2025 HHH Shareholder Meeting HOWARD HUGHES Forward-Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "would," and other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ...

While we have you here, got to ask you about your take on just where we are in this economy and where we are in the markets. What what do you think. We keep talking about, you know, we say there's there's a bubble in conversations around a bubble.>> Yeah. Uh I would say there's a lot of positive Let me be optimistic for a moment. Um I'm negative on New York if Montami is elected, but I'm I'm positive on the country.Um you know, clearly we have the most pro business president we've had in a very long time. U ...

Core Viewpoint - Bill Ackman, a prominent investment manager, has made a significant investment in Nike, converting a $1.4 billion equity stake into deep in the money call options, anticipating that this strategy will yield double the returns compared to holding the stock directly [3][9]. Company Overview - Nike's revenue declined by 10% in the quarter ending August 2024, prompting a leadership change as the board replaced former CEO John Donahue with Elliott Hill, who initiated the "Win Now" strategy to revitalize the brand [5][4]. - The "Win Now" strategy focuses on enhancing brand marketing, accelerating product innovation, and improving wholesale relationships while restoring the direct-to-consumer model to premium status [5]. Recent Performance - Nike's revenue showed a slight increase of 1% year-over-year in the last quarter, although it was down 1% on an FX-neutral basis, with notable strength in the wholesale segment despite a decline in direct-to-consumer sales [6]. - The company is facing challenges in the sportswear market, with competitors like Under Armour and Lululemon also experiencing sales declines, and anticipates an additional $1.5 billion in expenses due to tariffs [7]. Future Outlook - Despite short-term challenges, Nike is expected to improve its inventory position and innovate new products, which should lead to a return to growth [8]. - Analysts predict a 41% improvement in earnings per share for fiscal 2027, with further growth expected in fiscal 2028, indicating a positive long-term outlook for the company [10]. Valuation - Nike's stock is currently trading at 27 times next year's earnings expectations and just 2 times trailing sales, suggesting it is undervalued with more upside potential than downside risk [11].

Group 1 - Nike reported Q1 FY26 results with revenue of $11.72 billion, exceeding the $10.97 billion estimate, and EPS of $0.49, surpassing the $0.27 expectation, indicating a positive financial performance [2] - The company experienced a gross margin improvement and a 2% year-over-year decline in inventory, suggesting early signs of a turnaround [2] - Management noted the relisting of Nike shoes on Amazon, which has shown positive sales pickup and stronger consumer engagement, potentially signaling a successful turnaround [3] Group 2 - Bill Ackman remains bullish on Nike, despite not showing call options on NKE in Pershing Square's Q2 13F, indicating a direct bet on the company's rebound [5] - The launch of the ACKY ETF by VistaShares aims to track Ackman's Pershing Square portfolio, featuring a 15% annual dividend, making it accessible for retail investors [3][4] - Nike's progress in key markets and the introduction of the ACKY ETF have placed Ackman's investment strategy in the spotlight this week [5]

Core Viewpoint - Treasury Secretary Scott Bessent warns that if Zohran Mamdani implements his socialist economic plans as mayor, New York City will require a federal bailout, which he will not provide [1][4]. Group 1: Economic Implications - Bessent emphasizes that New York City will come to the federal government for a bailout if Mamdani's policies are enacted [1]. - He predicts that the implementation of Mamdani's plans could lead to a loss of the city's tax base, as high earners and businesses may leave [6]. - Bessent notes a significant transfer of wealth from Manhattan County to Palm Beach County over the past five years, indicating a trend of economic flight [6]. Group 2: Criticism of Mamdani's Policies - Mamdani's proposals, which include free buses, city-owned grocery stores, and rent freezes, have raised concerns among Wall Street executives [7]. - Bessent describes Mamdani's financial plan as potentially destructive to jobs and a catalyst for businesses and wealthy taxpayers to exit New York [10]. - The sentiment against Mamdani's agenda is echoed by billionaire hedge fund manager Bill Ackman, who has pledged to support a rival candidate [8].

With Warren Buffett set to step down from his role as CEO of Berkshire Hathaway, Ackman’s Pershing Square is in focus. Learn why his concentrated bets and public moves keep drawing investor attention. https://t.co/Q8ipFRHdKv ...

