Matt Levine’s Money Stuff: Bill Ackman Wants Your Money Again

May I sell you stock?

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. ) 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:

• $49, because $49 worth of stocks is worth $49;
• less than $49, because Ackman ...