Bill Ackman

Bill Ackman

Last Update: 11-23-2015

Number of Stocks: 8
Number of New Stocks: 1

Total Value: $13,950 Mil
Q/Q Turnover: 13%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bill Ackman Watch

  • Mondelez Is Cheap Under $45

    If anything, Bill Ackman (Trades, Portfolio) agrees that buying Mondelez (NASDAQ:MDLZ) stock between $40.81 and $46.81 over the last quarter was a bargain. The guru investor had this to say in September:


  • Hillary and Citron Research Do Not Scare Goldfarb and Poppe

    Ruane Cuniff & Goldfarb was founded by William Ruane (1925- 2005). Warren Buffett (Trades, Portfolio) always spoke highly of Ruane, both attended the same class by Graham, but the firm is also considered of guru level because of its long-term track record and strong value investing fundamental approach. The firm is best known for its Sequoia Fund Inc., which has trounced the Standard & Poor's 500 since inception in 1970. One thing to keep in mind is that Ruane Cunniff (Trades, Portfolio) focused on the intrinsic value of business, but they are committed to the long term and will buy a stock and hold it even through periods of modest overvaluation. The fund is managed by Robert Goldfarb, 67, and David Poppe, 47.

    Recently the firm has been criticized over its giant position in Valeant Pharmaceuticals (NYSE:VRX), which takes up 31% of the firm’s portfolio. Valeant recently declined sharply after Citron Research and Bronte Capital both published research material showing possible questionable business practices by the pharmaceutical company.


  • Coke in the Crosshairs: Bill Ackman’s Next Target?

    Bill Ackman is known for having something of a nasty temper – and not responding well to criticism. His brawl with fellow hedgie Carl Icahn on live TV two years ago over Herbalife (HLF) might be the most high-profile fight among financiers in history.

    Well, now Ackman is trading barbs with another long-term legend of the industry, Warren Buffett’s Berkshire Hathaway (BRK.A) partner Charlie Munger (Trades, Portfolio), over their respective positions in Valeant Pharmaceuticals (VRX) and Coca-Cola (KO).


  • Pershing Square 3rd Quarter Investor Call

  • Notes on the 3Q 2015 Pershing Square Quarterly Conference Call

    Bill Ackman (Trades, Portfolio) of Pershing Square has been extremely successful with his concentrated activist strategy but as of late has hit something of a speedbump. First Hillary Clinton tweeted about drug pricing getting out of hand which hurt his healthcore holdings. Subsequently, Citron Research published an unfavorable research report on Pershing’s largest holding Valeant Pharmaceuticals (NYSE:VRX). As Citron is considered a rather sharp short seller with a good track record the market took note and Valeant sold off sharply. Valeant continues to be under intense scrutiny and has severed all ties with the Philidor specialty pharmacy.

    To say the least, the Pershing Square quarterly conference call was highly anticipated. I have taken notes on the companies that are discussed on the call and the key takeaways for each company discussed. Ackman and his analysts talked about each holding in order of size of the position, but I will start with Valeant:


  • Market Posts Best October Returns in 4 Years

    October is not known as a month for strong market returns, but investors got a reprieve last month as returns were some of the best in the past four years.

    The DJIA gained 8.5%, its best performance since October 2011, while the S&P 500 was up 8.3%, the best monthly return in four years. Small-caps lagged behind, but the Russell 2000 still posted a 5.9% gain for the month.


  • My Indirect Experiences With Valeant Pharmaceuticals

    Valeant Pharmaceuticals International Inc. (NYSE:VRX) has been a hot topic recently with high-profile investors and short sellers both involved in one of the most interesting dramas ever. Valeant's shareholder base includes some of the most admired investors including Bill Ackman (Trades, Portfolio), Jeff Ubben (Trades, Portfolio), the Sequoia Fund, Lou Simpson (Trades, Portfolio) and Wallace Weitz. It is really fascinating to watch on the sideline as the events unfold.

    This is not intended to add any personal thoughts on whether or not Valeant’s business is legitimate or not as I don’t know enough about the business to have useful insights. But over the past year, I’ve been exposed to Valeant in a few incidents, which I think may be worthwhile to share with the readers.


  • Bill Ackman Addresses His Valeant Position

  • Does M&A Still Have a Future in Big Pharma?

    It’s been a catastrophic week for Valeant (NYSE:VRX). In the past few days, the $40 billion serial acquirer has been slashed to ribbons by a leading presidential candidate, seen its stock plunge by nearly half and been likened to Enron by a leading short-selling firm.

    Now, Valeant is facing a set of menacing questions concerning its corporate growth strategy. Fund managers can’t get rid of bonds quick enough, and investors seem to think the firm’s disastrous falter has proven beyond a reasonable doubt that M&A should no longer have a leading role in the pharmaceuticals industry.


