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Bottleneck Capital

Long/Short Investor, Technology, Media & Telecom

13 Sep, 15:55Latest

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

HHH

Masa’s Son

Non-Consensus Long/Short Technology Investor

6 Oct

Pershing Square looks excessively valued: a $24 billion market cap against $22 billion of fee-paying assets under management. x.com

Jordan

Long-Term Stock Investor, Compounding & Portfolio Construction

17 May

BRK.B

Berkshire Hathaway is a hedge against the market in current conditions, not a vehicle to beat it, which explains its nearly $400B in cash and treasuries. x.com

Brad Thomas

Founder & Lead Analyst of Wide Moat Research

10 Oct

HHH

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

Options selling with Christian

Growth Investor, Options Selling, Creator of Stock Catalysts

29 Apr

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

Bill Ackman

Founder & CEO of Pershing Square Capital Management

30 Apr

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

Brad Thomas

Founder & Lead Analyst of Wide Moat Research

19 Jul

HHH

EGP

AMH

EQIX

Wide-moat investing remains one of the best ways to build long-term wealth, with Equinix, American Homes 4 Rent and Howard Hughes the latest picks. The conviction comes from hard experience: a real estate business worth tens of millions of dollars was mostly lost to a failed partnership, the financial crisis and a stroke. x.com

Rittenhouse Research

AI Infrastructure, Data Centers, Neoclouds, Software & Fintech Research

3 Jun

BOT

RoboStrategy's model breaks if it trades below 1x mNAV, so buying at 3.5x mNAV makes little sense. Below NAV it would have to sell holdings to buy back stock. A post the author replies to compares it to Berkshire and SoftBank, which traded at discounts for decades, but Berkshire grew capital through insurance float and SoftBank through its Vision Funds; neither relied on issuing shares above NAV. RoboStrategy can't grow capital unless retail pays more than $1 for $1 of illiquid assets. x.com … Show more

TrendSpider

Trading Platform, Charting/Scanning/Backtesting, Alerts/Bots & Options Flow

8 Aug

BRK.B

Berkshire Hathaway is not a company to bet against after a strong Q2. Investment gains nearly tripled year over year, from $6.36B to $16B, net income more than doubled, and buybacks jumped from under $300M last quarter to $4.5B. x.com x.com

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