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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William Ackman",
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      "text": "As a diversified holding company, HHH will have an attractive investment universe, which we believe Pershing Square is uniquely advantaged to pursue",
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      "text": "Private equity investors typically: 1) focus on 100% control, take-private transactions, 2) have limited experience with obtaining control of public companies outside of sales processes and 3) have a shorter-term investment horizon",
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      "text": "Over the last three years, the S&P 600 SmallCap index has underperformed the S&P 500 by 6.4% per annum (annualized returns of 5.4% for the S&P 600 SmallCap vs 11.9% for the S&P 500)(1)",
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      "text": "S&P 600 SmallCap is currently trading at ~16.4x forward earnings vs the S&P 500 is currently trading at ~22.1x forward earnings(1)",
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      "text": "(1) All market data as of January 31, 2025.",
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