Ackman remains bullish on Fannie/Freddie, and Pershing Square Holdings continues to trade at a substantial discount to NAV.

At its heart, Berkshire wasn’t built on structure — it was built on trust. Charlie Munger described it best as a “seamless web of deserved trust”, not layers of compliance or convoluted incentives.

Bill Ackman’s hedge fund, Pershing Square Holdings, is well-known for concentrating bets in fewer than a dozen names at any ...