Yields rose and stocks found a way to set a new record high. The S&P finished at 6,129, despite Meta snapping its winning streak. The 2Y ended the day at 4.31% and the 10Y reclaimed 4.50, now yielding 4.56%.
There was little in the way of tangible data, but home builder sentiment fell as tariff concerns on the cost side.
Gold hit new record highs at 2,934. Gold was also in the news as Elon toys with the idea of auditing Fort Knox at the urging of Rand Paul.
I’d write more, but I gave you a decent amount yesterday, did you read it all? If so and you’re bored, use the search function and search for something like “uncertainty”.
On the day ahead we get new housing starts, FOMC Minutes and the 20Y auction.
XTOD: Pershing Square has submitted a proposal to Howard Hughes Holdings (NYSE: HHH) http://howardhughes.com to acquire 10 million newly issued shares of the company at $90 per share. When combined with the 18.9 million shares that are currently held by the Pershing Square Funds, we will own 48% of the company. If the transaction goes forward, I will become Chairman and CEO, Ryan Israel, CIO, and Ben Hakim President, and we will make available the full resources of Pershing Square to HHH to build a diversified holding company, or one could say, a modern-day Berkshire Hathaway.
The new HHH will acquire controlling interests in private and public companies that meet Pershing Square's criteria for business quality. HHH's principal subsidiary, Howard Hughes Corporation, led by David O'Reilly CEO, will continue on its mission and strategic plan to develop, grow, and own small 'cities,' or master planned communities. HHH's major holdings include the Woodlands in Houston, Summerlin in Las Vegas, Teravalis in Phoenix, and a 60-acre condominium development project on Waikiki Beach in Hawaii called Ward Village.
Owning small and growing MPCs that will eventually become large cities in the best pro-business markets in the country is a great long-term business. It's a lot better than a dying textile company. You can learn the details about the transaction here: https://businesswire.com/news/home/20250218932320/en/Pershing-Square-Announces-Revised-Proposal-to-Howard-Hughes-Holdings We look forward to sharing more about the story tomorrow at 9am EST. The presentation will stream live from my X account
@BillAckman
XTOD: Bill, why are you asking to get paid 1.5% of HHH's mkt cap every year? This is obviously not the way Buffett does it.
XTOD: "why shouldn't I charge a fee on market cap and call myself the next Warren Buffett?"
XTOD: Worth noting that all the recent news over plane crashes is probably just the result of attention bias Plane crashes are still on a downward trend https://pbs.twimg.com/media/GkFizhBWEAA745U?format=png&name=small
XTOD: Three questions determine 99% of the happiness in your life:
1. What am I working on and why?
2. Who am I spending time with and why?
3. How well am I treating my body and why?
Everything else is noise.
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https://x.com/BillAckman/status/1891957378603491339
https://x.com/Seawolfcap/status/1891960752027627890
https://x.com/FrederikNeckar/status/1891985556449460422
https://x.com/IAmMarkManson/status/1891851918575599955
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