  • Citron Founder on Valeant: Given Subpoena Power, Could Prove Claims

    Andrew Left, founder at Citron Research, the stock-commentary site that raised questions about Valeant Pharmaceuticals that led to a stock rout spoke to Bloomberg Television today. He discussed his allegations against Valeant (NYSE:VRX) and Philidor, Bill Ackman (Trades, Portfolio), and the stock reaction.

    On whether he has proven the claims he's made, Left said: "It's also not my job to actually prove it. I promise, if you gave me subpoena power, six months and unlimited resources, I would be no doubt be able to prove it." He added: "What they are doing right now appears to be illegal."

  • Ackman, Paulson Funds Hit by Scathing Short-Seller Report on Valeant

    Investors like Bill Ackman (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio) and John Paulson (Trades, Portfolio) took hits to their portfolio today after a company published a damning reporting on one of their key holdings, Valeant Pharmaceutical (NYSE:VRX). The company’s shares plunged as much as 33% on Wednesday, after providing the investors solid paper gains this year.


  • Loeb, Ackman's Portfolios Post Losses for Year as Top Bets Fall

    During a volatile market during the third quarter, several prominent hedge funds saw their returns decline.

    Pershing Square, Bill Ackman (Trades, Portfolio)’s fund, fell 12.5% in September, bringing its total third quarter decline to 15.3%. This compares to the HFRX Equity Hedge Index low of 2.08% for September. It also declined 12.6% for the first three quarters of the year, compared to the index decline of 3.13%. The first two weeks of the fourth quarter fared better, up 3.6%, but the total year-to-date decline still languished at 9.4%.


  • Who to Side With on General Electric: Peltz or Ackman?

    General Electric (NYSE:GE) can be divided into seven separate businesses in its industrial segment: power and water, oil and gas, energy management, aviation, health care, transportation and lighting. The company is in the process of downsizing its finance division, and the latest news is it sold a considerable chunk of $32 billion in book value to Wells Fargo (NYSE:WFC). The company wants to concentrate on the industrial segment and sell off additional parts of the remaining finance portfolio until the end of 2016.

    Notably Nelson Peltz, through his Trian Fund, has taken a $2.5 billion position in General Electric. Peltz is apparently enamored with the company’s industrial businesses with lots of recurring predictable revenue streams at solid margins. Peltz is likely to pressure management, if needed, to operate even more efficiently throughout the organization and cut any unnecessary fat.


  • GE Has Been an Absolute Failure in Allocating Capital – Bill Ackman

    Bill Ackman (Trades, Portfolio) isn't too worried about hurting feelings at General Electric (NYSE:GE).

    When asked about the giant American company Ackman says that it has a miserable track record of allocating capital. Ackman believes ventures like NBC (NBC) and oil and gas have cost GE shareholders a lot of money over the years.


  • A Half Hour With Bill Ackman – Why Are The Markets So Volatile?

    Why have the markets been so volatile?

    Bill Ackman (Trades, Portfolio) points to the fact that a huge amount of money is traded based on nothing that has to do with long-term company fundamentals.


  • What Top Value Investors Think About Fed's Interest Rate Decision

    Market volatility has increased as the Federal Reserve’s decision on whether to raise interest rates for the first time in almost a decade approaches this week. Many value investors, who typically remain relatively impassive in the face of market vagaries, nevertheless have been addressing the noteworthy event.

    The following is a collection of guru interviews and shareholder letter excerpts that discuss how they view interest rates, what they expect the outcome of a Fed move to be and whether the macro decision will change their investing in any way.


  • Bill Ackman Comments on Fannie Mae, Freddie Mac

    Fannie Mae (FNMA) / Freddie Mac (FMCC)

    Fannie and Freddie reported another strong quarter. These results further corroborate our thesis that both entities could recapitalize and safely exit conservatorship if the Net Worth Sweep (the U.S. Government’s expropriation of each quarter’s net worth by extraordinary dividends) is eliminated. During the quarter, there were a number of positive legal developments in the shareholder litigation against the U.S. Government expropriation.


  • Bill Ackman Comments on Nomad Foods Ltd.

    Nomad Foods Ltd. (NHL)

    Nomad is a Special Purpose Acquisition Company (“SPAC”) sponsored by Martin Franklin and Noam Gottesman. The SPAC originally raised $500 million in the spring of 2014. In the spring of 2015, Martin approached us with an opportunity to become an anchor shareholder in Nomad. At that time, Nomad was contemplating a $2.8 billion acquisition of Iglo Group. Given the size of the acquisition, it needed to raise substantial additional equity.


  • Bill Ackman Comments on Herbalife Short

    Herbalife (NYSE:HLF) Short

    Despite the substantial increase in HLF’s share price year to date, we remain confident that HLF is an unlawful pyramid scheme that will eventually be shut down by regulators or collapse on its own.


  • Bill Ackman Comments on Howard Hughes Corp

    Howard Hughes Corp. (NYSE:HHC)

    HHC reported mixed results for the quarter with strong NOI growth from operating assets, continued sales of condominiums in Hawaii at record-setting prices, and reduced land sales at the company’s Houston master planned communities (MPCs) due to lower demand as a result of uncertainty in the energy business.


