Remain highly optimistic about Fannie and Freddie leaving conservatorship, viewing them as perpetual options on a likely outcome with significant value to be unlocked for shareholders and the American public.
Multiple meetings with the administration reinforce confidence that resolution is a high priority, with the president publicly supporting taking the companies public again.
Resolution can be executed by the president without congressional approval, and is seen as a strategic move regardless of midterm outcomes.
The process should be gradual to minimize risk to mortgage markets, starting with accounting for payments, exercising warrants, and listing on the exchange, followed by ensuring adequate capitalization.
Assigns a very low probability to no action being taken by the end of the Trump administration, emphasizing the importance of resolving before potential political shifts.
Exited Hertz position after a surprising and poorly executed equity offering, citing loss of confidence in management and appropriate risk sizing.
Howard Hughes capital allocation focuses on acquiring full ownership of Vantage and deploying capital to insurance operations for higher ROE, with future flexibility for other investments.
PS Ventures will focus on private, high-growth, tech-forward companies, with a long-term ownership approach even after IPOs.
Long-term orientation is maintained in Howard Hughes and related funds, leveraging significant ownership and a strong management team to withstand short-term market distractions.
Amazon, Microsoft, and Meta are viewed as high-growth, well-managed businesses with strong future earnings potential, benefiting from discounted valuations due to market concerns over capital spending.
Meta is highlighted for its rapid growth and undervalued core business, with additional upside from investments in compute capacity.
Uber is expected to benefit from the rise of autonomous vehicles, with its platform model and global reach providing resilience and growth opportunities in both rideshare and delivery.
Netflix is considered a passive investment behind a strong management team, with its scale and IP advantages reinforcing its leadership in streaming.
S&P Global's franchise benchmarks and network effects are seen as highly defensible against AI disruption, with only a small portion of the business exposed to potential risk.
Intercontinental Exchange is praised for its durable business model, consistent earnings growth, and strong management, particularly in energy and exchange operations.
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