EPISODE · May 19, 2026 · 1H 5M
Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor
from Yet Another Value Podcast · host Andrew Walker
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.Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yavChapters:0:00 Intro and the divergent thesis1:05 Sponsor: Fiscal.ai2:20 Marlton's lens on closed-end funds and UK trusts5:00 $PSUS: scale, structure, why it's already the largest US equity CEF7:30 The case for a premium to NAV instead of a 15 to 20% discount12:30 $PSUS vs $PSH London: who can own what, and why it matters15:20 The 40-Act book and Ackman's macro hedging history17:50 Track record with and without the COVID hedge22:00 Why London still does not fully credit Bill23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl42:30 Preferred performance fees and why the income statement is cleaner45:30 Alignment: insiders own 85%+48:00 Permanent capital vs six-year "permanent" capital at the alts49:40 50 employees at $PSCM vs 2,200 at Carlyle52:00 Keyman risk on Bill and Ryan Israel's role58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle1:02:00 WrapLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/
What this episode covers
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.Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yavChapters:0:00 Intro and the divergent thesis1:05 Sponsor: Fiscal.ai2:20 Marlton's lens on closed-end funds and UK trusts5:00 $PSUS: scale, structure, why it's already the largest US equity CEF7:30 The case for a premium to NAV instead of a 15 to 20% discount12:30 $PSUS vs $PSH London: who can own what, and why it matters15:20 The 40-Act book and Ackman's macro hedging history17:50 Track record with and without the COVID hedge22:00 Why London still does not fully credit Bill23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl42:30 Preferred performance fees and why the income statement is cleaner45:30 Alignment: insiders own 85%+48:00 Permanent capital vs six-year "permanent" capital at the alts49:40 50 employees at $PSCM vs 2,200 at Carlyle52:00 Keyman risk on Bill and Ryan Israel's role58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle1:02:00 WrapLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/
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Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor
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