" I'm not sure how to measure it, but compared to Berkshire, what percentage of profits remain inside the company (i.e. owned by all the shareholders equally) in Pershing Square? And what percentage gets paid out to "Management"?"


Good morning, PSUS is a closed end fund. The fees are 2 % which is high relative to the 1 % average in the CEF space. Obviously 2 % is very low for a hedge fund manager who typically charges 2 % and 20 % etc, we shall see. CET and ADX which I have touted for 20 years charge about .6 %, and both have done well, great in an American IRA. STEW charges about 1 % now, but it's a special situation that I'm going to address when I get back from the park.

BTW, in a recent interview Ron Baron said that about half the profits he made the past 15 years were a bet on Musk, Buffett and Munger wouldn't go near him, tuff game, you never know.