Billionaire Bill Ackman talks Howard Hughes plans,and Anthropic IPOs

요약 보기

Ackman는 Howard Hughes가 인수한 보험사 Vantage를 Berkshire식 모델로 운용해 보험 플로트와 주식투자로 장기 복리를 노린다고 설명. Vantage는 자산의 약 65%를 단기 국채, 35%를 주식포트폴리오로 운용하며 주식 비중은 최대 40~45%까지 확대 가능. Howard Hughes는 MPC 부동산 지분의 최대 80%를 제3자 투자자에게 넘기는 자산운용형 모델로 전환해 2~3억 달러 규모 자본을 Vantage에 재배치 예정. 채권(장기물)은 선호하지 않는다고 언급.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Again, the biggest acquisition you did for this was very recently closing this insurer Vantage. And with that you get some more firepower behind you to invest. What is the plan with that money? What are you looking at? Sure. So, if you if you follow Mr. Buffett over 60 years, incredible 61 years maybe, incredible career.

02. And you look at what How did he create so much value at Berkshire Hathaway over time? He did, I would say, two principal things. Maybe maybe three. Um First, he as he wound down the the textile operation, he took the capital and bought an insurance company. And then he managed the assets of that insurance company differently from a typical insurer.

03. He took the float and invested in short-term treasuries, so the policy holders knew that they there was money set aside to pay claims. And then he took the surplus of the insurer and invested in common stocks. And he did a good job managing that portfolio. And insurance is a very cash flow generative business because you write premiums, you collect money up front, and you you pay it out in the future.

04. [snorts] And as a result, uh Berkshire was able to grow at a very very rapid rate, compounding [snorts] uh the insurance company's assets, earning a high return on capital without having to issue stock. And so Berkshire had a million shares outstanding for most of its life uh until uh I guess the Gen Re acquisition.

05. So, the combination of growing a very valuable business inside a company and not issuing stock as you grow led to enormous per share share value being created. Basically, we're taking a page from Mr. Buffett. Vantage is a specialty insurer and reinsurer. Uh we closed it June. Uh in July, we announced that Mark Randazzo, the former CEO of Arch Capital Group, one of the best-performing insurance companies over the last 25 years, uh he was the CEO for the last 8 years.

06. He was at Arch really from inception. Uh he's become executive chair of Vantage. Uh Mark recruited David Gansberg, former president, his protege uh at Arch Capital Group. Uh Lucy Fetou, former vice chair, general counsel of AIG. He brought in enormous horsepower to what was already a very good insurance company platform.

07. We already had a very good team. And we're taking the uh we immediately sold the fixed income assets, which has become increasingly important, right? Because of the move in rates. Yes. We invested the money in short-term treasuries. Uh about 65% or so when 35% of the assets we invested in a common stock portfolio that we manage.

08. So, our goal is to build a high ROE Mhm. uh specialty insurance company led by a superb team with us managing the assets and grow Howard Hughes and increase uh the intrinsic value of the company and for sure base. just on that note on selling longer dated treasuries, which obviously to your point was a very prescient move considering what rates are doing.

09. Is this an environment where generally you'd be avoiding duration, be it Howard Hughes or any of the other investments that you look at? I know equity majority investor, but is that bond market untouchable right now? So, I'm not really a fixed income investor. I I'd never found the risk reward of owning a a longer-term fixed income instrument interesting.

10. It's just not my I sort of like risk-free Yeah. return. I I don't like stuff in the middle. that on the equity portion then of Vantage, how far can you push this? How how much can you invest into equities? So, we're going to run a relatively low leverage insurer. Most insurance companies, you know, write amount of premium equal to uh you know, the the equity the capital of the insurer.

11. We'll write less than that. Um and we'll also most insurers invest you know, something like two and a half times uh their equity in assets and we'll invest less than that. So, we'll have much less leverage on both sides. We'll take zero risk for the bulk of the uh insurance company assets as I mentioned short-term treasuries.

12. That frees us up the flexibility under the capital rules to have something in order of 40 to 50% of the of the uh approaching 40% of the asset 40 45% of the assets in common stocks. And and and the Vantage acquisition, any other transformal transformational acquisitions you're looking at or Vantage is done and you can set that aside for now?

13. I I say it's certainly not done. It's at the very beginning. And Mark's going to do his thing. Right. But we announced something else of significance today. I I tweeted about it and and and we talked about it today. Um which is Howard Hughes uh has built an extraordinary team, has an amazing collection of assets in markets where people want to live.

14. And the business is selling lots to home builders in these small what we call MPCs, these small cities that we that we manage. We own all the commercial real estate, uh the land, uh etc. It's a business we financed entirely with our own equity for the last 15 years. Uh we're going to a model. We're going to bring in third-party investors.

15. Uh you know, think Brookfield. You know, think Blackstone, right? Uh the typical real estate investor today puts up very little of their own money. They charge fees and promotes. Uh we're going to have a lot of skin in the game. Today we have 100% of of the equity. We're going to begin a process uh immediately uh to bring in partners to reduce our equity commitment to our real estate by as much as 80%.

16. Mhm. Uh and then turn Howard Hughes into more of a asset management real estate asset management business with a lot of skin in the game, but one that can earn a much higher return. When you take out 80% of the equity and bring in third-party capital, you're in promotes. We're going to That will enable us to take we think two, three billion dollars of of equity over the next, you know, sometime by the end of next year, hopefully.

17. Right. Capital that we can now redeploy into uh Vantage. And you know, when you get a very talented team, you want to put more capital behind them. And and that's what