  • Bill Ackman Comments on Restaurant Brands International

    Restaurant Brands International (NYSE:QSR)

    QSR delivered another strong quarter of earnings. The company’s Burger King (BKW) division achieved substantial improvement in same store sales (SSS) in the U.S. SSS grew an industry-leading 8% during the quarter, the best result that BKW has delivered in nearly a decade. The company attributes its growth to a combination of factors, including recently remodeled stores, strong limited-time product offerings, an enhanced value menu, and improved service times.


  • Bill Ackman Comments on Zoetis Inc.

    Zoetis, Inc. (NYSE:ZTS)

    Second quarter earnings exceeded analyst expectations. Management raised 2015 earnings guidance modestly for the year. Revenue growth in the quarter was impressive. Organic revenue adjusted for foreign exchange was 9%. Approximately 80% of revenue growth in the quarter is attributable to volume growth of recently launched and existing products. Operating expenses, adjusted for foreign exchange, rose only 1%, despite an 11% increase in revenue. Management announced significant progress in its R&D portfolio, including advances in new product innovation and improvements to existing products.


  • Bill Ackman Comments on Canadian Pacific

    Canadian Pacific (NYSE:CP)

    Canadian Pacific’s second quarter earnings were strong despite a revenue decline of 2% due to reduced volumes reflecting lower grain and oil shipments as a result of lower commodity prices.


  • Bill Ackman Comments on Air Products and Chemicals

    Air Products and Chemicals, Inc. (NYSE:APD)

    Air Products announced impressive fiscal third quarter results. APD is making substantial improvements as the transformation under CEO Seifi Ghasemi takes effect. During the quarter, revenue, operating income, unlevered return on capital, and earnings per share increased substantially despite meaningful foreign exchange headwinds.


  • Bill Ackman Comments on Valeant

    Valeant (NYSE:VRX)

    On April 1, 2015, Valeant closed the acquisition of Salix, the largest acquisition in its history. Valeant has rapidly integrated Salix. Highlights of the integration include the realization of $500 million of cost synergies, the restructuring of Salix’s sales force, and an important FDA approval. Salix’s financial results since the acquisition have substantially exceeded budget.


  • Bill Ackman Comments on Mondelez

    Mondelez (NASDAQ:MDLZ)

    On August 6, 2015, Pershing Square Capital Management, L.P. announced a 7.5% stake in Mondelez, which we acquired at approximately $40 per share. The investment is comprised of common shares, forward purchase contracts, and long-term, in-the-money call options.


  • Bill Ackman's Semi-Annual 2015 Letter

    Ackman said year to date through July 2015, he returned 13.0% gross and 10.1% net of fees, compared to 3.4% for the S&P 500. The letter below refers to the six months ended June 30, 2015, and was released Aug. 26:

    Investment Manager’s Report


  • Bill Ackman: Overall, Stocks Are Pretty Cheap

    Bill Ackman (Trades, Portfolio), founder and frequently activist investor of Pershing Square, talked with CNBC about his current take on stocks, why he likes Mondelez (NASDAQ:MDLZ) and the state of his campaign against Herbalife (NYSE:HLF), which he is shorting. He also talks about his involvement in Canadian Pacific Railway (CP), joined by the CEO of the company, Hunter Harrison.



  • Bill Ackman Exclusive Interview With Fox Business

    Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management did a joint interview on Fox Business with Howard Hughes CEO David Weinreb. Pershing Square Capital Managment owns over 13% of Howard Hughes Corporation (NYSE:HHC) shares. Ackman and Weinreb sat down and did an inteview with Fox Business where both men discussed the turnaround of Howard Hughe and other topics. After doing a joint interview with Weinreb, Ackman did a one-on-one interview. Ackman discussed why he is bullish and China and his views on the U.S. minimum wage. This is just day one of Fox Business Exclusive Interview with Ackman.

    Joint Interview With Fox Business:


  • Market Continues to Look Expensive After Low August Returns

    August was undoubtedly a tough month for the market, with share prices plunging on Aug. 18 and leading to a selloff on Aug. 21, reaching what some consider the first meaningful correction in years.

    At the close of trading on Aug. 21, the S&P 500 fell 3.2% or 64.84 points to 1,970.89. According to the S&P Dow Jones Indices, the index lost $1.14 trillion in value that week. The DJIA was down 530.94 points to 16,459.75. Macro concerns that may have led to the selloff include Greece’s ongoing financial troubles, including its default on an IMF loan on June 30. China’s economic instability, however, gradually overtook Greece in the headlines, and was also blamed for spooking investors, as the country unexpectedly devalued its currency.


