$HHH · The Acquirers Podcast · 2026-11-05
说话者持有 HHH，认为以当前房地产状况看它很便宜，并看好 Ackman 出售物业、再投资于一家稳健经营的伯克希尔式保险公司的计划。他称 20% 的股东权益回报率目标颇为雄心勃勃，因为多数保险公司都达不到。
逐段跳播
Howard Hughes 的故事很有意思，因为它是很久以前从 General Growth Properties 分拆出来的公司。
the story of "Howard Hughes " is interesting because it was a spin-off company from "General Growth Properties" a long time ago.
他们的做法是收购一家规模相对较小的保险公司。基本上，他们聘请了一支非常出色的团队来运营这家保险公司，思路是逐步出售房地产，把所得资金投入保险公司，然后效仿 Berkshire 的做法——他们已经卖掉了固定收益投资，现在正把其中很大一部分转换为普通股，但杠杆率非常保守。他们相信自己能实现20%的股东权益回报率。
What they did was acquire a relatively small insurance company. Essentially, they have hired a very impressive team to run the insurance company, and the idea is to gradually sell off the properties and invest the proceeds in the insurance company, then follow the Berkshire approach where they have already sold off their fixed-income investments , and are now converting much of it into common stock, but with very conservative leverage ratios .
They believe they can achieve a 20% return on shareholders' equity.
这很有野心，我的意思是，大多数保险公司都做不到这一点。但这就是他们的目标。所以，我持有一些 Howard Hughes 的股票。我认为这会很有意思。考虑到当前的房地产状况，我认为它很便宜，而且我相信 Ackman 在那里的操作有很大的上涨潜力。
That's ambitious, and I mean that most insurance companies don't achieve that. But that is their goal there. So, I own some Howard Hughes shares. I think it will be interesting.
I think it's cheap given the current real estate situation, and I believe there's a lot of upside potential for what Ackman is doing there.