Ackman Bets on Warm Weather & Low Taxes

Billionaire Bill Ackman is raising his bet that the migration of Americans to warmer and lower-tax cities is here to stay. (Wall Street Journal)

His Pershing Square Capital Management LP recently increased its stake in Howard Hughes Corp. to nearly 25%. The Houston-based developer is ramping up construction of multifamily housing in Texas, Maryland, Hawaii and Las Vegas.