  • Pershing Square Holdings (Bill Ackman) June 2015 Update

  • Pershing Square Holdings Ltd: 1H Letter to Shareholders

    Pershing Square Holdings Ltd., the publicly traded holdings company of billionaire Bill Ackman (Trades, Portfolio), trades on both the London and Amsterdam stock exchanges. Pershing Square can't list shares on the open exchanges in the United States. Hedge funds are not allowed to listed their shares publicly in the U.S., forcing U.S. hedge funds to list their shares abroad. Pershing Square Holdings is currently trading for 5x its earnings and 0.85x its NAV value. Pershing Square had a net asset value, at the end of July, of $29.03/share and the firm is trading for $24.84/share. The firm has released its first half of the year results to shareholders.

    Pershing Square Holdings Ltd. six months results


  • Valeant Pharmaceuticals' New Female Drug

    Valeant Pharmaceuticals (NYSE:VRX) has confirmed that it will pay $1.0 billion to buy Sprout Pharmaceuticals, the closely held company that has just won U.S. approval to sell the first drug that aims to increase women 's libido. Under the terms of the agreement, which echoes The Wall Street Journal, Valeant will pay $ 500 million in cash upfront and pay the other party early next year, whose pink pills, known as “female Viagra,” will be sold under the name Addyi. The deal is scheduled to close in the third quarter.

    Other acquisitions


  • Weekly CEO Buys Highlight: SHLD, ENH, APD, KS, TEP

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:

    Sears Holdings Corp.: CEO, 10% owner buys 377,950 shares


  • Hedge Fund Billionaire Bill Ackman's Move on Global Snack Food Company

    Mondelez International, Inc. (NASDAQ:MDLZ) jumped more than 7% in premarket trading after activist investor Bill Ackman (Trades, Portfolio) said he would pay approximately $5.5 billion for a 7.5% stake in the maker of Oreo cookies and Ritz crackers, buying about 120.3 million shares.

    The $74.59 billion market cap company also has another activist as a major shareholder: Nelson Peltz´s Trian Partners held 48.02 million shares valued at $1.73 billion at the end of March.


  • LBO Time for Michael Kors?

    Option buyers are risk takers. They are often willing to bet relatively small amounts of cash on events that could pay off in a hugely leveraged fashion. In a worst case, they can lose up to 100% of their money. If things work out well, the sky is the limit.

    The shares of fashion designer Michael Kors (NYSE:KORS) have been a disaster since peaking at $101.04 in February of 2014. They bottomed on Aug. 4, 2015, at $38.16.


  • The Full Interview From Delivering Alpha With Nelson Peltz and Bill Ackman

    What is Bill Ackman (Trades, Portfolio)'s favorite investment today?

    Fannie Mae (FNMA) / Freddie Mac (FMCC) common stock. He thinks these stocks have enormous upside and he actually feels a bad outcome is very unlikely.


  • Bill Ackman and Nelson Peltz Joint Interview

    Bill Ackman (Trades, Portfolio) of Pershing Capital and Nelson Peltz of Trian Fund Management did a joint interview at CNBC's Delivering Alpha Conference. Both activist investors discussed activism and recent campaigns that they both fought. They both discussed McDonald's (NYSE:MCD), Burger King (NYSE:BKW) and Wendy's. Mr. Peltz discussed his recent campaign in DuPont (NYSE:DD) and the biggest mistakes he made in his activist campaign. Mr. Ackman talked about Fannie Mae (FNMA) and Freddie Mac (FMCC) and the Third Amendment that allows the government to take all of Fannie and Freddie's profits. After talking about Fannie and Freddie, Ackman and Peltz talked about other various topics with the interviewer.

    Ackman and Peltz joint interview:


  • Why Bill Ackman Doesn't Invest in Technology Companies

    Warren Buffett (Trades, Portfolio) is famous for avoiding exposing capital to technology companies. His basis for this is that he won't invest in anything he can't understand.

    It is hard to imagine someone as smart as Buffett not being able to understand something, but it is his discipline that really sets him apart.


  • Will Bill Ackman Go After Express Scripts Next?

    Bill Ackman (Trades, Portfolio) of Pershing Square, the second most well known activist investor only after Carl Icahn (Trades, Portfolio), just raised more money by issuing a billion worth of bonds. The NY Post reported that according to a source on an investor's call: Ackman plans to use the debt proceeds to help his $20 billion fund take on a big target. Ackman gets his fair share of headlines, and his targets usually quickly get bumped up a few notches. That makes it both fun and potentially profitable to speculate on his next target. With his fund getting bigger and bigger targets are becoming scarce which helps.

    To try and deduce what company Pershing Square will target, the first thing I did was set up a screen that excludes companies based on Ackman’s likely preferences. My screen excluded companies below $50 billion because he is going after a big target. It also excluded various industries like retail, energy and basic materials that I think he is unlikely to invest in right now based on his historic preferences and public comments he made. In addition I only included companies with a multiyear stable operating cash flow record and finally also excluded companies that analysts are extremely optimistic about because these are not logical targets for an activist. Finally, I expect Ackman will not invest outside the U.S. because of the additional legal issues and because of all the additional travel he and his team would need to do which could hurt the overall portfolio.


