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Where You're Going (This Summer), You Don't Need Roads

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Planning on getting out of town most weekends the next few months but not going points further than a 300 mile radius? Perhaps out East, on Shelter Island or Martha's Vineyard? If you answered yes, please be sure transport doesn't involve helicopter or, god help you, a car, because roads as a means of transport have been declared "over."

Andre Balazs has a new toy. He is part owner of a seaplane, an eight-passenger Cessna 208 Caravan Amphibian aircraft that has been refurbished and painted bright red, the color that has become synonymous with his hotel chain. StndAir looks like an adorable figment of Snoopy's imagination. It operates off the pier at 23rd Street and the East River. The plane can travel within a 300-mile area of New York, and it can be chartered to go to places like Martha's Vineyard ($4,875), Provincetown ($5,575) or Montauk ($3,275). Through the summer, it will make regularly scheduled stops in East Hampton for $495, and Shelter Island for $595. There is also something slightly confusing called an online Flight Board where individuals can book tickets for off-peak flights for as low as $30 a seat. Small pets are welcome on the plane, luggage allowance is 20 pounds and no golf clubs are permitted.


On Friday, twenty minutes before takeoff, an employee of Mr. Balazs was waiting on the dock welcoming passengers. "Would you like some water?" she said, grabbing a miniature bottle branded with StndAir's red logo on it from a basket. "While you wait, we also have suntan lotion and spray if you need to put some on." Inside was plenty of room, and the niceties were especially, well, nice. Before take off, gummi Swedish fish—the color of the plane—were distributed through the cabin. So was a red thermos that read "Rosé."

And in a blink, StndAir was in the water, pulling up to the beach at Shelter Island. There were dogs on the sand and a naked child waving. It felt very St.-Tropez. "Roads are over," said Mr. Brambilla, [a friend of Balazs] as he stepped onto the shore.

Taking Off-via SeaPlane- To The Hamptons [WSJ]


Bill Ackman: Where We're Going, We Don't Need Roads

The principal weakness we share with most other money managers is the fact that our capital base is not permanent, and we therefore keep cash on hand and/or own passive liquid investments which we can sell to meet potential investor demands for capital. To address this weakness in our open end hedge fund structure, later this year, we intend to launch the private phase of Pershing Square Holdings, Ltd., which we expect to eventually list on the London Stock Exchange...In [the cases of Canadian Pacific, JC Penney, Justice Holdings and General Growth], we had the resources to effectuate the necessary change and the capital commitment from investors who were willing to wait for the changes to be implemented. During the course of each investment, however, there have been periods of enormous skepticism both from the investing public at large and, presumably, from some of you who are invested in the Funds...The Pershing Square funds have been a large beneficiary of our ability to take advantage of periodic market skepticism by increasing our ownership at more favorable prices. Volatility is the friend of the unleveraged long-term investor. We much prefer the bumpy road to higher rates of return than a smoother ride to more modest profits. Pershing Square Q12012 Letter To Investors [PDF]

10 Year-Old Summering In The Hamptons With Full-Time Nanny, Filet Mignon Dinners, Private Jet Rides Doesn't Think Doubling His Allowance Is Too Much To Ask

Attention mom and dad of this anonymous pre-teen: apparently it's time to loosen the purse strings, ya cheap pricks.