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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William A. Ackman",
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      "text": "In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below.",
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      "text": "During the Great Financial Crisis, prior to the spinoff of HHC, GGP went bankrupt due to the shutdown of the CMBS and credit markets and the decline in the housing market.",
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      "text": "During the Covid 19 crisis, HHH stock declined by 71% – from $129.35 on February 20, 2020 to $37.44 on March 23rd – and the Company thereafter determined that it was prudent to launch an equity offering that, at the request of the board, was backed by Pershing Square, in which we purchased $500 million of the $600 million of stock sold to investors.",
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      "text": "In 2022, as the Federal Reserve began to aggressively raise rates, HHH stock declined by 46% from $101.78 to $55.39,3 and its shares remained depressed until Pershing Square began an aggressive buying program which included an above-market tender offer.",
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      "text": "In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below:4",
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      "text": "We believe that the Transaction and the addition of Pershing Square's senior leadership, hedging experience, and our other resources to HHH will better enable the Company to manage through the inevitable volatility of the macro and global economy.",
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      "text": "During the last three bear markets – the Great Financial Crisis of 2008/2009, the Covid 19 crisis which began in 2020, and the inflation and interest-rate-hike-driven bear market of 2022 – HHH and its former parent General Growth Properties (“GGP”) suffered severe economic consequences:",
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      "text": "We complement our core investment strategy by opportunistically utilizing hedges both to protect our funds' portfolios against specific macroeconomic risks...",
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      "text": "3 Reflects share price decline from December 31, 2021 to September 30, 2022. 4 The performance data for the hedging strategies is extracted from the overall performance of an investment in PSLP/PSH. We would be pleased to provide more complete hedging performance data upon request.",
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