  • Acquisition in the Health Care Industry Increased Volatility

    In a previous article we discussed some reasons why Bill Ackman (Trades, Portfolio) initiated a position in Valeant Pharmaceuticals International (NYSE:VRX) to $3.87 billion, according to the fund's latest filing.

    On Friday, shares were down about 2% to $228.83. According to the Wall Street Journal, there was a potential buyout offer to buy animal-health giant Zoetis (NYSE:ZTS). Someone who is behind this move is activist investor Bill Ackman (Trades, Portfolio), who has taken a $2 billion stake in Zoetis and wanted the company to sell itself. Mr. Ackman also owns 5.7% of Valeant.


  • Bill Ackman's Pershing Square Releases Letter To Herbalife CEO Michael Johnson

    Pershing Square Capital Management, L.P. released today a letter to Herbalife (HLF) CEO Michael Johnson concerning his serious admissions about Herbalife and its conduct that were revealed by the New York Post. The letter reads as follows:


  • Follow Bill Ackman in Valeant Pharmaceuticals

    Over the past days hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings filed by institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC).

    Bill Ackman (Trades, Portfolio)´s Pershing Square disclosed an equity portfolio valued at $14.97 billion at the end of the first quarter of 2015. The equity portfolio is mainly invested in Health Care (46%), Materials (31%) and Transports (19%) stocks.


  • Post-Mortem Of A Failed Investment: J.C. Penney

    In June 2012, I published an article outlining why I believed J.C. Penney (JCP) was a solid investment (here). At the time, the stock was trading at roughly $22 per share; three years later, it’s near $8 per share, for a loss on the investment of more than 60%. Clearly this is not how I envisioned this investment playing out.

    As painful as this experience has been, it has given me the opportunity to learn and improve; as an investor, I hope that I’ll take away the lessons needed to avoid similar mistakes in the future. I would consider failing to do so an even greater error than the investment itself.


  • A Close Look of Herbalife Clubs Worldwide: Part II

    Click here For Part I.

    The company has been fairly clear why it is like that. The explanation is that for a MLM it is important for distributors to protect the second sale.


  • A Close Look of Herbalife Clubs Worldwide: Part I

    This is a very long post. I have done a lot of work on Herbalife that should be made public – and I am travelling on several long-haul plane journeys which gave me time to splice it all together. [Now in New York via London and the Middle East.]

    There are Herbalife groups all around the world and they reflect the character of the community they are in.


  • The Latest Investing Moves by Seven Masters of the Universe

    45 days after quarter end, large institutional investors have to report their holdings to the SEC, which are then made available to the investing public. So as of late last week, we now have updated visibility into the trading machinations of the masters of the universe.

    Of course, the usual caveats apply. No matter how successful a manager is, it’s never a good idea to blindly follow their investment moves. By the time you or I get access to their trading moves, the data is as much as 45 days old. And for all we know, they may be selling it by the time we buy. Plus, as managers are not required to report short positions or options and derivatives positions, we also have no insight as to whether a stock might be a part of a long/short pair trade or some broader strategy.


  • Paul Tudor Jones Adds To Position in CSX Corp

    Paul Tudor Jones (Trades, Portfolio) is the president and founder of Tudor Investment Corporation. He is one of the most successful investors of current times. Last quarter, he increased his stake in CSX Corporation (NYSE:CSX) by buying 142,379 shares. As of March 31, he held 325,494 shares of the company.


  • A Look at Bill Ackman’s Investment in Air Products

    Bill Ackman (Trades, Portfolio) is known for his activist approach. He buys the common stocks of public companies, and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount, and sells when the companies reach their appraised value.

    Air Products and Chemicals (APD) is one of his current activist targets. He currently holds 20,549,076 shares of the company. Air Products has a portfolio of products that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. One of the key bullish arguments for Air Products is the company's margin expansion potential. Air Products used to have an operating margin of around 13% when Ackman initiated his position. His key argument was that with a right management and processes in place, the company’s margins can see a meaningful upside.


  • Bill Ackman Adds Two Positions to Portfolio in 1QFY15

    Bill Ackman (Trades, Portfolio) added two new positions to his portfolio, according to GrurFocus Real Time Picks. The new additions bring his number of stocks to a total of eight and valued around $14.97 billion. His portfolio's quarter-over-quarter turnover is 29%.

    Ackman purchased 19,473,933 shares of Valeant Pharmaceuticals International Inc (NYSE:VRX) at an average price of $177.40 a share.


  • Ackman on Valeant Pharma: The Next Berkshire Hathaway?

    Valeant Pharmaceuticals International Inc (VRX) is a specialty pharmaceutical and medical device company that develops, manufactures, and markets a range of generic and branded generic pharmaceuticals, over-the-counter products and medical devices. Under the control of CEO Michael Pearson, Valeant’s aggressive new acquisition strategy has been executed close to perfection.

