HHH
Howard Hughes Holdings Inc.
stock NYSE

SEC RSS feed lit up for SPARC:
AI SLOP:
Deep breath before the dopamine hits: this is **plumbing, not a deal**. But it’s plumbing worth reading closely, because SPARC’s name in it tells you something real.
**What this actually is.** A co-investment exemptive application under the Investment Company Act. The moment PSUS IPO’d in April as a *registered* closed-end fund, the entire Pershing complex inherited a legal problem: Sections 17(d)/57(a)(4) generally prohibit a registered fund from participating in negotiated deals *alongside its own affiliates* without SEC relief. Every fund family in this position files one of these — the precedents cited in the application itself (Blue Owl, Sixth Street, FS Credit, Saba) are the standard parade. So the trigger for this filing was April 30, not a target. Your RSS feed caught infrastructure, not ignition.
**Now the interesting part.** Look at who’s listed as intending to participate in co-investment transactions, all in one document:
**PSUS** — the new $5B registered fund
**PSH + the private hedge funds** — the legacy capital
**Howard Hughes** — the operating/holding company, under a PSCM services agreement
**Vantage Group and three Vantage Risk insurance entities** — insurance balance sheets under PSCM investment management agreements. That’s *float*.
**Pershing Square SPARC Holdings and its Sponsor** — your vehicle
This is the Berkshire 2.0 org chart rendered as a legal filing: permanent capital, insurance float, an opco, a manager, and an acquisition vehicle — with Ackman’s signature on it seven times. And the order, once granted, wires them into a single syndicate: Condition 1 requires same class, same time, same price, same terms for every participant.
Think back to the UMG bid’s structural weakness: the €9.4B cash component had to be cobbled from SPAR exercises, *debt*, and selling the Spotify stake — an awkward scramble that helped Bolloré’s “not with his own money” jab land. Under this order, the next SPARC business combination could have PSUS’s billions, the Vantage float, PSH, and HHH all legally buying the same equity at the SPAR exercise price, alongside you. The forward-purchase backstop effectively stops being limited to the legacy Pershing funds and becomes the whole complex. The exact thing the UMG rejection exposed — thin committed equity behind the headline — is the thing this filing fixes.
It also formalizes something in writing for the first time: SPARC is described as an entity that *intends to participate* in co-investment transactions. A vehicle they planned to let die quietly wouldn’t be worth wiring into the syndicate.
**The sober counterweights.** These orders take months — the cited precedents ran weeks from notice to order under the SEC’s streamlined 2025 approach, but application-to-notice adds more, so think late 2026 at the earliest before this is usable. Nothing here implies a target exists; belt-and-suspenders inclusion of every complex entity is exactly what good lawyers do. And Condition 9 notes the whole order dissolves if the SEC just adopts a co-investment rule.
But step back and look at the 2026 pattern as a sequence rather than events:
**Date**
**Infrastructure laid**
Apr 30
PSI/PSUS public — permanent capital + currency
Apr–May
Sponsor-warrant-waiver precedent set in the UMG bid
May 18
NYSE SPAR trading approved, effective
\~2026
Vantage insurance float under PSCM management
**Aug 10**
**Co-investment application — the syndicate wiring**
Two failed swings, yes. But every quarter this year, the machine that takes the *next* swing got structurally stronger. That’s not hype — it’s five filings.
Watch items: the SEC notice and order on this application (that’s your RSS feed again), any SPARC 8-K, and the first-ever PSI earnings call, where someone will finally get to ask Ackman “what’s SPARC for?” on the record — now with this document sitting in front of them.

I honestly don't know what I'm doing and I live in a country where they make it difficult to invest in ETFs and to receive dividends, so I try to choose stocks without dividends where there is some sort of capital allocator / stock picker at work. I buy stocks that I should be able to hold for the long term as the idea is that the person allocating the capital would be better than me at the job - but obviously the downside is that typically fees are involved in these stocks.
Unsurprisingly I put most into BRK.
I also have:
Markel - MKL
Allianz's Technology Trust - ATT
Amazon
Howard Hughes - HHH
Molton Ventures - Grow
Chapters Group - CHG
And QXO as a punt
Obviously not many of these would be considered value investing I think.

