Own Pershing Square’s stocks when conditions look healthy or washed out; otherwise hedge/short using inverse Nasdaq/S&P ETFs, with occasional quick tech longs, guided by simple trend and bond-strength signals.

What it owns by default: a Pershing Square stock basket (Hilton, Chipotle, Google, Howard Hughes, Canadian Pacific, Brookfield, Nike). When it stays there: if shipping costs (BDRY ETF) show healthy momentum (RSI>50; RSI is a 0–100 “buying vs selling” gauge) or if the S&P 500 is very oversold (RSI<30). Otherwise, it flips to defense: mainly inverse Nasdaq/S&P funds (SQQQ, SPXU), sometimes cash-like T‑Bills (BIL), or brief tech longs (TQQQ), chosen by simple trend checks (20‑day averages, recent drops) and bond strength (TLT/IEF) versus short‑QQQ (PSQ).

Out-of-sample, this strategy targets ~24.38% annualized return with a 0.95 Sharpe vs SPY's ~15.27%/0.85, while drawdowns stay ~12.76% vs ~18.76% for SPY - offering higher risk-adjusted return and stronger downside protection.