Speaking at today's Ira Sohn conference, Pershing Square’s Bill Ackman reiterated his Howard Hughes long recommendation - a name he has been involved with for years - citing its strong management and desirable locations as reasons why it should become more valuable over time. According to Reuters data, Ackman's $11 billion Pershing Square Capital Management owns 8.85% of Howard Hughes and ranks as its biggest shareholder. Oh, and Ackman serves on the company's board so no conflict there. Among other assets, the company own Manhattan's South Street Seaport, the Woodlands in Houston, Texas and Summerlin in Las Vegas.
In light of Ackman's recent investing track record, there has been some debate what is more surprising: that Ackman is again unable to come up with an original investment, or that the stock actually jumped, rising as much as 4.8% on the Ackman reco.
Pershing Square's full presentation is below.
http://www.scribd.com/embeds/347731807/content