Bill Ackman declared a 'once-in-a-decade buying opportunity' on March 29, urging investors to buy quality stocks at 'stupidly cheap' prices. Fannie Mae surged 41% the next day.
Pershing Square's $15.5B portfolio concentrates on AI platforms: Brookfield (18.2%), Uber (15.9%), Amazon (14.3%), Alphabet (12.5%), Meta (11.4%). Q4 2025 showed Amazon +65%, new $1.76B Meta position, Chipotle/Hilton fully exited.
Ackman's highest-conviction bet: Fannie Mae/Freddie Mac (210M+ shares), projecting 300-400% upside on privatization. Yet PSH is -16.2% YTD vs S&P500 -4.6%, with 55% concentration in 4 positions.
Our analysis: quality tech at 25-29x PE with AI tailwinds has merit. But the Fannie Mae bet is a political wager — evaluate separately.
For the full analysis in Korean, visit Snakestock
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