Summary
William Ackman, fresh from being shown the door by Sears and Target for his greedy over reaching attempt to enrich himself at the expense of both companies long term health, has now been shown the door by GGP for the same reasons.
Analysis
It is interesting to note that after two ill fated attempts to take advantage of some illusory "hidden value" of Sears' and Target's real estate portfolio, he still has the self confidence to again try to demonstrate that he knows more about retail real estate than most of the smartest people in the retailing and shopping center industry ! One would think that after taking a horrible loss on both previous attempts to explore in industries he knows nothing about,(I recall him "correcting" Eddie Lampert's estimate of the value of Sears' portfolio and increasing it from $12 billion to $20 billion), he would have learned a little humility.
However I am very impressed by the loyalty shown by Pershing Square's shareholders (as I also am by the shareholders of ESL Investments) who apparently continue to support his ill fated attempts to turn water into wine when he looks at retail real estate.
