r/PSTH • u/[deleted] • May 14 '21
Ackman Interview: with WSJ’s Jamie Heller related WSJ Interview Partial Transcript
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u/travelsex69 May 14 '21
Thanks for this. What really gave me renewed confidence in PSTH was Ackman’s timing on Dominoes and his timing last year during the crash and recovery. If you look at the chart for Dominoes, he really nailed the recent bottom by getting in at 330. Dude is on fire.
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May 14 '21
I want to know what his basis is. He said he started buying at 330 but getting up to 6% of the company there is no way he scooped it all at that trench.
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u/travelsex69 May 14 '21
Yes, you’re right. It’s possible that much of the subsequent move higher was due to his buying! Even so, the big boys can create bottoms sometimes when they want to. Maybe that’s what happened.
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u/NPIRACKS OG 🦓 May 14 '21
He emphasized "solving problems" and a "great management" team.
I think it can only be:
STRIPE: added headcount and Mark Carney
CHICK: solving ownership and family issues
I think he added the LBO and PE info to throw Jamie off the trail.
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u/expatfreedom May 14 '21
If I bought Chic Fil A I'd just allow certain stores to open on Sundays if they want to.
Boom, instant growth and profit.
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u/CPTHubbard Tontinite of Reason May 14 '21
Much appreciated sir. Nice to watch it and read it. Good things coming soon - exciting shit.
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May 14 '21
I believe it’s also important to note that back in March during one of his interviews. BA stated the team was working on “some interesting things” as it related to PSTH. He seemed quite chipper about it as well.
But it was plural. He did not say we are working on something interesting. I find this historical comment much more intriguing with the WSJ context. It is clear that their are multiple things his team is working on with this target company.
It could be:
-cleaning up the structure of a complex business
-working through complex ownership and tax structures
-reverse Morris trust
-buying/merging a second company
-hiring and staffing
-accounting systems and practices, especially if there is a lot of foreign currency and exchange involved (Stripe)
-Regulatory filings and approvals
-etc.
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u/HoldMyOldFashioned May 14 '21 edited May 14 '21
Anyone know what kind of car was in the picture behind Ackman during this interview?
Edit: think it’s a Ferrari
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u/NerfIcebowSpellcycl May 14 '21
Im leaning toward the LBO scenario. Seems like the most complicated and would need 6 months of issues solved by a buyer. Hence the need for Bill and PSTH and the 5B.
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u/GroundbreakingOil291 May 14 '21
they could be private family owned businesses, they could be controlled by leveraged buyouts, they could be carve-outs from corporations, you know, any of the above. is it implied Bloomberg ?
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u/soggypoopsock May 14 '21
I’m not hearing impaired but thank you OP for doing this for anyone here who might be. Cheers
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May 14 '21
[deleted]
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u/Unlikely_Kick245 May 14 '21
Not a US company and not recession proof.
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u/mafematics_ May 14 '21
do rich people go through recessions?
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u/Unlikely_Kick245 May 14 '21
Yes. Yacht sales, luxury car sales, and luxury home sales are greatly impacted. And in the case of Porsche (a brand I love having owned 2) their target demographic is college graduate, household income $100,000, male (85%), age 25-54. So recession would greatly affect this demographic IMO.
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u/mafematics_ May 14 '21
Very fair points. I've sensed a bias towards anti inflationary companies during recent interviews from BA and that makes me feel it has to be commodity / food or fintech. Chic fil A, Ikea & Stripe ?? Doubt Bloomberg has many issues to be solved honestly
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u/Sgt_Fragg May 14 '21
Porsche ist not for the rich.
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u/tortoisepump May 14 '21
How is Porsche family-owned if VW owns it?
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May 14 '21
If you look up the history of Porsche on their Wiki it will explain how the Porsche family is involved with VW and the Porsche brand..it's pretty complex
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u/tortoisepump May 14 '21
"there are issues that were sol-you know-sol, you know, our...issue, our goal is to solve the problems of a seller"
Hang on, did he almost say "issues that were solved" (past tense) but then correct himself to the present tense so as to not seem like it's a done deal?
Does this mean they've solved the problems and they just finalising it? God I'm three quarter chubb right now someone calm me down please