<p>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&#39;s portfolio is just an expensive S&amp;P hug, why London still doesn&#39;t fully credit him, and whether Spark gives Pershing a real path into Universal Music Group.</p><p>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/yav</p><p>Chapters:</p><p>0:00 Intro and the divergent thesis</p><p>1:05 Sponsor: Fiscal.ai</p><p>2:20 Marlton&#39;s lens on closed-end funds and UK trusts</p><p>5:00 $PSUS: scale, structure, why it&#39;s already the largest US equity CEF</p><p>7:30 The case for a premium to NAV instead of a 15 to 20% discount</p><p>12:30 $PSUS vs $PSH London: who can own what, and why it matters</p><p>15:20 The 40-Act book and Ackman&#39;s macro hedging history</p><p>17:50 Track record with and without the COVID hedge</p><p>22:00 Why London still does not fully credit Bill</p><p>23:50 &quot;But isn&#39;t it just Google, Amazon, Meta?&quot; — the index-hug pushback</p><p>26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS</p><p>29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M</p><p>36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl</p><p>42:30 Preferred performance fees and why the income statement is cleaner</p><p>45:30 Alignment: insiders own 85%+</p><p>48:00 Permanent capital vs six-year &quot;permanent&quot; capital at the alts</p><p>49:40 50 employees at $PSCM vs 2,200 at Carlyle</p><p>52:00 Keyman risk on Bill and Ryan Israel&#39;s role</p><p>58:30 What&#39;s next: $UMG, Vincent Bolloré, and Spark as the vehicle</p><p>1:02:00 Wrap</p><p>Links:Yet Another Value Blog - https://www.yetanothervalueblog.com </p><p>See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer</p><p>Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/</p>