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Saturday, August 29, 2026

From X

@LittleOwlRes

Little Owl Research on X

In September I had the pleasure of attending the Howard Hughes $HHH annual shareholder meeting. I met the man himself! @BillAckman Not to get ahead of myself, but this could be the beginning of something very special. Today’s quarterly results help to reinforce my views on the quality of both the asset base and management. The company is firing on all cylinders. Management continues to execute on the MPC strategy, and an acquisition seems highly likely in the short term. However, the shares still trade at a deep discount to intrinsic value. Do I care? No—at least not yet. Pershing Square has a truly remarkable track record. Since adopting their “permanent capital” strategy they have done 23.5% net of fees annually since January of 2018. Not too shabby. I suspect they’ll be acquiring a small insurer in the 1.0x-1.4x P/B range, if that’s the case, and they continue to put up those returns, the acquisition will be monstrously accretive. When Buffett took control of Berkshire, it was a failing textile mill with a negative terminal value. Ackman is starting off with assets of much higher quality and that are beginning to generate a lot of excess cash. A lot of work has to be done, but I’m happy to hold my shares here. If you’re interested in learning more about the real estate operations, I’ve attached my $HHH report from November of 2023–obviously outdated, but should help get you up to speed on the history, RE strategy, and asset base—and I will be putting out an updated report after the details of the insurance acquisition are announced. https://t.co/ueKI0TWY9R

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Late August 2026 Random Ramblings

Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…

UWMC $2.3B
Yet Another Value Podcast 16 clicks
CNH · long 2026-05-31

Cnh Industrial NV

CNH Industrial, the No. 2 global agricultural-equipment OEM, is pitched long at about $10 per share.

CNH $14B
Value Investors Club 5 clicks
GPK · long 2026-05-31

Graphic Packaging Holding CO

Graphic Packaging (GPK) is pitched as a long with $22 fair value, implying roughly 100% upside, based on its low-cost paper-based packaging…

GPK $3.4B
Value Investors Club 4 clicks
VSEC · long 2026-05-30

Vse CORP

VSE Corp trades at $185, with a stated $246 fair value and 2027 estimated EV/EBITDA of 15x.

VSEC $6.2B
Value Investors Club 4 clicks
HWKN · short 2026-05-30

Hawkins INC

Hawkins (HWKN) faces margin pressure as cost increases and municipal budget constraints weigh on its water-chemical distribution business.

HWKN $2.5B
Value Investors Club 3 clicks

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