Bill Ackman, HHH Tezini Gelecek 50 Yıl İçinde "Bileşik Bir Makineye" Dönüştürmeyi Hedeflerken Onayladı: "Kimse Dikkat Etmiyor"

Bill Ackman Endorses HHH Thesis as He Aims to Turn It Into a ‘Compounding Machine’ Over the Next 50 Years: ‘No One Is Paying Attention’

Man in front of computer screens watching volatile financial charts (Credit: Shutterstock AI)

Rishabh Mishra

Tue, September 22, 2026 at 2:30 AM GMT+3 5 min read

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Pershing Square CEO Bill Ackman endorsed a report analyzing the pricing discount in Howard Hughes Holdings Inc. shares as the firm transitions from a real estate developer into a capital holding company. Ackman previously noted that the market is missing this shift because "no one is paying attention" to the business.

Endorsement and Valuation Disconnect

On Sept. 21, he shared an analysis by Scott Felsenthal on social media platform X, describing it as "an excellent and insightful report on $HHH." The report highlights a disconnect between HHH's current market price of roughly $62 per share and its underlying asset values.

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Fifteen months earlier, in May 2025, Pershing Square invested $900 million to purchase 9 million newly issued HHH shares at $100 per share. It has a 46.9% beneficial ownership stake in HHH.

According to the company's own valuation framework, the real estate assets alone are estimated at $82 per share. Ackman recently stated that the liquidation value of these real estate assets is "north of $100" per share.

Despite these metrics, the market continues to price HHH as a traditional real estate developer. Ackman addressed this in a Sept. 8 podcast, stating, "We literally, yesterday, made a big announcement which I am sure you missed because no one is paying attention to this company."

An excellent and insightful report on $HHH. https://t.co/cvFpfHoAkP

— Bill Ackman (@BillAckman) September 21, 2026

The 'Compounding Machine' Strategy

Pershing Square intends to transform HHH into an entity resembling Berkshire Hathaway Inc.'s economic architecture. The strategy relies on utilizing excess cash generated from HHH's real estate to fund specialty insurance and public equity investing.

In June, HHH completed the $2.1 billion acquisition of Vantage Group Holdings to serve as the primary insurance engine. To support this transition, HHH appointed former Arch Capital CEO Marc Grandisson as Executive Chair of Vantage, who personally invested $10 million to purchase warrants with a $100 exercise price.

Ackman has outlined an ambition for permanent ownership. He described the long-term vision on a recent podcast as creating a "compounding machine over the next 50 years" with the ultimate goal of building a trillion-dollar enterprise over time.

Photo courtesy: Shutterstock

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