Ackman：Howard Hughes拟引入第三方资本
Ackman on AI & IPOs, Climate Costs, Paramount's Debt Raise
提供了Howard Hughes资本结构转型的具体量化目标及Pershing Square USA折价归因，对关注相关标的的投资者具有直接参考价值。
LIVE FROM BLOOMBERG WORLD HEADQUARTERS IN NEW YORK CITY, WE ARE TRACKING THE KEY PLAYERS, THE MAJOR MOVES, AND THE CAPITAL FLOWS SHAPING GLOBAL MARKETS. THIS IS "BLOOMBERG DEALS." DANI: WELCOME TO ANOTHER EPISODE OF "BLOOMBERG DEALS," THE ONLY SHOW DEDICATED TO THE CORPORATE ACTION RESHAPING MARKETS. BILLIONAIRE INVESTOR BILL ACKMAN WILL BE JOINING US TODAY. AMONG HIS LATEST PROJECTS, AND NEAR MAJORITY STAKE TO GROW HOWARD HUGHES OF THEIR SHAREHOLDER MEETING.
来自纽约市彭博全球总部，我们正在追踪塑造全球市场的关键参与者、重大举措和资本流向。这是《彭博交易》。达妮：欢迎收看另一期《彭博交易》，这是唯一一档致力于报道重塑市场的公司行动的节目。亿万富翁投资者比尔·阿克曼今天将与我们会面。在他最近的项目中，包括在股东会议上获得霍华德·休斯公司的近多数股权。
AND THE LEADERS OF OPENAI AS THEY SEEK A NEW ROUND OF FUNDING. A GROWING NUMBER OF COMPANIES DELAYING THEIR IPO, INCLUDING OURA. HOWARD HUGHES HAD ITS ANNUAL SHAREHOLDER MEETING, THE FIRST SINCE PERSHING SQUARE TOOK A NEAR MAJORITY STAKE IN MAY. THE VISION IS TO TURN OUR HUGHES INTO SOMETHING OF A MINI BERKSHIRE HATHAWAY. WE ARE PLEASED TO BE JOINED BY THE FOUNDER AND CEO, BILL ACKMAN, TO DISCUSS THAT SO GREAT TO HAVE YOU STOP BY.
以及OpenAI的领导层，他们正在寻求新一轮融资。越来越多的公司推迟其首次公开募股（IPO），包括Oura。霍华德·休斯公司举行了年度股东大会，这是pershing square在5月获得近多数股权以来的第一次。愿景是将我们的霍华德·休斯变成某种迷你伯克希尔·哈撒韦。我们很高兴由创始人兼首席执行官比尔·阿克曼加入我们，讨论这一点。很高兴您能光临。
BILL: THANK YOU SO MUCH. DANI: YOU HAD YOUR HOWARD HUGHES INVESTMENT DAY. THE BIGGEST ACQUISITION WAS RECENTLY CLOSING CENTER VANTAGE COMMAND WITHOUT YOU GET FIREPOWER BEHIND YOU TO INVEST. WHAT ARE YOU LOOKING AT? BILL: SURE, SO IF YOU FOLLOWED MR. BUFFETT FOR 60 YEARS, 61 YEARS, INCREDIBLE CAREER, HOW DID HE CREATE SO MUCH VALUE AT BERKSHIRE HATHAWAY OVER TIME? HE DID TWO PRINCIPAL THINGS. MAYBE THREE. FIRST, AS HE LANDED DOWN THE TEXTILE OPERATION, HE TOOK AT THE CAPITOL AND BOUGHT AN INSURANCE COMPANY, AND YOU MANAGE THE ASSETS DIFFERENT FROM A TYPICAL INSURER.
