Bill Ackman just filed to take Pershing Square public. Ticker PS. $5-10 billion target.

Let’s be honest about what this is. It’s not about giving retail investors access to a great investment vehicle. It’s about Ackman monetizing his brand, his followers, and his X account into a personal payday.

He already has Howard Hughes as his Berkshire vehicle. Now he wants to sell the management company on top of it. The fees. The brand. Himself.

Buffett made his investors rich. Ackman is making Ackman rich.

Hard pass.