Bill Ackman of Pershing Square is next up at the Ira Sohn Investment Conference. Ackman who has had a rough stretch has been making a comeback lately with a 4.6% return in April. Bill Ackman has mostly been hurt by his Valeant investment which he recently exited, while other positions have performed better? Will he discuss his new information about Herbalife (again)? Or reveal his big new undisclosed positions? Fannie Mae and Freddie Mac? Or something else? We hope it is the new positions and GSE reform but only time will tell.
Need to catch up? Readers can find links to ALL of our 2017 Sohn coverage at this post.
Ackman pitches real estate. master planned community howard Hughes HHC an old position of Ackman’s. He explains the history of the company and GGP (which was I believe his best performing position ever.) He has never talked about HHC publicly but Ackman says he is now because valuation is so attractive.
We stopped selling off commercial land. We control zoning in many areas.
HHC owns Woodlands one of most desirable places to live in Texas.
Sumerland (sp) is right near Las Vegas and this property is now extremely valuable – we kept the commercial land. We own all the property so every building we improve increases RE of neighbor which we own.
It is hard to value on GAAP accounting which is not a good way to look at the business. Book value is not good either. The best valuation approach is looking at the operating assets worth current value and get other properties for free when you buy HHC. Get 37mmm square feet for future development
Seaport will open in New York City in 2018 and be one of the most valuable properties in the world, which investors get for free.
This is a very tax efficient business.
Great management also.
Company kind of secret – first investor day soon, very little analyst coverage etc.
Bill Ackman of Pershing Square Capital Management speaking at the Sohn Conference about land development with Howard Hughes Corp.