Bill Ackman Calls Meta And Microsoft 'Old-Fashioned'— And He's Snapped Up The Mega-Cap Stocks At 'Double
Pershing Square Holdings’ closed-end fund PSUS, launched April 29, has been buying aggressively, with four newly acquired but undisclosed companies to be revealed in its Q2 report. Bill Ackman said he favors “old-fashioned” mega-cap tech like Meta and Microsoft, which he views as trading at cheap valuations. PSUS has bought 10+ million shares for over $500 million and trades about 20% below NAV.
How this was made
The 30-second read
Why it matters
For PSUS, the actionable element is the disclosed ~20% NAV discount plus large incremental buying by Ackman affiliates, suggesting a potential discount-narrowing trade into the next report. For META and MSFT, the impact is primarily sentiment framing with no new operational catalysts.
Market read
The only concrete, trade-relevant disclosures are PSUS’s discount-to-NAV and the scale of incremental buying; META/MSFT are mentioned as valuation-sentiment examples without new company facts.
What to watch
PSUS discount could persist if IPO/technical factors reverse or if future Q2 portfolio/company disclosures disappoint; META/MSFT commentary may not translate into near-term flows.
Background
Ackman discussed “old-fashioned” mega-cap tech at the All-In Liquidity Summit and tied it to valuation cheapness; PSUS is described as trading at a discount to NAV since its April IPO.
Ticker impact
Ackman said Meta is “old-fashioned,” implying sentiment has pushed the stock to “very cheap” valuations.
Limited near-term impact; more of a sentiment/positioning narrative than a new fundamental catalyst.
No new company-specific data (earnings, guidance, deals, regulation) is disclosed—only a conference commentary tied to valuation perception.
Ackman called Microsoft “old-fashioned,” arguing that reduced excitement has left the stock “very cheap.”
Low likelihood of immediate repricing absent fresh fundamentals; could marginally support dip-buying sentiment.
The piece contains no new MSFT operational or financial disclosures; it’s an opinion/positioning statement.
The article says PSUS trades at ~20% discount to NAV and Ackman’s Pershing Square bought 10M+ shares for $500M+.
Moderate support for PSUS as discount-narrowing is the implied trade, but follow-through depends on future Q2 disclosures.
The article provides concrete, trader-relevant facts: discount magnitude, recent performance, and the scale of incremental buying.
Market effects
Reinforces a “value in mega-cap tech” narrative versus speculative semis/startups, but without new sector data.
No clear regional linkage beyond US-listed conference commentary.
Minimal; discussion is US-focused and fund/valuation framing rather than global macro or policy.
Counterpoint
The “old-fashioned/cheap” framing may reflect genuine multiple compression risk (slower growth, AI capex digestion) rather than mispricing.
Key entities
- closed-end listed fundPSUS
Pershing Square USA; described as trading ~20% below NAV and having seen large Ackman-affiliate buying.
- mega-cap technology companyMeta
Named as “old-fashioned” by Ackman, implying sentiment has reduced excitement and pushed valuation lower.
- mega-cap technology companyMicrosoft
Named as “old-fashioned” by Ackman, implying sentiment has reduced excitement and pushed valuation lower.
- investment managerPershing Square affiliates
Stated to have acquired 10M+ PSUS shares for $500M+ in open market and IPO.
