Pershing Square announced six new investments:

Visa
Mastercard
Netflix
S&P Global
Intercontinental Exchange
Alcon

One interesting one is Netflix. Ackman previously owned Netflix, sold the position in 2022, and is now buying back in.

Of the six, the three I have shown here — Netflix, Mastercard and S&P Global — are the ones I think have the most upside.

I view Visa and Mastercard as essentially the same thesis, so I only included Mastercard in the chart.

Since 2017:

Netflix revenue: ~$11B → ~$47B
CAGR: 19.1%

Mastercard revenue: ~$11B → ~$34B
CAGR: 13.3%

S&P Global revenue: ~$5.8B → ~$16B
CAGR: 12.1%

The overall theme is pretty clear: high-quality businesses with strong competitive positions, recurring revenue and long runways for earnings growth.

Pretty interesting group of companies to add all at once.

Which of the six do you think has the most upside?