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Another big takeaway from today’s $HHH shareholder meeting: Insurance may be the piece that changes everything. Warren Buffett figured this out decades ago. A well-run insurance company can generate something incredibly valuable: float — premiums collected today that can be invested before claims are ultimately paid. That became one of the engines behind $BRK.A's compounding machine. Now $HHH owns Vantage. Combine Vantage’s insurance float with Pershing Square’s investment capabilities, then add an increasingly asset-light $HHH real estate platform using third-party capital… …and you begin to see what @ackmaism may be building. $BAM on the real estate side. $BRK.A on the insurance side. Ackman allocating the capital. That’s a very different $HHH than the real estate company many investors have followed for years. I’m working on a full $HHH Masterclass now. Should have it finished soon.

bradthomas ↗