PS · PS Q2 FY2026 earnings call record财报电话会记录

“So for example, our earnings yield being higher relative to kind of that bond yield, if you will, for your equity risk premium, and the growth of our companies being significantly in excess of what the average company is going to be giving you on a multi-year basis makes us feel really good that not just perhaps that the market has a reasonable chance of doing well from here, but more importantly, that the individual kind of 12 to 15 securities that we hold at any one time have a very good chance of doing significantly better than that.”

“We sort of laid out a plan where by allocating kind of the $2.5 billion to $3 billion of free cash flow we expect the business to generate over the next three to five years, we think with that capital primarily going towards Vantage, how we could build up to a sum of the parts if the business is able to earn kind of a high teens or 20% return on equity, where Howard Hughes' intrinsic value by the end of 2030 could be something north of $200 per share.”