James Elbaor, founder and CIO of Marlton Capital, discusses his investment thesis for Pershing Square Holdings (PSH).PSH is Bill Ackman's closed end fund. It trades at a discount, at James thinks Ackman is on the verge of taking steps that will both increase net asset value and shrink the discount.James' Twitter: https://twitter.com/jameselbaorChapters0:00 Intro2:25 PSH Overview11:50 Why would a U.S. listing close the NAV gap?20:20 What could PSH buy to relist in the U.S.?22:55 How does PSH fund an acquisition?24:55 Responding to the Ackman Blow Up Risk27:30 PSH's management fees and the discount32:20 Why has PSH's leverage come down this year?38:30 Discussing PSH's "macro" trades42:30 The interest rate swaption46:30 PSH's current portfolio52:30 How PSH will evolve over time56:30 PSH's dividend1:01:30 A little more on a potential relisting