    Valeant just completed its acquisition of Salix Pharmaceuticals on April 1 after a failed attempt to buy Allergan last year. An un-Berkshire-esque bidding war left VRX paying $15 more per share for the company, despite Salix’s Xifaxan gastrointestinal drug, which many analysts believe has blockbuster potential. How much will they overpay next time?


  • Canadian Pacific’s Stock Corrects In Spite Of Good Results

    Canadian Pacific’s (CP) stock has corrected ~10% since mid-April despite posting good last-quarter results. While the company’s revenues were in line, its Q1 EPS of C$2.26 was better than estimates by C$0.07. CP's operating ratio was an impressive 63.2% in Q1. The main reason behind the recent correction is cautious commentary by other railroad companies. I believe it is incorrect to club Canadian Pacific with other rail road companies as it is really doing a good job in terms of improving its operations. Billionaire hedge fund manager Bill Ackman (Trades, Portfolio), who has a sizable stake in the company, recently called CP’s management best in the industry. Here’s a look at the company in detail.

    Canadian Pacific is a Class I Railroad company based in Canada. CP owns approximately 9,900 miles of track. An additional 3,800 miles of track are owned jointly, leased or operated under trackage rights. The company has shown good growth in its earnings in the past and its EPS has more than doubled over the last few years.


  • Air Product’s CEO Continues Buying The Stock

    Air Products and Chemicals (APD) is one of the current activist targets of Bill Ackman (Trades, Portfolio) and he currently holds 20,549,076 shares of the company. In addition to Bill Ackman, the company’s CEO - Seifollah Ghasemi – also seems very upbeat about the company’s prospects and is actively buying its shares. On May 1, 2015, he bought 20,000 shares of the company. In total, he has purchased 135,000 shares of the company since he became the CEO. He is the person in charge of turnaround and his buy back activity makes me bullish on the company.

    Air Products recently reported solid 2Q FY2015 results with adjusted EPS of $1.55, up 17 percent versus prior year. The company's adjusted EBITDA margin of 29.4% was up 440 basis points versus prior year. In addition, the company also announced that it has been awarded contract with Saudi Aramco for the world’s largest industrial gas complex which will supply 75,000 metric tons per day (20,000 oxygen and 55,000 nitrogen) to Saudi Aramco’s refinery being built in Jazan, Saudi Arabia for 20 years. Commenting on the win, Air Product's CEO Seifi Ghasemi said:


  • Baby Buffett - Will Bill Ackman Resurrect The Ghost Of Howard Hughes And Build A Corporate Empire?

    Bill Ackman bounds onto the stage in the ballroom of the Crowne Plaza Hotel in midtown Manhattan in front of hundreds of his peers: the crème de la crème of hedge funds, law firms, endowments and large pension funds. It’s early April, and Ackman is determined to give the Active-Passive Investor Summit a preview of what he internally calls “Pershing Square 2.0″: his rebirth as a kinder, gentler investor, more focused on building companies that last than on making quick trading profits.

    The ballroom responds with a yawn.


  • Bill Ackman's Ira Sohn Presentation – Long Jarden, Platform Specialty Products and Valeant

  • Weekly CEO Buys Highlight: APD, OPK, ASPS, ADTN, NSA

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:

    Air Products & Chemicals Inc: Chairman, Pres. and CEO Seifi Ghasemi bought 20,000 shares


  • Bill Ackman Is Still 100% Confident In His Herbalife Short

    Bill Ackman (Trades, Portfolio) is famously short Herbalife (NYSE:HLF).

    He does not think that the government needs to come in and shut Herbalife down for him to be successful. He believes that deterioration of the business will allow his short to be successful over time.


  • Bill Ackman May Buy This Railroad Company

    CSX Corporation (NYSE:CSX) is in the news recently due to rumours of Bill Ackman acquiring a sizable stake in the company. The company's stock has seen unusual stock price movements and options activity of late. UBS analyst pointed out that recent volume trend and stock performance of CSX is similar to that of Canadian Pacific (CP) during September and October 2011 when Pershing Square was buying its stock. I believe CSX's stock offers a good value at current levels. Here's a look at the company in detail.

    CSX Corporation is one of the nation's leading transportation companies. The company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. The company’s annual average number of employees was approximately 32,000 in 2014, which includes approximately 26,000 union employees. Most of the company’s employees provide or support transportation services.


  • Time To Call In The Shorts On Lumber Liquidators

    Here’s an interesting company that some consider the Walmart of flooring, selling really low quality (and cheap) hardwood floors. The company has a network of around 318 Lumber Liquidators stores located throughout the United States and Canada.


  • Fannie And Freddie: Flirting With Re-Privatization

    For the last few year's there has been a quest by top value investors like Bill Ackman (Trades, Portfolio) and Bruce Berkowitz (Trades, Portfolio) to get the government to give all of the profits Fannie Mae (FNMA) and Freddie Mac (FMCC) back to the shareholders. A Whaton real estate professer has written a paper on Fannie and Freddie laying out that it may look like nothing is happening with the two firms, but a lot is happening. She did an interview with the Knowledge @ Whaton where she discussed Fannie and Freddie in detail.


