Owns a Pershing Square–style stock basket, adds a 20% volatility hedge when markets look overheated, buys the bounce after sharp sell‑offs, and otherwise rotates into bearish hedges or cash using simple “heat” signals and bonds‑vs‑stocks cues.

Core: a basket mirroring Bill Ackman’s stocks (Hilton, Chipotle, Restaurant Brands, Google, Howard Hughes, Canadian Pacific, Brookfield, Nike). When markets look “hot” (RSI = a 0–100 heat gauge; >~80), it hedges: 20% UVXY (jumps when volatility spikes), 80% in that basket. After sharp drops, it goes 50/50 between a short‑term bounce in beaten‑down tech/semis (TECL or SOXL; or bearish LABD/SOXS if not oversold) and the basket. If conditions look fine (e.g., shipping trend firm) or the S&P is washed‑out, it stays fully in the basket. Otherwise it shifts to bear hedges (SQQQ/SPXS/SPXU) or T‑bill cash, with occasional brief tech longs (TQQQ) when Treasuries look stronger than stocks.

Out-of-sample edge: Sharpe 1.21 vs 0.92; annualized return 49.8% vs 16.6%; drawdown 14.8% vs 18.8%; Calmar 3.37. A Pershing-style core with dynamic volatility hedge delivers higher risk-adjusted gains and tighter downside than the S&P 500.