Pershing Square Capital Management, L.P. has a 31.7% stake in Howard Hughes (HHC). If you believe Bill Ackman is a smart investor - and he is - 's got to make you... think.

The firm has strong management, a compelling portfolio of strategically-located real estate assets, and is rather cheap, making it a possible value investment.

Ackman serves as director and chairman, has waived all compensation.