比尔：非常感谢。达妮：你举办了霍华德·休斯投资日。最大的收购是最近关闭的Center Vantage Command，没有你的火力支持就无法进行投资。你在看什么？比尔：当然，如果你跟随巴菲特先生60年、61年，拥有令人难以置信的职业生涯，他是如何在伯克希尔·哈撒韦随着时间的推移创造如此多的价值的？他主要做了两件事。也许是三件。首先，随着他剥离纺织业务，他接管了资本并购买了一家保险公司，并且你管理资产的方式与典型保险公司不同。
HE TOOK THE SURPLUS AND INVESTED IN COMMON STOCKS. HE DID A GOOD JOB MANAGING THAT PORTFOLIO. YOU COLLECT MONEY UPFRONT AND YOU PAY IT OUT IN THE FUTURE. AS A RESULT, BERKSHIRE WAS ABLE TO GROW AT A VERY RAPID RATE, COMPOUNDING THE INSURANCE COMPANY'S ASSETS, EARNING A HIGH RETURN ON CAPITAL WITHOUT HAVING TO ISSUE STOCK. BERKSHIRE HAD A MILLION SHARES OUTSTANDING FOR MOST OF ITS LIFE UNTIL THE JANUARY REACQUISITION.
他将剩余资金投资于普通股。他很好地管理了这个投资组合。你预先收取资金，并在未来支付出去。结果是，伯克希尔能够以非常快的速度增长，复利保险公司的资产，在不发行股票的情况下获得高资本回报率。在其大部分生命周期中，伯克希尔有一百万股流通股，直到1月的回购。
THE CULMINATION OF A VALUABLE BUSINESS INSIDE A COMPANY--COMBINATION OF A VALUABLE BUSINESS INSIDE A COMPANY AND NOT ISSUING STOCK AS YOU GROW. WE ARE TAKING A PAGE FROM MR. BUFFETT. WE CLOSED IN JUNE. IN JULY WE ANNOUNCE THAT THE FORMER CEO OF ARCH CAPITAL GROUP, ONE OF THE BEST PERFORMING INSURANCE COMPANIES THE LAST 25 YEARS, CO FROM EIGHT YEARS, AT ARCH FROM INCEPTION. HE RECRUITED DAVID GINSBERG, HIS PROTÉGÉ. THE FORMER VICE CHAIR AND GENERAL COUNSEL OF AIG.
公司内部有价值业务的 culmination——公司内部有价值业务的组合，并且在增长时不发行股票。我们正在借鉴巴菲特先生的做法。我们在6月完成了交易。7月，我们宣布前Arch Capital Group的首席执行官，过去25年表现最好的保险公司之一，从成立之初就在Arch工作了八年。他招募了他的门徒David Ginsberg，前AIG副董事长兼总法律顾问。
WE BROUGHT AN ENORMOUS COURSE POWER WHAT WAS AN ENORMOUS PLATFORM. WE ALREADY HAD A GOOD TEAM. WE MAY DELETE S--WE IMMEDIATELY SOLD THE FIXED INCOME ASSETS. WE INVESTED MONEY IN SHORT-TERM TREASURIES. 65% OR SO. 35% OF THE ASSETS INVESTED IN A COMMON STOCK PORTFOLIO. OUR GOAL IS TO BUILD A HIGH ROI SPECIALTY INSURANCE COMPANY LED BY A SUPERB TEAM WITH US MANAGING ASSETS, AND GROWING HOWARD HUGHES -- DANI: ON THAT NOTE ON SELLING LONGER-DATED TREASURIES, WHICH TO WAS A PRESCIENT MOVE, WAS THIS AN ENVIRONMENT WHERE YOU WOULD BE AVOIDING DURATION, BE IT HOWARD HUGHES OR ANY OF THE OTHER INVESTMENTS?
我们带来了一个庞大的课程力量，这是一个庞大的平台。我们已经有了一个优秀的团队。我们可能会删除S——我们立即出售了固定收益资产。我们将资金投资于短期国债。大约65%。35%的资产投资于普通股组合。我们的目标是建立一个高投资回报率的专业保险公司，由一支卓越的团队领导，我们管理资产，并促进霍华德·休斯的增长——达尼：关于出售长期国债的这一观点，这是一个有先见之明的举动，这是一个你会避免久期的环境吗？无论是霍华德·休斯还是其他任何投资？
IS THAT BOND MARKET UNTOUCHABLE RIGHT NOW? BILL: I'M NOT REALLY AFFIXED-INCOME INVESTOR-- A FIXED-INCOME INVESTOR. I NEVER FOUND THE RISK-REWARD INTERESTING. I LIKE RISK-FREE OR I RETURN -- HIGH RETURN. DANI: ON THE EQUITY PORTION, HOW MUCH CAN YOU INVEST INTO EQUITIES? BILL: WE WILL RUN A RELATIVELY LOW LEVERAGE INSURER. MOST COMPANIES WRITE A PREMIUM EQUAL TO THE EQUITY OF THE CAPITAL OF THE INSURER. WE WILL WRITE LESS THAN THAT.