Group 1: Hedge Fund Performance - Bill Ackman's Persian Square Holdings Fund has achieved a year-to-date return of 33%, significantly outperforming the S&P 500, which is up 12% [1] - Over the past five years, the fund has increased by 127%, although it is listed on the London Stock Exchange, making shares difficult to obtain in the U.S. [1] Group 2: New ETF Launch - A new ETF named Target 15 Activist Distribution has been launched, allowing investors to trade like Ackman with a target of 15% annual income paid monthly [2][3] - The ETF captures Ackman's publicly available portfolio and employs a covered call strategy to generate the targeted income [3][4] Group 3: Income Strategy - The ETF aims to provide stable monthly income of 1.25% from the portfolio, with dividends from underlying holdings reinvested into the net asset value (NAV) [5] - The management fee for the ETF is 95 basis points, which is lower than typical hedge fund fees [6] Group 4: Portfolio Composition - The ETF includes a selection of Ackman's high-conviction long-term investments, such as Uber, Alphabet, and Brookfield, focusing on undervalued companies [7][9] - The strategy allows for capturing changes in Ackman's portfolio on a quarterly basis, making it an active ETF [9] Group 5: Additional ETF for Warren Buffett - Another ETF called OMAH has been launched to allow investors to mimic Warren Buffett's investment style, with a similar income strategy of 15% paid monthly [11][12] - OMAH has reached over $500 million in assets since its launch in March, focusing on publicly traded holdings within Berkshire Hathaway [12][13]

Group 1: Bill Ackman's Investment Strategy - Bill Ackman has a significant portion of his hedge fund, Pershing Square, invested in Amazon and Uber, with ambitions to create a "modern-day Berkshire Hathaway" through Howard Hughes [2][3] - Ackman's hedge fund has outperformed the S&P 500 over the last five years, indicating a strong investment track record [2] Group 2: Amazon's Business Overview - Amazon constitutes 9% of Ackman's portfolio and operates in three major industries: e-commerce, advertising, and cloud computing [5][9] - The company is the largest e-commerce marketplace in North America and Western Europe, the largest retail advertiser globally, and the leading cloud computing platform through Amazon Web Services (AWS) [5][7] Group 3: Amazon's Financial Performance - Amazon reported Q2 revenue of $167 billion, a 13% increase, with operating margin widening by 1.5 percentage points and GAAP net income rising 33% to $1.68 per diluted share [9][10] - Wall Street estimates that Amazon's earnings will grow at an annual rate of 17% over the next three years, with a current valuation of 35 times earnings [10] Group 4: Uber's Business Overview - Uber represents 21% of Ackman's portfolio and is a leader in mobility and food delivery services, operating the largest ride-sharing platform and the second-largest restaurant food delivery platform in the U.S. [11] - The company has a significant presence in multiple countries, benefiting from scale and network effects [11][15] Group 5: Uber's Financial Performance - Uber's Q2 revenue increased by 18% to $12.7 billion, with GAAP net income rising 34% to $0.63 per diluted share [11] - Wall Street projects Uber's earnings to grow at an annual rate of 22% over the next three years, with a current valuation of 16 times earnings [14] Group 6: Future Opportunities for Uber - Uber is well-positioned to capitalize on the autonomous vehicle market, with 20 AV partners and ongoing deployments in multiple markets [12][13] - The company can cross-promote its services through a single mobile app, enhancing user engagement and data utilization [15]

Strategic Transaction & Company Overview - Pershing Square invested $900 million in HHH, purchasing 9 million newly issued shares at $100 per share, representing a 48% premium[12] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[12] - Howard Hughes is transforming into a diversified holding company seeking controlling stakes in high-quality, durable growth companies while continuing to invest and grow the core real estate development business[12] - Howard Hughes has 34,000 acres of raw land[16] Financial Performance - The company's 2024 Master Planned Communities (MPC) Earnings Before Tax (EBT) was $349 million[18] - The company's 2024 Adjusted Condo Gross Profit was $211 million[20] - The company's 2024 Operating Assets Net Operating Income (NOI) was $257 million[23] - The company's Adjusted Operating Cash Flow for 2025 is projected to be $410 million[42] Operating Assets - Operating Assets In-Place NOI is $265 million with $353 million expected at stabilization[100]

Universal Music Group has filed confidentially for a US listing, which would fulfill the terms of a deal with billionaire Bill Ackman’s hedge fund Pershing Square https://t.co/rLvEx7zYQV ...