Bill Ackman sells Starbucks and buys Dominos! (Pershing Square)

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빌 애크먼이 스타벅스를 매도하고 도미노피자를 매수했다는 내용을 다룬 영상으로, 발언은 과거 사실 설명 위주이며 향후 가격 방향에 대한 명시적 예측은 거의 없음. 애크먼 펀드(Pershing Square) 투자 이력 2020년 3월 신용부도스와프(CDS) 헤지로 약 26억 달러 수익 후, 6억 900만 달러를 스타벅스에 투자해 누적 수익률 78%, 평가액 약 10억 달러 이상을 기록함. 애크먼은 WSJ 인터뷰에서 스타벅스 주가가 너무 빨리 올라 매도했다고 밝힘. 진행자는 펀드 현금 확보 및 Pershing Square Tontine Holdings 관련 자금 마련 목적일 가능성을 제기함. 도미노피자 투자 근거 도미노는 지난 10년간 연평균 39% 복리 성장, 아마존(31%)을 상회. 기술 활용(드론 배달, 자율주행 배달 투자)과 4,500개 이상 매장 확장을 강점으로 꼽음. 자체 배달 인프라 보유가 도어대시·우버이츠 대비 경쟁우위로 제시됨. 애크먼은 사업 구조가 예측 가능하고 잉여현금흐름이 강한 고품질 기업이라고 평가함. 2021년 3월 주가 급락 시 약 6% 지분을 매수했으며 매수 단가는 주당 약 330달러. 투자 후 도미노 주가는 약 30% 상승. 진행자는 애크먼 매수 수요와 추종 투자자들의 매수 영향을 언급함. 리스크·조건 영상 내 명시적 리스크 언급은 거의 없음. 진행자는 애크먼 포트폴리오 추종 투자자 관점에서 설명하며, 향후 주가 방향에 대한 직접적 전망은 제시하지 않음. 대상 자산(삼성전자, SK하이닉스, 나스닥 등 목록) 관련 1~3개월 가격 방향 발언은 없음.

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01. welcome back to the channel bill ackman recently did an interview with the wall street journal where he revealed that he bought into domino's after selling out of starbucks clearly he's a fan of the food and beverage space to give you some context about how much he liked starbucks as a business let's go through the last pushing square holdings investor presentation so back in march after he was able to successfully profit of the credit default swap hedge that gave him around 2.6 billion dollars right in the middle of march in 2020.

02. he invested 609 million dollars into starbucks as of the date that this presentation was published the investment had a cumulative return of 78 resulting in a realize an unrealized value of just over a billion dollars in the interview with the wall street journal he said that he sold out of starbucks because he felt that the stock had moved up too quickly honestly i have a hard time believing that what seems more likely to me is that he is getting ready for the pushing square taunting holdings this pack and probably wants to free up some cash to really capitalize on that opportunity so like i've mentioned many times on the channel pushing square holdings has forward purchase agreements that let it buy into pershing square taunting holdings for an additional 2 billion dollars at 20 per share so they can bind to this pack but that isn't the focus for this particular video so let's just focus on the new investment which is domino's domino's is a business that has been doing tremendously well over the past decade as an investment domino's has been nothing short of incredible compounding at 39 percent per year over the last 10 years that is more than amazon which has compounded at 31 percent over the same time frame their use of technology has been a key reason as to why they were able to increase their footprint by more than 4500 stores in 85 markets over six years and consistently improve same store sales quarter over quarter domino's was the first company to have delivered a pizza by drone and now they are investing in self-driving technology to ensure faster and more efficient delivery as ackman describes it this is a predictable high quality strong free cash flow generating business with a dominant position domino's was one of the companies that did well last year and saw their business get stronger despite the lockdowns however this year the stock price fell in march seemingly for no reason and bill ackman took advantage of that and bought around six percent of the entire company uh we sold starbucks which is really an amazing business largely because it got to a price it was hard to earn the kind of excess returns we like to earn over time you know kevin johnson's done an amazing job the team's done an amazing job it's really a great great uh business but the stock just recovered too quickly too fast to to and i think investors will do well with starbucks but for a very brief moment another restaurant company that we followed very closely over a long period of time dropped dramatically in price for reasons we didn't understand and we were able to swap starbucks for domino's pizza oh okay well that's being done we didn't get as much as we would like but we own a little under six percent of the company okay and that's been a standout in the pandemic right i mean can you talk a little bit about what else you've liked about domino's so one obviously we like the restaurant industry um you know interestingly we've never lost money in investing in a restaurant company i think we've never not made a lot of money and just to remind people you own burger king's holding company and also chipotle yes so it's a it's it's a space an industry we know we like uh dominoes is a pure franchising company and interestingly you know they were really first and best in sort of technology and delivery uh and they they own their own delivery infrastructures they don't need to rely on the door dashes and uber eats in the world and that is actually an important competitive advantage in a world where you want to deliver you can deliver pizza for 7.99 it's hard to do that with a delivery service taking a massive massive cut of the proceeds so it's it's an extremely well-run company they've done an incredible job um on everything about the way they run their business uh to the way they grow their business and to the way they you know allocate capital in their business so it's real standout we've admired it for years and we just it was always never cheap enough and then for for about five minutes it got cheap i don't know who sold or why but uh we started buying around 330 a share and then it very quickly moved up a lot as an investor in pushing square holdings i think that domino's is definitely a business that fits perfectly in the pushing square portfolio it's great to see that since the investment was made domino's has increased by almost 30 percent this is likely due to the buying pressure from pershing's investment and also possibly from other investors who closely track the lachman's portfolio do let me know if you are currently an investor in either dominoes or in pushing square holdings or pushing square taunting holdings and what is your reason for being invested in any of those so that was just a quick update and thanks for watching the video and have a great day you