债券市场现在是否不可触碰？比尔：我并不是一个真正的固定收益投资者——一个固定收益投资者。我从未发现风险回报有趣。我喜欢无风险或高回报。达尼：在股票部分，你能投资多少到股票中？比尔：我们将运营一家杠杆率相对较低的保险公司。大多数公司写的保费等于保险公司的资本权益。我们将写的少于那个。
MOST INSURERS INVEST IN SOMETHING LIKE 2.5 TIMES THEIR EQUITY IN ASSETS AND REINVEST LESS THAN THAT. WE WILL TAKE A ZERO RISK FOR THE BULK OF THE INSURANCE COMPANY ASSETS. SHORT TERM TREASURIES, THAT FREES US UP FOR FLEXIBILITY UNDER THE CAPITAL WILL HAVE SOMETHING AT 40 TO 50% -- APPROACHING 40% OF THE ASSETS, 45% OF THE ASSETS IN COMMON STOCKS. DANI: THE VANTAGE ACQUISITION, AND THE OTHER TRANSFORMATIONAL ACQUISITIONS YOU ARE LOOKING AT?
大多数保险公司投资的资产是其权益的2.5倍左右，再投资少于那个。我们将为大部分保险公司资产承担零风险。短期国债，这使我们能够灵活利用资本，将有大约40到50%——接近40%的资产，45%的资产投资于普通股。达尼：Vantage的收购，以及你正在考虑的其他变革性收购？
OR VANTAGES IS DONE AND YOU CAN SET ASIDE? BILL: IT IS CERTAINLY NOT DONE. BUT WE ANNOUNCED SOMETHING ELSE OF SIGNIFICANCE. I TWEETED ABOUT IT AND WE TALKED ABOUT IT TODAY. HOWARD HUGHES HAS BUILT AN EXPERT IN A TEAM, HAS AN AMAZING ELECTION OF ASSETS AND MARKETS WHERE PEOPLE WANT TO LIVE, AND THE BUSINESS IS SELLING TO HOMEBUILDERS IN THESE CITIES THAT WE MANAGE, THE COMMERCIAL REAL ESTATE, THE LAND, ETC. IT IS A BUSINESS WE FINANCED ENTIRELY WITH OUR OWN EQUITY THE LAST 15 YEARS.
或者Vantage已经完成，你可以搁置一边？比尔：它肯定还没有完成。但我们宣布了一些其他重要的事情。我在推特上提到了它，我们今天也讨论了它。霍华德·休斯已经建立了一支专家团队，拥有令人惊叹的资产和市场选择，人们希望在那里生活，业务是向这些城市中的建筑商出售，商业房地产、土地等。这是我们完全用自己的权益融资的业务，过去15年都是如此。
WE ARE GOING TO A MODEL WHERE WE BRING IN THIRD-PARTY INVESTORS. THINK BROOKFIELD. THINK BLACKSTONE. THE TYPICAL REAL-ESTATE INVESTOR TODAY PUTS A VERY LITTLE OF THEIR OWN MONEY. WE WILL HAVE A LOT OF SKIN IN THE GAME. TODAY WE HAVE 100% OF THE EQUITY. WE WILL BEGIN A PROCESS IMMEDIATELY TO BRING IN PARTNERS TO REDUCE OUR EQUITY COMMITMENT TO OUR REAL-ESTATE BUY AS MUCH IS 80% ENTERED HOWARD HUGHES INTO MORE OF AN ASSET MANAGEMENT --AND TURN OUR HUGHES INTO MORE OF AN ASSET MANAGEMENT BUSINESS.
