Bill Ackman
Founder & CEO of Pershing Square Capital Management
Pershing Square trades below the price strategic investors paid for a stake two years ago, even though its fee-paying assets have roughly doubled since. Those investors bought a 10% interest at $26.25. Pershing Square USA also trades at a large discount to its $49 of cash per share, and the firm looks nothing like other closed-end funds. x.com
Howard Hughes Holdings could redeploy capital from some of America's hardest-to-replicate real estate at higher risk-adjusted returns. Paths include mature-asset sales, JVs retaining upside or potentially a listed REIT retaining a stake. Vantage adds growth; low- or negative-cost float is an ideal, not a given. A 50% return in two years is plausible if Ackman speeds monetizations and proves the platform's earnings power. Execution and per-share returns are key. x.com x.com x.com x.com
Pershing Square looks excessively valued: a $24 billion market cap against $22 billion of fee-paying assets under management. x.com
Pershing Square's shares at $33 look far too high for some of the worst fundamentals in the market. The $22 IPO price is the next stop, and even a level as low as $3.55 could arguably be fair. x.com
Pershing Square USA offers little reason to own it when investors can buy its holdings, such as Hilton, Uber, Meta and Chipotle, directly. Per @StockSavvyShay, Bill Ackman's fund opened 15% below its IPO price. x.com x.com
