The stances below are c8alpha's editorial distillation of James Elbaor's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. James Elbaor is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
2026-05-19
PS
bullish
Yet Another Value Podcast · video
PS deserves a premium multiple to alts peers like Apollo, KKR, and Carlyle because its capital is truly permanent (not 6-year 'permanent'), it runs on only 50 employees versus 2,200+ at Carlyle creating extraordinary operating leverage, insider ownership…
“I still think you haven't necessarily missed. You could buy some today.”
90d +3.3%
Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor
2026-05-19
PSUS
bullish
Yet Another Value Podcast · video
PSUS will trade at a dramatically tighter discount to NAV than its current ~17% because it will be perceived as a holding company rather than a typical closed-end fund, benefiting from regular earnings calls, superior reporting, direct corporate access to…
“I just fundamentally don't see it staying at 17. I just fundamentally don't see it that way.”
90d -3.1%
Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor
2026-05-19
PSH
bullish
Yet Another Value Podcast · video
Pershing Square Holdings London is trading at a historically wide 30%+ discount with positive near-term catalysts including an accruing fee rebate that grows as PSUS AUM scales, making the discount likely to compress even as Marlton currently prefers PSUS for…
“We still think that that's a great compounder and doing fantastic job.”
90d +1.7%
Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor
2021-06-17
TPOU
bullish
Dan Loeb · video
TPOU's exposure to private investments is increasing from ~12% to 20% of the fund, including high-growth names like Upstart (invested at $145M valuation, now $9B+ market cap) and others, providing embedded optionality on private company appreciation…
“third point initially invested in upstart at 145 million valuation it's currently a 9.2 billion dollar market cap”
James Elbaor is investing in Dan Loeb at a Discount $TPOU
2021-06-17
VIV
bullish
Dan Loeb · video
Third Point has been building a substantial Vivendi stake for months predating the UMG spin-off announcement, suggesting they see value in Vivendi independent of any activist campaign against the deal, and the UMG spin-off vote is almost certain to pass.
“they like vivendi enough that they've been building this pre-announcement which is what I think is interesting”
90d -12.2% · 180d -4.7% · 1y +4.2%
James Elbaor is investing in Dan Loeb at a Discount $TPOU
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