  • Why Is Buffett Buying These Stocks? QSR And AXTA To Follow TESO

    I have two questions about these investments.

  • Herbalife Feud with Bill Ackman Continues

    By Sarah Roden

    It seems that Herbalife (NYSE:HLF) cannot escape the scrutiny of activist investor Bill Ackman (Trades, Portfolio) and his hedge fund, Pershing Square Capital Management. Herbalife, the weight loss product distributor, is incorporated in the Cayman Islands and has been accused of being a pyramid scheme in the past. The company has been under investigation by the Federal Trade Commission for the past year.


  • Valeant Finally Bags Salix for $11 Billion

    After much of a clout about who will acquire Salix Pharmaceuticals (NASDAQ:SLXP), Canadian Drug maker Valeant Pharmaceuticals International Ltd (NYSE:VRX) completed the purchase for $11 billion last Wednesday.

    Salix Pharmaceuticals works in gastro instrumental drugs and it will provide Valeant with new therapeutic business. This is Valeant's biggest buy so far. Valeant increased the takeover price for Salix by about a billion dollar in the new deal to knock out rival bidder Endo International earlier in March. Valeant rose the per share price by $15 from $158, the price offered by the drug company in February. This higher and all cash offer made Endo Pharmaceutical Plc. (NASDAQ:ENDP) withdraw its cash and stock bid, valued at $176.56 per share.


  • Everything You Need To Know About Investing And Finance In Under An Hour – Courtesy of Bill Ackman

    Four years in business school or less than an hour on the internet?

    Bill Ackman (Trades, Portfolio) has prepared a 45-minute video for us and claims that it covers everything that you will ever need to know about finance and investing.


  • Bill Ackman's Pershing Square Holdings 2014 Annual Report

  • Three Activist Targets of Bill Ackman That Are Also Seeing Insider Buying

    Bill Ackman (Trades, Portfolio) has one of the best investing track records in the world. He is known for his activist approach. He buys the common stocks of public companies and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount and sells when the companies reach their appraised value.

    The following is a list of three of his holdings which are also seeing insider buying activity from their top management.


  • Analyzing Bill Ackman's Top Holdings: Canadian Pacific

    Bill Ackman (Trades, Portfolio) has one of the best investing track records in the world. He is known for his activist approach. He buys the common stocks of public companies, and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount, and sells when the companies reach their appraised value.

    Canadian Pacific (NYSE:CP) is one of his top holdings. As of December 31, 2014 he was holding 13,940,890 shares of the company. Canadian Pacific is a Class I Railroad company based in Canada. CP owns approximately 9,900 miles of track. An additional 3,800 miles of track are owned jointly, leased or operated under trackage rights. The following table shows revenue, EPS and other key metrics of the company over the last three years.


  • A Closer Look at February´s Hedge Funds Returns

    The $3 trillion hedge-fund industry posted gains of about 2%. According to research firm eVestment, hedge funds gained 1.93% in February. Further, according to the Barclay Fund of Funds Index, the industry gained 2.25% in February, and is up 2.14% for the year.

    Almost all of Barclay’s 18 hedge fund indices had gains in February. Among them, we can highlight:


  • Herbalife And Bill Ackman Blame Game

    Last week Herbalife Limited (NYSE:HLF) garnered media attention owing to a public spat about market manipulation of the stock on CNBC by activist investor Bill Ackman (Trades, Portfolio). He had come on the show to defend himself against the charges of trying to downplay the stock and negatively impact its movement. There are allegations against him of trying to manipulate Herballife stock in order to bring the stock price down. The allegation also states that the market may have been manipulated or influenced by Ackman to impact the stock price of Herbalife in a negative way. He has been accused of directly and indirectly making false statements to the regulators and urging them to conduct a probe on Herbalife and in turn drive down the stock price.

    The Bill Ackman effect


  • Analyzing Bill Ackman's Top Holdings: Air Products and Chemicals

    Bill Ackman (Trades, Portfolio) has one of the best investing track records in the world. He is known for his activist approach. He buys the common stocks of public companies, and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount, and sells when the companies reach their appraised value.

    Air Products and Chemicals (NYSE:APD) is one of his top holdings. As of December 31, 2014 he was holding 20,549,076 shares of the company. Air Products has a portfolio of products that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. One of the key bullish arguments for Air Products is the company's margin expansion potential. Air Products used to have an operating margin of around 13% when Bill Ackman (Trades, Portfolio) initiated his position. His key argument was that with a right management and processes in place, the company can post margins in line with its peer Praxair (PX). Praxair posted operating margin of 22% in FY2013 which was 900 bps higher than Air Products during the same period. This means if Bill Ackman (Trades, Portfolio)'s argument is true, there is a substantial margin upside for the company.


