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 is billed as a modern-day Berkshire, but it is a real estate developer with a toll booth for Pershing Square. Bill Ackman's arrangement collects $15M a year in base fees plus 1.5% annualized above $66.15 on a share count new issuance cannot dilute. The stock is down 20% this year, below where that fee meter starts, and the insurance business is so far a press release. The new CEO's non-compete ends next June, and the Arch record being cited belongs to Arch's shareholders. x.com