◆ Contrarian Corpus
Campaigns / Pershing Square → Netflix, Inc.
Pershing Square vs. Netflix, Inc.

Netflix, Inc. · NFLX

2 decks published between 2022-01-26 and 2022-04-20 — 4 pages, 4 analysed slides total. Outcome: lost.

initial thesis post mortem

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-01-26 initial thesis

    2022 01 Pershing Square Capital Management L.P. Releases Letter to Investors 01 26 2022

    3pp · letter

    Pershing Square builds a top-20 Netflix stake after the post-earnings selloff, betting streaming economics, content moat and margin expansion make NFLX a long-term compounder at dislocated prices.

    N 2 V 1 C 1
  2. 2022-04-20 post mortem

    2022 04 Letter to Shareholders 4.20.2022

    1pp · letter

    Pershing Square exits Netflix at a 4-point portfolio loss because the ad-tier pivot widens the outcome range beyond what a concentrated book can underwrite.