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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William A. Ackman",
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      "text": "Multiple of Capital: 93.4x",
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      "text": "The hedging instruments we have deployed – index credit default swaps, interest rate swaptions, commodity and currency options – are extremely liquid and can be executed in enormous size.",
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      "text": "Pershing Square has generated highly attractive returns for our investors. Over the last 21 years, an investment in Pershing Square, L.P. (\"PSLP\"), our first investment fund, at its inception on January 1, 2004, which was transferred to Pershing Square Holdings, Ltd. (\"PSH\"), our permanent capital fund, at its launch on December 31, 2012, has generated a 19.4% compound annual return, a 4,017% cumulative return, and a 41.2 times multiple of capital (net of our 1.5% per annum management fees but gross of performance fees).",
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