我们将转向一个引入第三方投资者的模式。想想布鲁菲尔德。想想黑石集团。今天的典型房地产投资者只投入很少自己的钱。我们将有很多利益相关。今天我们有100%的权益。我们将立即开始一个过程，引入合作伙伴以减少我们对房地产购买的权益承诺，最多80%进入霍华德·休斯，更多地成为资产管理——并将我们的休斯转变为更多的资产管理业务。
WHEN YOU BRING IN THIRD-PARTY CAPITAL, THAT WILL ENABLE US TO TAKE $2 BILLION, $3 BILLION OF EQUITY OVER THE NEXT -- SOME TIME BY THE END OF NEXT YEAR, CAPITAL WEEKEND REDEPLOY. WHEN YOU--WE CAN REDEPLOY. WHEN YOU GET A TALENTED TEAM, YOU WANT TO PUT CAPITAL BEHIND THEM. IT WILL ACCELERATE THE DEVELOPMENT ASSETS THAT IN THE CONTEXT OF THE COST OF PUBLIC COMPANY CAPITAL WORK DIFFICULT TO ACHIEVE, DIFFICULT TO JUSTIFY, AND NOW BECOME MUCH MORE ATTRACTIVE.
当你引入第三方资本时，这将使我们能够在未来——到明年年底前某个时候——动用20亿至30亿美元的股权进行资本重新部署。当你……我们可以重新部署。当你拥有一支有才华的团队时，你希望为他们提供资金支持。这将加速资产的开发，这些资产在上市公司资本成本较高的背景下难以实现、难以证明其合理性，而现在变得更具吸引力。
DANI: YOU BOTH LAUNCHER IPO WITH PERSHING SQUARE AND PERSHING SQUARE USA. WHEN IT COMES TO THE CLOSED-END FOND, ERASED RAISE $5 BILLION AND IT HAS FALLEN 25%. IT TRADES AT A DISCOUNT OF $.25 TO A DOLLAR -- BILL: BOTH OF THOSE OTHER SOMETHING. DANI: YES, CORRECT. [LAUGHTER] YOU ARE CLARIFYING MY CLARIFICATION, SO I'M PLEASED WITH THAT. YOU CALLED IT RIDICULOUS, THE DISCOUNT IT IS TRADING AT. WHAT DO YOU DO TO TURN IT AROUND?
达尼：你们俩都与施诚合伙（Pershing Square）一起推出了IPO和施诚美国公司。当谈到封闭式基金时，施诚筹集了50亿美元，但股价下跌了25%。它以每股0.25美元对1美元的折价交易。比尔：那两个都是其他情况。达尼：是的，正确。[笑声] 你在澄清我的解释，所以我对此感到满意。你称其为荒谬，它交易的折价率。你要怎么做才能扭转局面？
BILL: AMONG OTHER THINGS WE GO ON BLOOMBERG TV TO TALK ABOUT IT. DANI: SO WHAT'S GONE WRONG? BILL: WE DID A LISTING AND AN IPO. WE HAD A CLOSED-END FUND, A VERY DIFFERENT CLOSED-END FUND. TYPICAL CLOSED-END FUND DOES NOT HAVE A GOOD TRACK RECORD. IT IS A FINANCIAL PRODUCT THAT IS SOLD TO FINANCIAL ADVISORS AND THE CLIENT IS NOT PARTICULARLY INVOLVED. THE MAJORITY OF THE INVESTORS, THEY MADE AN INVESTMENT TO INVEST WITH PERSHING SQUARE.
比尔：除此之外，我们还会去彭博电视台谈论它。达尼：那么出了什么问题？比尔：我们进行了上市和IPO。我们有一个封闭式基金，一个非常不同的封闭式基金。典型的封闭式基金没有良好的业绩记录。它是一种向财务顾问销售的金融产品，客户并不特别参与。大多数投资者是出于与施诚合伙投资的目的而进行投资的。
HISTORICALLY TO INVEST WITH PERSHING SQUARE ASW A U.S. CITIZEN, YOU WENT TO INVEST WITH US PRIVATELY IN A FUND WITH A 20% INCENTIVE FEE, AND YOU HAD TO LOCK UP YOUR MONEY OVER A LONGER PERIOD OF TIME. THIS IS A LIQUID PUBLIC VEHICLE THAT DOES NOT CHARGE AN INCENTIVE FEE. LARGEST HEDGE FUND IN THE WORLD. 19% COMPOUNDED, NEARLY 23-YEAR TRACK RECORD. TRACK RECORD OF THE LOWER FEE STRUCTURE OF THE ENTITY. TRULY LIQUID ALTERNATIVE AT THE LOWEST FEES.
