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An excellent talk by Universal Music Group’s chair, Sir Lucian Grainge, at Pershing Square Holdings’ (PSH) investor day gave me an opportunity to revisit the investment case for Hipgnosis Songs (SONG). Like so many situations in life and in investment, there are valid arguments for and against, but in my view the SONG share price has overreacted to what are perfectly legitimate worries and the patient investor will be rewarded.
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