Matt Levine, Columnist

Bill Ackman Wants Your Money Again

The return of PSUS, chatbot meme stocks, S&P binaries and Cluely vs. TechCrunch.

March 10, 2026 at 5:45 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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In 2024, Bill Ackman came to the stock market with a proposition: You could give him $50, and he would invest about $49 of it in some stocks for you. (The other $1 would go to underwriting fees.1) This is called a “closed-end fund,” and Ackman’s is called Pershing Square USA Ltd., or “PSUS.”

How much is that proposition worth? How much should you pay for $49 worth of stocks selected for you by Bill Ackman? Some possible answers include: