NFLX
Plot twist: the sequel nobody saw coming
Bill Ackman just did the investing version of “I’m back with my ex, but this time I’m wiser.” Pershing Square disclosed a new 3.15 million-share Netflix position, about 4.9% of the fund’s portfolio, four years after it bailed on the stock and locked in a loss north of $400 million.
Why he’s circling back
This isn’t just nostalgia. Pershing Square says Netflix has basically already won the streaming wars, and it’s betting the company can keep compounding revenue at a double-digit clip while content costs grow slower than sales. Translation: more scale, better margins, and less of the “everyone is burning cash to chase subscribers” chaos that made streaming feel like a corporate Hunger Games.
The rest of the portfolio glow-up
Netflix was just one piece of a bigger portfolio reshuffle. Pershing Square also added stakes in Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon, while keeping Microsoft, Uber, and Meta near the top of the stack. In other words, Ackman is clearly leaning into big, durable businesses that can keep humming even when the macro mood gets cranky.
Big picture
For Netflix holders, the headline is simple: a high-profile investor who got burned before is coming back for round two. That doesn’t guarantee the stock goes up, but it does suggest the market may be re-rating NFLX from “expensive streaming bet” to “cash-generating media machine.”