The Buyside Desk

He doesn't

TKE meets all of @PershingSquare's requirements. Arguably a better fit than $UMG @UMG. Plus, TKE would likely receive a premium valuation if listed on US markets.

Perhaps @PershingSquare should consider TKE for SPARC? Great company and a public listing would be a cleaner option than merging with Kone (lots of anti-trust reviews, forced divestitures etc.). #elevator #tke #kone #otis #schindler #escalator #investing @BillAckman

@KraftHeinzCo $KHC has some hallmarks of a classic value trap. But their recent investment program and 6.7% dividend are making me think that they might arrest their decline. This would make the yield quite attractive. #dividends #dividend #investing #KHC #kraft #kraftheinz #heinz

Please do a quick read of this. It’s short, well written, and will remove a bit of wool from over your eyes.

@Airbnb $ANBN was overpriced at its IPO and has been "growing into its valuation" ever since. The stock is roughly flat over the last 5.5 years (down 10%). Under the hood, it is a healthy cash-flow generating business. Is it finally looking attractively priced?

Eerily quiet on the $FNMA $FMCC front these days. Too quiet?

To be clear, our sale of $GOOG was not a bet against the company. We are very bullish long term on Alphabet. But at current valuations and in light of our finite capital base, we used $GOOG as a source of funds for $MSFT.

$AMAT hitting all time highs once again. Seems to be in line with very tight memory markets. Major #AI inflection underway. The current upcycle is larger than previous cycles. #semiconductor #supplychain #technology #tech #investing

@JonOksenholt @pulte @realDonaldTrump @FannieMae @FreddieMac If $FNMA and $FMCC are relisted, $INTC will look like small potatoes. The sooner the better.

👍 a big win for intel & the American public! *When/if @realDonaldTrump decides to return @FannieMae / @FreddieMac to a major exchange the value created via $fmcc / $fmna will far surpass $intc. These are beautiful businesses that are now being properly run & optimized – the recent earnings were tremendous!

@michaeljburry I think you're correct. I've also thought this for years... And been wrong so far. Hoping you are right and these get off the otc soon

Yes.

@HorsemanCountry @pulte @realDonaldTrump @BillAckman @FHFA It would be nice, but alas this is still the government we're talking about. They'll wait until the last minute.

@buysidedesk @pulte @realDonaldTrump @BillAckman @FHFA Would love it if that report and recommendations come out well ahead of the deadline.😊

$FNMA $FMCC This is significant and worth noting from @pulte's interview this morning. "He (@realDonaldTrump) is aware of what happened with Fannie & Freddie" Rest assured that DJT knows every detail of the F2 saga that @BillAckman reiterated on Monday. This is the hill I'm willing to die on. In his typical "Art of the Deal" fashion, Trump will find a way to generate the best outcome for Fannie Mae & Freddie Mac shareholders, the housing market, & the U.S. government...and ultimately restore the American Dream.

@ToffCap If you want a full M&A deal tracker for April 2026, including all rumored deals - great for merger arbitrage, you can get it free at The Buyside Desk on Saturday.

~20% in cash right now (which is the average fund manager equivalent of 50%), so plenty to deploy. What do you suggest I take a look at?

@AswathDamodaran And once again, Berkshire Hathaway has record cash on hand because valuations are too high and they are waiting for a downturn. I wonder how much longer they will be waiting

In April 2026, US equities saw light in the midst of war and chaos. The S&P 500 rose 10.43%, its best month since April 2020, coming of COVID lows, and the ERP for the index dropped to 4.37%. The market was right then in being upbeat about the future. Is it right again? Damodaran.com

Full article is available for free at The Buyside Desk. I am expanding my coverage of M&A deals that create interesting arbitrage / special situation opportunities. Stay tuned for more.

1. My latest perspective on a wonderfully interesting M&A deal unfolding in the Fin-Tech space. Forager's proposed #acquisition of #Repay $RPAY is complete with governance intrigue, activist dynamics, contested proxy filings and the potential for lucrative merger arbitrage / special situation. Article is free. Consider subscribing.

@FannieMae @FreddieMac Quick snapshot:

My latest on @FannieMae $FNMA and @FreddieMac $FMCC is now available - for free, no paywalls. It is a follow-up on my recent article about the ERCF and a timeline for revision. I think this will go hand-in-hand with a decision on how Treasury deals with the SPS / LP. This is the single biggest issue for shareholders. While I think that deeming the SPS repaid is the cleanest and simplest option, this is not a slam dunk and the risks are very real. #Treasury #FnF #F2 #Fanniemae #freddiemac #government #conservatorship @pulte

@BillAckman on CNBC: "The most important thing that needs to be resolved for the existing shareholders of Fannie & Freddie is that the government has been repaid... The government injected $191 billion into both companies. The government got repaid $301 billion... which is that preferred investment plus almost a 12% interest rate... So the government got more than it was contractually owed." $FNMA $FMCC Video credit to @HorsemanCountry (give him a follow)