SEC RSS feed lit up for SPARC:
AI SLOP:
Deep breath before the dopamine hits: this is **plumbing, not a deal**. But it’s plumbing worth reading closely, because SPARC’s name in it tells you something real.
**What this actually is.** A co-investment exemptive application under the Investment Company Act. The moment PSUS IPO’d in April as a *registered* closed-end fund, the entire Pershing complex inherited a legal problem: Sections 17(d)/57(a)(4) generally prohibit a registered fund from participating in negotiated deals *alongside its own affiliates* without SEC relief. Every fund family in this position files one of these — the precedents cited in the application itself (Blue Owl, Sixth Street, FS Credit, Saba) are the standard parade. So the trigger for this filing was April 30, not a target. Your RSS feed caught infrastructure, not ignition.
**Now the interesting part.** Look at who’s listed as intending to participate in co-investment transactions, all in one document:
**PSUS** — the new $5B registered fund
**PSH + the private hedge funds** — the legacy capital
**Howard Hughes** — the operating/holding company, under a PSCM services agreement
**Vantage Group and three Vantage Risk insurance entities** — insurance balance sheets under PSCM investment management agreements. That’s *float*.
**Pershing Square SPARC Holdings and its Sponsor** — your vehicle
This is the Berkshire 2.0 org chart rendered as a legal filing: permanent capital, insurance float, an opco, a manager, and an acquisition vehicle — with Ackman’s signature on it seven times. And the order, once granted, wires them into a single syndicate: Condition 1 requires same class, same time, same price, same terms for every participant.
Think back to the UMG bid’s structural weakness: the €9.4B cash component had to be cobbled from SPAR exercises, *debt*, and selling the Spotify stake — an awkward scramble that helped Bolloré’s “not with his own money” jab land. Under this order, the next SPARC business combination could have PSUS’s billions, the Vantage float, PSH, and HHH all legally buying the same equity at the SPAR exercise price, alongside you. The forward-purchase backstop effectively stops being limited to the legacy Pershing funds and becomes the whole complex. The exact thing the UMG rejection exposed — thin committed equity behind the headline — is the thing this filing fixes.
It also formalizes something in writing for the first time: SPARC is described as an entity that *intends to participate* in co-investment transactions. A vehicle they planned to let die quietly wouldn’t be worth wiring into the syndicate.
**The sober counterweights.** These orders take months — the cited precedents ran weeks from notice to order under the SEC’s streamlined 2025 approach, but application-to-notice adds more, so think late 2026 at the earliest before this is usable. Nothing here implies a target exists; belt-and-suspenders inclusion of every complex entity is exactly what good lawyers do. And Condition 9 notes the whole order dissolves if the SEC just adopts a co-investment rule.
But step back and look at the 2026 pattern as a sequence rather than events:
**Date**
**Infrastructure laid**
Apr 30
PSI/PSUS public — permanent capital + currency
Apr–May
Sponsor-warrant-waiver precedent set in the UMG bid
May 18
NYSE SPAR trading approved, effective
\~2026
Vantage insurance float under PSCM management
**Aug 10**
**Co-investment application — the syndicate wiring**
Two failed swings, yes. But every quarter this year, the machine that takes the *next* swing got structurally stronger. That’s not hype — it’s five filings.
Watch items: the SEC notice and order on this application (that’s your RSS feed again), any SPARC 8-K, and the first-ever PSI earnings call, where someone will finally get to ask Ackman “what’s SPARC for?” on the record — now with this document sitting in front of them.

I honestly don't know what I'm doing and I live in a country where they make it difficult to invest in ETFs and to receive dividends, so I try to choose stocks without dividends where there is some sort of capital allocator / stock picker at work. I buy stocks that I should be able to hold for the long term as the idea is that the person allocating the capital would be better than me at the job - but obviously the downside is that typically fees are involved in these stocks.
Unsurprisingly I put most into BRK.
I also have:
Markel - MKL
Allianz's Technology Trust - ATT
Amazon
Howard Hughes - HHH
Molton Ventures - Grow
Chapters Group - CHG
And QXO as a punt
Obviously not many of these would be considered value investing I think.