고 주장. 2026년 증시 사상 최고치 전망, 중간선거 전후 변동성은 매수 기회 가능성 언급하나 상원이 좌편향되면 시장에 부정적이라 주장. 지수 편입 여부가 저평가를 만든다는 논리와 단기 매매 펀드(Millennium, Citadel)의 변동성 확대를 지적.
다듬은 글
All-in Liquidity Summit held in Eveevil, California . I am pleased to have Mr. Bill Aman with us today. He is the CEO of Persian Square Capital Management . Nice to meet you, Bill . I just saw you speaking on stage with the others at the All-in Summit . What have you felt about this summit so far ? I think it is a really good summit .
They asked questions very well, too. It is a completely different experience from having one interviewer compared to having as many as four people bombard you with questions at the same time . So I think it was a more challenging and beneficial atmosphere . You explained the capital allocation method on stage, but could you help the viewers better understand the overall context?
Our model is to discover the world's best companies . It is to become a long-term investor by investing, even in the short term, at the most attractive valuation possible—that is, a reasonable entry price . And recently, investment opportunities are also being expanded for individual investors . How are you doing?
With the help of the New York Stock Exchange, we listed a closed-end investment company called Persian Square USA . This company will essentially take the same form as other investment products that were previously offered only to overseas investors, institutional investors, or ultra-high net worth individuals .
With Persian Square USA, anyone can buy one share of stock for just $41 . What is the reason for the decision to go public ? Our business model requires long-term investment . The traditional hedge fund model, where people invest capital over several years and redeem a certain amount quarterly, may be suitable for short-term investment strategies .
However, long-term investors purchase a significant stake in a company and participate in the board of directors to help set long-term strategic directions together with management. I do not want funds that can be withdrawn in the short term . The advantage of a listed company, or a closed-end investment company, is that investors can enjoy the liquidity to buy and sell stocks every day, while their capital is preserved permanently.
This enables long-term investment in a world where short-term investment is becoming the trend . Of course, viewers can check our investment status at the ticker symbol PSUS . And at the same time, we also listed a company called Persian Square . So, we are operating under the name Persian Square instead of Persian Square Capital Management .
Persian Square is an asset management company, that is, a GP ( General Partner) or alternative asset management firm, and it is the company where I serve as CEO . It is a very interesting business, similar to what other alternative asset managers, including Blackstone, do , but our differentiating factor is that capital is permanently preserved .
So, the company receives fees over time as its asset size grows . This asset grows not through fundraising (although, of course, new funds can be launched ), but through the effect of compounding . For example, if you perform well this year, assets under management (AUM) will increase, fees will increase, and the company's profits will increase.
Both companies are interesting. One is a company that manages a diverse portfolio of securities like Persian Square, and the other is an operating business. What other methods could be used to make investments, including retirement accounts, more accessible to Americans ? yes . I have always believed that the size of the capital should not be the criterion for investment .
If you want a standard based on a specific level of investment experience, today's standards are generally based on net worth. I believe that if one takes and passes a kind of test, they should be recognized as a qualified investor instead of meeting a specific capital requirement. What is your view on the current overall market situation ?
Well, honestly speaking, it is difficult to define the overall market in a single word . The market is polarized, and it is an interesting phenomenon that many significantly undervalued stocks are being found within a market that is hitting all-time highs . As you know, with much attention focused on semiconductors and memory chips , and with the focus on upcoming IPOs , interest in companies that people consider outdated has relatively decreased.
Companies like Meta and Microsoft are considered old-fashioned today, so they attract less interest from investors . That is why the stocks of such companies are significantly undervalued . yes. Well, so we are finding a lot of undervalued stocks , and we are also looking to see if there are any overvalued stocks .
Of course, 2026 is an important year. The stock market is expected to hit an all-time high this year . There are midterm elections, the 200th anniversary of the United States, and its 50th birthday. First, let's talk about the midterm elections . There are likely stocks you are investing in among the stocks you invest in at Persian Square .
If typical volatility appears ahead of the midterm elections, would it be a buying opportunity? That could be the case. The market can be broadly divided into two elements . One is stock holdings, and the other is the increase in index holdings, which is a very important phenomenon today . The valuation of companies not included in stock indices varies significantly.
For example, McDonald's is included in the S&P 500 index, but restaurant brands including Burger King, Tim Hortons, etc., are not included in the index because they are Canadian companies . Therefore, the weighting of the index is relatively low. Restaurant brands have the advantage of faster growth and better business diversification .
While there may be arguments that it should be trading at a higher multiple than McDonald's , in reality, it is significantly undervalued. Why is that? This is because it was not included in the index . More and more funds are being injected into index investments, and this is becoming an increasingly important factor .
In addition to the stocks included in the index, there are many investors investing through index funds, so massive capital is being managed in a very stable manner . In addition to investing in this type of index fund, so-called 'potshops' such as Millennials and Citadel are investing a lot of capital .
They are attracting more and more capital and employ short-term investment strategies. They are responsible for the marginal trading of many securities, and as a result, volatility increases further. This is because such models require setting very strict risk limits . You must stop investing if losses exceeding a certain amount are expected .
As a result, even large corporations can see their stock prices fluctuate sharply due to poor performance, changes in earnings forecasts, or other news events . As such, tremendous volatility is occurring , and geopolitical factors and midterm elections will also affect this volatility . If unexpected variables arise, it could have a negative impact on the market .
For example, I think that if the Senate leans toward the left, it will have a significantly negative impact on the market . July 4th of this year marks the 250th anniversary of the United States . What do you think it means? The interesting thing is that my turning 60 coincides with the 250th anniversary .
Congratulations. thank you. 250 years feels like a fairly young age for the country of the United States, doesn't it? Because it's only about a quarter of my life . The United States is only four times my age , which is something I never even imagined when I was 10 years old . Countries these days feel very old, don't they?
I think the history of the United States is really short. So, I believe the fact that the United States has existed for such a long time is significant . Well, as you know, what is truly amazing is that these people, who were relatively young at the time, drafted the Constitution and the Bill of Rights , and established freedom of the press and a republican system of government .
That system has worked remarkably well for over 250 years despite all our flaws . That is really amazing. What would you like to see over the next 250 years ? I want to see American exceptionalism continue and divisions diminish. yes. Imagine us all standing on the same side . Rather than constantly wavering back and forth like now, with one side hurling venom at the other .
I do not like it when only half the audience stands up when a president of a certain party gives a State of the Union address . I think it looks a bit foolish . Are you optimistic that we can achieve greater unity ? It depends on leadership, and today depends on leadership. I think social media is actually having a harmful effect , and the way algorithms work is also a problem .
We need to redesign social media to bring it together rather than divide it . I think we need to put in more effort like that . Are you making such efforts through your entire account? I always try to speak the truth about the things I consider important , and I hope that helps, even if just a little.
Yes, Mr. Bill Aman, CEO of Persian Square, thank you very much for attending the Olin Liquidity Summit .
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