Pershing Square remains one of the most prominent examples of the second category. 2) 2026 Portfolio Emphasis: “Platform Winners,” Asset-Heavy Alternatives, and Select Consumer CompoundingAt the holdings level, what stands out heading into 2026 is that Pershing Square’s largest positions are widely viewed as big, scaled franchises rather than tactical trades. When Pershing Square owns Brookfield in size, it is—indirectly—owning a set of alternative-investment cash flow streams that behave differently than traditional operating companies. The broader point is that Pershing Square’s 2026 portfolio remains oriented toward durable franchises rather than deep cyclical bets. 4) Howard Hughes: The Strategic “Platform” Move That Signals 2026 AmbitionIf there is a single investment that best communicates Pershing Square’s long-term ambition beyond a classic hedge fund portfolio, it is Howard Hughes.