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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-02-18 00:00:00",
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  "notes": "Uses a table-like structure to frame historical performance as a failure of the target company.",
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      "text": "During the last three bear markets, HHH and its former parent GGP suffered severe economic consequences",
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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 on the following page",
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      "text": "stock decline: 71%",
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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 on the following page",
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      "text": "(1) Reflects share price decline from December 31, 2021 to September 30, 2022.",
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      "text": "Risk Factor vs HHH/GGP Performance table",
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      "text": "HHH’s Exposure to Macroeconomic Risks",
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