历史上，作为美国公民要与施诚合伙投资，你需要私下在一个收取20%绩效费的对冲基金中与我们投资，并且你必须将资金锁定更长的时间。这是一个不收取绩效费的流动性公共工具。全球最大的对冲基金。19%的复合年增长率，近23年的业绩记录。该实体较低费用结构的业绩记录。真正低费用的另类流动性投资。
WE FOCUSED SINCE THE APPEAL AND DEPLOYING THE CAPITAL. OUR FIRST PRIORITY WAS PUTTING THE MONEY TO WORK AND WE ARE FULLY INVESTED AT PERSHING SQUARE USA. WHAT WE HAVEN'T DONE, WHAT WE ARE BEGINNING, IS -- DANI: SO THIS IS JUST A MARKETING ISSUE? BILL: IT IS A MARKETING ISSUE. IF YOU WANT TO INVEST WITH PERSHING SQUARE -- I KNOW PEOPLE ALL THE TIME SAY, "BILL, I WOULD LOVE TO INVEST WITH YOU, BUT I CAN'T." NOW YOU CAN.
自从上诉以来，我们专注于资金的部署。我们的首要任务是让资金发挥作用，我们在施诚美国公司已完全投资。我们尚未完成、刚刚开始的是——达尼：所以这只是一个营销问题吗？比尔：这是一个营销问题。如果你想与施诚合伙投资——我知道人们经常说，“比尔，我很想与你投资，但我不能。”现在你可以了。
SPENT $39 -- DANI: IF I CAN PUSH BACK ON THAT, BECAUSE IN YOUR MOST RECENT REPORT FOR PERSHING SQUARE USA, YOU SAID THE ASSET VALUE FALLEN MORE THAN 8%. BILL: OK. DANI: ISN'T THERE SOMETHING WITH THE UNDERLYING STOCKS, TOO? BILL: I THINK IT'S DOWN ABOUT 3% FROM THE APPEAL, 240 BASIS POINTS OF THAT IS THE COST OF THE IPO. WE ARE BASICALLY FLAT. WE DEPLOYED $5 BILLION OF CAPITAL IN STOCKS WE LIKE THAT ARE COMPELLING AT CURRENT VALUES.
花费了39亿美元——达妮：如果我能对此提出质疑的话，因为在你们最新的《Pershing Square USA》报告中，你说资产价值下跌了超过8%。比尔：好的。达妮：难道与底层股票也有关系吗？比尔：我认为从高点以来大约下跌了3%，其中240个基点是IPO的成本。我们基本上持平。我们在当前估值具有吸引力的情况下，部署了50亿美元资本投资于我们看好的股票。
I WOULDN'T WANT SOMEONE TO JUDGE US -- THE BEST WAS HELPFUL TO US AS WE WERE DOUBLING CAPITAL SUCKS, WE WERE GOING DOWN--CAPITAL STOCKS, WE WERE GOING DOWN. WE WERE BUYING META AS IT WAS GOING DOWN. WE OWN A PORTFOLIO OF SOME OF THE BEST WHAT WE CALL SUPER DURABLE GROWTH COMMITTEES IN THE WORLD. BUSINESSES LIKE AN S&P GLOBAL THAT YOU COULDN'T TOUCH AT 21 TIMES EARNINGS. A BUSINESS LIKE THE INTERCONTINENTALEXCHANGE, AMAZING BUSINESS WITH ANY CREDIBLE TRACK RECORD.
我不希望别人评判我们——在我们加倍投入资本时，最优质的标的对我们很有帮助，当时我们是在下跌中买入的——资本股票，我们是在下跌中买入的。我们是在Meta下跌时买入的。我们持有一个由世界上一些所谓“超级持久增长”委员会旗下最佳公司组成的投资组合。像标普全球（S&P Global）这样的企业，在21倍市盈率时你根本买不到。像洲际交易所（Intercontinental Exchange）这样的企业，是一家拥有任何可信记录都令人惊叹的企业。
YOU COULDN'T OWN IT 24 TIMES EARNINGS TODAY. IT
在今天24倍盈利的情况下，你根本无法持有它。它
原文超出正文长度上限，此处截断——上游还有内容，完整版见上方「原文 ↗」。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力