General Growth Properties (GGWPQ.PK)("GGP") is one of our biggest winners in 2009, having risen from $1.29 on January 1 to a high of $12 a few days ago. It has sold off over the last two days to a low of $7.00 earlier today, most likely due to a widely circulated bearish presentation by Hovde Capital Advisors (posted here), which is short the stock. Hovde directly challenges Pershing Square’s analysis, which Bill Ackman presented at the Ira Sohn conference on May 27 (posted here; Pershing Square also discusses GGP in its Q3 investor letter and shares its bullish views of malls and retailers in this Dec. 7 presentation to the ICSC).