Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor

YAVP Episode #392

James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group.

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Transcript for paid subs begins below (The initial transcript is AI-generated and is replaced with a professionally edited version when available)

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