[Ackman's $5B Pershing Square IPO](https://www.cnbc.com/2026/04/29/bill-ackmans-5-billion-pershing-square-ipo-to-start-trading-testing-berkshire-style-vision.html) dropping today amid spiking Iran war premiums? Textbook peak behavior. Elite money managers don't IPO crown jewels when massive upside looms—they cash out when retail's euphoric and institutions are drowning in deployment mandates.

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