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.