James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group.

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Chapters:

0:00 Intro and the divergent thesis

1:05 Sponsor: Fiscal.ai

2:20 Marlton's lens on closed-end funds and UK trusts

5:00 $PSUS: scale, structure, why it's already the largest US equity CEF

7:30 The case for a premium to NAV instead of a 15 to 20% discount

12:30 $PSUS vs $PSH London: who can own what, and why it matters

15:20 The 40-Act book and Ackman's macro hedging history

17:50 Track record with and without the COVID hedge

22:00 Why London still does not fully credit Bill

23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback

26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS

29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M

36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl

42:30 Preferred performance fees and why the income statement is cleaner

45:30 Alignment: insiders own 85%+

48:00 Permanent capital vs six-year "permanent" capital at the alts

49:40 50 employees at $PSCM vs 2,200 at Carlyle

52:00 Keyman risk on Bill and Ryan Israel's role

58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle

1:02:00 Wrap

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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/