Above Average Odds has been following the General Growth Properties (GGWPQ.PK) saga since Bill Ackman gave this presentation at the 2009 Ira Sohn Investors Conference. Last week Hovde Capital Advisors released a short thesis for GGP (found here). Today Ackman released an excellent response to Hovde that lays waste to their short thesis. We believe that GGP’s equity remains substantially undervalued (although we believe the easy money has been made).
Ackman’s presentation can be found below: