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In this segment of Sam Parr’s YouTube video, Sam and a guest (Speaker B) discuss a highly conservative investment approach centered on cash and Treasury bills, with a single equity position in Pershing Square Holdings, Bill Ackman’s hedge fund. The guest explains that his portfolio consists mainly of Treasury bills, reflecting a large cash reserve, and that he holds Pershing Square Holdings because its performance improves as interest rates rise. He emphasizes that he is waiting for a market downturn (“winter”) before deploying more capital, illustrating a patient, macro‑driven strategy that leverages rate‑sensitive assets while minimizing equity exposure.
