Updated: February 2, 2016
Top-20 hedge fund Pershing Square Capital Management just announced heavy losses last year, and a tough start to 2016. The fund is currently down a little over 11 percent YTD in 2016, after losing 20.5 percent in 2015.
The problem, CEO Bill Ackman explains: “We believe that our continued negative outperformance in the first few weeks of the year relates primarily to forced selling of our holdings by investors whose stakes overlap with our own.”
I’m guessing that’s his way of admitting his market timing hasn’t been the best of late. And his short-term focus is hurting the timing of at least one company he’s currently involved with.… Read more