Tuesday, December 22, 2009

Bill Ackman's Pershing Square Rebuts Hovde's Short GGP Thesis

Many of you know that we are fans of Bill Ackman and his firm Pershing Square. We brought you his prior presentation on the attractive economic merits of mall REITS. In response to that presentation and Ackman's prior discourse on why Pershing Square is long General Growth Properties (GGP), Hovde published a bearish response.

Today, we bring you Pershing Square's dismantling of Hovde's response. Enjoy.

As an aside, this has all the makings of a classic cat fight. Purrrrrrr.

A Detailed Response to Hovde's Short Thesis on GGP (12!22!2009)


Updated with this Hat Tip from Max Headroom. Cat Fight! Is Hovde the blonde in the pink bra?