- Pershing Square renewed its Netflix position after Ackman exited the stock in 2022 at a loss of about $400 million.
- Ackman said Netflix has established a wide lead over streaming competitors, making its scale self-reinforcing.
- Pershing Square said the market’s concentration on AI stocks created an attractive environment for investments in five other names during H1 2026.
Quotes
“Netflix has since effectively won the streaming wars. Its subscriber base now exceeds any competitor’s by a wide margin, and that scale is self-reinforcing”
“When we first invested in early 2022, investors feared an escalating content arms race among a crowded field of streaming entrants”