William Ackman
Executive Chairman at Howard Hughes Holdings
Sure. So our thinking on building versus buying is, if we can find the right asset and we're, I would say, increasingly confident we can, there are a number of potential transactions of a size and a, I think, quality that would be a great start for us. And, you know, again, it's gonna come down to terms and price and and, work, but I think, we've got a number of potential things that we're looking at. So that gives us some confidence there's a deal to be done. And there's a big advantage, to, you know, starting from truly scratch, you know, the issues in terms of licensing, building an organization, technology. It's not report it this way. It's not a running start. Whereas we actually buy an existing well run insurance operation, then you're, you know, you're often, know, off the ground and running, you know, sort of immediately. You know, our expectation, based on the things that we're looking at is this would be a material transaction to Howard Hughes, assuming we do one of the transactions we're looking at, meaning it would very quickly represent an important part of the business. If you know? And a successfully run insurance operation the way that we identify is a business that can consistently over time earn, I would say, returns on equity, that are, you know, meaningfully higher than and even the best run, as kind of real estate operations.
