Bloomberg Talks Pershing Square Capital Founder & CEO Bill Ackman Talks Howard Hughes
May 5, 2025
In a compelling discussion, Bill Ackman, the Founder & CEO of Pershing Square Capital and newly appointed executive chair of Howard Hughes, shares his vision for transforming Howard Hughes into a diversified holding entity. He discusses strategies inspired by Berkshire Hathaway, focusing on investment and cash flow management. The conversation also dives into the impact of tariffs on American businesses and the economic outlook, filled with optimism amid uncertainties, highlighting the importance of balanced trade and growth strategies.
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Howard Hughes Diversification Vision
- Bill Ackman plans to turn Howard Hughes into a diversified holding company focused on durable growth companies.
- Starting with a valuable real estate platform, he intends to generate sustained cash flow and expand strategically.
Insurance Leverage Strategy
- Bill Ackman aims to build an insurance business within Howard Hughes, possibly starting from scratch or small scale.
- Insurance float provides low-cost leverage, enhancing investment flexibility like Berkshire Hathaway's model.
Distinct Investment Strategies
- Pershing Square focuses on minority stakes in large-cap companies, while Howard Hughes targets controlling interests in smaller private companies.
- This strategy prevents conflicts in investments and differentiates business goals between the two entities.