Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.09, read 2026-10-24
Ethical does not pass the values gate
Price44.05 USD
Fair value25.39
Ethical score30.0/100
Our investment reviews on this name
2026-10-25Read Distribution44.48-1.0% to today ✓Markup gives way to Distribution after a 25% slide in 3 weeks
2026-10-02Read Markup59.17-25.6% to today Accumulation gives way to Markup after a 48% rise in 4 weeks
2026-09-03Read Accumulation40.06+10.0% to today ✓First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Pershing Square Inc holds its Distribution at $44.05. The statistical read favours the sellers, held for 5 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 5 days
Price at the screen
$44.05
Valuation
N/A trailing · 47.22 forward price to earnings
Values screen
FAIL· score 30.0
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Asset Management
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Asset Management
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Pershing Square does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 42.9% above the base estimate.
Third-party analyst targets: 9 covering, consensus Hold. The average target sits −5% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Asset managers charge fees on other people's money
Asset managers sit at the top of the fee chain yet Pershing Square trades well above our fair value with a forward multiple of 37 times. The ethical screen rules it out outright because asset management sits on the excluded list. That alone ends the conversation.
Revenue is rising just 10 percent while profit margins and return on equity both sit at 11 percent with only a narrow moat. Analysts may still rate it a buy with a 40 dollar target but the 22 percent premium to fair value leaves no margin of safety.
The real danger is paying up for average growth in a business whose economics depend on market levels that can fall as fast as they rise. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PS trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading neutral. The street (7 analysts) rates it none, with a mean price target of $42.
2026-10-18Markup$44.48-24.8%Entry 3
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 24.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. The street (7 analysts) rates it none, with a mean price target of $42.
2026-10-02Markup · changed$59.17+47.7%Entry 2
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 47.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. The street (7 analysts) rates it none, with a mean price target of $42. Since the last review it its composite score eased.
2026-09-03Accumulation$40.06Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. The street (7 analysts) rates it none, with a mean price target of $42.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.