Nicole Lapin

speaker

11,695 appearances 60 recordings 1 series first heard Sep 2025 last heard 9 Sep

Nicole Lapin’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 57 in all, peaking in Oct 2025 with 11.

Appearances

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Money Rehab with Nicole Lapin · How to Invest Alongside the Most Successful Hedge Funds · 9 Sep 2026 podcast

Bill actually called that out when he was on the show. matched

So why would the same stock sell at a discount? matched

Well, for closed end funds, there's the share price and then there's the value of its underlying investments. matched

That's called net asset value or NAV. matched

These two are different numbers. matched

They float independently based on supply and demand. matched

share price is below nav the fund trades at a discount when it's above it trades at a premium at the time i'm recording this ps us is trading at roughly a 22 discount ackman's older fund pershing square holdings which trades over in london and in amsterdam has spent years stuck at a similar discount that discount is basically the market saying cool portfolio bro but we're not paying full price for the risk that you make a bad call and we don't love your management fees matched

Ackman himself pointed out the PSUS discount adds up to something like 11 years worth of management fees. matched

Option two, buy the manager, not the fund. matched

This is the equivalent of the PS ticker that I mentioned for Pershing Square. matched

You're buying the actual management company. matched

When you buy a listed asset manager, you're not buying their portfolio, you're buying their fee stream. matched

Every dollar they manage throws off fees, whether their bets go up or they go down. matched

This is why publicly traded giants like Blackstone and KKR have been such monsters over the last decade. matched

My hot take here is for most people, owning the toll booth itself is smarter than owning all the cars going through it. matched

Managers get paid no matter what, in good years and in bad years. matched

But know what you're buying. matched

You're buying a fee machine, not a stock picking genius. matched

Option three, the insurance float trick. matched

This one is one of my favorites. matched

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