Bill Ackman of Pershing Square presented at the Ira Sohn Conference on why GGP is a great probabalistic investment.
I have no idea how the man pumps out 70 page Powerpoints like this so easily, but it never ceases to amaze me. Every time I read/see one, I want to obey its message.
By far, his most convincing presentation ever was "Is MBIA AAA?" at last year's Ira Sohn. While I'd seen his arguments against MBIA over the years, adding in the step by step tutotial on the insured structured finance assets and the mortgage reset waves were phenomenally descriptive. I went home and shorted it and ABK the next day.
The first time I met Ackman, just prior to publicly launching Pershing Square, I walked away thinking he was one of the best investors I'd ever met. While he's made some mistakes, I stand by that initial impression.
In any case, here is his presentation on why GGP may be a multi-bagger. He presented this a few days ago at Ira Sohn.
GGP Presentation 5.27.2009