Mr Ackman counts early investor PM Capital as co-shareholders in Howard Hughes

JB Hi-Fi, Mirvac, NZ dollar named as Trafalgar Copley shorts at Sohn

Author: Vesna Poljak, Jonathan Shapiro

Publication: The Australian Financial Review

"Mr Ackman counts at least two Australian global funds as co-shareholders in Howard Hughes: early investor PM Capital and Hunter Hall International.
PM Capital founder Paul Moore went to Las Vegas on a housing recovery-focused research trip after the financial crisis, concluding it was the epicentre of the American sub-prime housing collapse. "Where you get the biggest crisis you also get the biggest longer term opportunities, provided you're prepared to be patient. We thought 'let's go to Las Vegas and see what we can find'," Mr Moore recalled.
"Our first impression was 'this is too good to be true'," having expected to find the equivalent of Detroit. Instead, he observed immaculate apartments on 15 per cent gross rental yields in landscaped, gated communities close to the Strip. But banks were not lending, especially not to foreign buyers."

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