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Can someone explain to me why $PS, Pershing Square’s management company at a $12B mkt cap, trades at 50% of fee-paying AUM, 40x revenues and 150x Operating Earnings, when its closed-end funds($PSH.LN and $PSUS) trade at massive 20-30% discounts to NAV…?! (2) At the very least, Pershing should be issuing more expensive $PS shares to buy-in $PSH.LN and $PSUS shares at a big discount.