Howard Hughes Holdings Inc.

HHH has compounded at just 2.2% over 14 years; merging with Pershing Square Holdco at $85/share converts a market-orphaned real-estate company into a Berkshire-style permanent compounder.

HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.