Also interpreted as 'a friend of' . Ullo means owlliterally and anyone so addressed is implied to be foolish. Thus a friend of one is also implied to be as foolish if not more :)
Essentially a Hindi/Urdu phrase common in northern India:
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2 million.