Money Rehab with Nicole Lapin · Wednesday, September 9, 2026
Nicole Lapin explains the concept of closed-end funds, where the share price can differ from the net asset value (NAV) of the underlying investments. She notes that these funds can trade at a discount or premium based on market supply and demand, with Bill Ackman's Pershing Square USA (PUS) currently trading at a discount.
“A closed end fund raises a fixed pot of money once, then it trades on an exchange like a stock.”
“When the share price is below NAV, the fund trades at a discount.”
“At the time I'm recording this, PUS is trading at roughly a 22% discount.”