Billionaire Investor Bill Ackman Just Went All In On One of His Favorite Stocks: He Plans to Hold It "Forever"
Bill Ackman and his fund Pershing Square Capital Management are big fans of the real estate development company Howard Hughes Holdings (NYSE: HHH). In 2010, Pershing, along with several big private equity firms, capitalized the company in a rights offering that valued shares at $47.62.
While Ackman is pleased with management and the work they've done over the last decade-and-a-half, he has very little to show for it. The stock returned 35% between 2010 and August 2023 before Ackman and Pershing began to intervene, which equates to a 2.2% compound annual gain.
However, Ackman isn't giving up. On the contrary, the billionaire is doubling down. Now he's proposing to purchase a sizable amount of the remaining public float because he wants to hold the stock "forever."
Source Fool.com
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