At its heart, Berkshire wasn’t built on structure — it was built on trust. Charlie Munger described it best as a “seamless web of deserved trust”, not layers of compliance or convoluted incentives.

Ackman remains bullish on Fannie/Freddie, and Pershing Square Holdings continues to trade at a substantial discount to NAV.

About Howard Hughes Holdings Inc. The Howard Hughes Corp. engages in the development and management of commercial, residential, and mixed-use real estate. It operates through the following ...