Nicole Lapin

speaker

12,527 appearances 64 recordings 1 series first heard Sep 2025 last heard 4d ago

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 — 61 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

A closed end fund raises a fixed pot of money once, then it trades on an exchange like a stock. matched

This is a rare option. matched

Bill Ackman, who was on the show just a bit ago, did this with his hedge fund, Pershing Square. matched

He basically launched a fund called Pershing Square USA, ticker symbol PSUS, on the New York Stock Exchange. matched

It priced at $50 a share and raised about $5 billion, making it the largest closed-end fund launch in U.S. matched

history. matched

He simultaneously took the management company itself public under ticker PSUS. matched

The pitch was basically Berkshire Hathaway, but you get in on the ground floor. matched

Buy PSUS and your money rides alongside Ackman's portfolio. matched

Now, Ackman has had years where his fund had returns over 50%, but it is not all sunshine and rainbows 24-7. matched

PSUS fell 18% on the very first day of trading. matched

As of mid-July, it was trading around $37 a share, while the actual investments inside the fund were worth almost $48 a share. matched

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

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