  • Bill Ackman: Carl Icahn Is Stuck with Herbalife

    Pershing Capital Management Founder and CEO Bill Ackman (Trades, Portfolio) spoke with FOX Business Network’s (FBN) Deirdre Bolton regarding the recent report that federal prosecutors and the Federal Bureau of Investigation (FBI) are probing potential market manipulation of Herbalife. On whether Herbalife can clean up their act, Ackman said, “there is no future for Herbalife as a legal company,” and, “I have a lot of confidence in the Department of Justice.” Ackman goes on to say, “we are totally open to full and fair look into details,” and that the senior management at Herbalife “knows they are running a pyramid scheme.” On Carl Icahn (Trades, Portfolio)’s relationship with Herbalife Ackman said, “I think Carl Icahn (Trades, Portfolio) at this point is actually stuck,” and, “If Carl wanted to sell the shares he’d have to get off the board.” On the direction of the investigation Ackman said, “I don’t think we will be here two years from now,” and, “either the business will have imploded or the government will have shut it down.” In regards to the average retailer Ackman said, “I get an enormous number of thank you notes, emails from your average retail investor who have followed us.”

    Video Links:   

  • Bill Ackman's Interview With Bloomberg Regarding Herbalife

    STEPHANIE RUHLE: Bill Ackman (Trades, Portfolio) of Pershing Square is on the phone with us. Bill, I want to start with you, on the record, let’s just make it clear, have you, your firm, or anyone you currently or HAVE previously employed been contacted or subpoenaed by the justice department or the FBI?

    ACKMAN: No, not to my knowledge.


  • Bill Ackman is keeping on buying Zoetis

    Bill Ackman, co-investment manager for hedge-fund group Gotham Partners LP, formed Pershing Square in November 2003 with $54 million raised from three investors. Ackman got his start in the real estate business, where he worked for his father prior to starting Gotham.

    He is an activist investor. He buys the common stocks of public companies, and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount, and sells when the companies reach their appraised value.


  • Bill Ackman Describes The Impact Activists Have On Businesses

    Are activist investors the friend of the long term shareholder or simply predators looking to make a fast buck?

    There likely isn't a simple answer to that question.


  • Activist Investor Bill Ackman's Newest Additions to His Portfolio

    Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management, L.P. is known for being an activist investor as well as a philanthropist. Ackman, along with guru Bruce Berkowitz (Trades, Portfolio) and Joseph Steinberg, donated funds to the Center for Jewish History. It was the largest gift the center has ever received. Ackman alone donated almost $7 million because his family says, "we want our children to know, not only their living relatives, but those representing past generations for a greater connection to their family and ancestral origin and heritage."

    Ackman is also active in The Giving Pledge, started by guru Warren Buffett (Trades, Portfolio) along with Bill Gates (Trades, Portfolio) and his wife, in which he committed 50% of his wealth to go to charitable causes.


  • How Good is Your Argument?

    “One of the best ways to get confidence in an idea is to find the best argument out there and see if there is a case that you haven’t considered or if there is something you don’t know. If what I’ve heard are the best arguments that can be made against being short Herbalife, then I want to be short more.”


  • Herbalife's Faceoff Against Financial Market Coup

    Globally known MLM based healthcare product maker Herbalife (NYSE:HLF) has some major players in finance betting against the company due to its controversial practices. Ever since the US dollar had been gaining in strength since November 2014 versus other major currencies, and also the news of pending probes against the company coming to light, the stock seems to be going downhill. After Herbalife had posted its below-expected earning of Q3 2014, analysts like Timothy Ramey of Pivotal Research Group, has come down heavily to cut down on estimates of the stock price, from $110 to $75. The EPS estimates have been cropped as well, going from $1.34 to $1.22, alongside the 2015 full-year estimates, going down from $5.50 to $5.00. The net income from Q3 2014 went down by as much as 92%, owing to the pre-tax charges it faces from the reassessment of audit of assets and liabilities in the Venezuelan Bolivar. In short, there are problems all around.


  • Bill Ackman: Interview Transcripts Part 1

    STEPHANIE RUHLE, HOST: Bill Ackman (Trades, Portfolio), would you have guessed it, he is just a laugh riot over here? Bill, you just left the stage. You were sitting down with Ray Dalio (Trades, Portfolio). And for me watching two iconic investors sort of go through their investment practice was extraordinary. What did you learn from Ray?

    BILL ACKMAN, FOUNDER, CEO, PERSHING SQUARE CAPITAL: I learned a lot. I mean I really didn’t know how he did what he does. I’m sure I completely understand at this point. But remarkable how he’s built his company and his organization and his approach. And I (INAUDIBLE)…


  • Bill Ackman: JCPenney Is Probably The Worst Investment I've Made…

    In an interview to appear on FOX Business Network’s Risk & Reward at 1PM/ET today, anchor Deirdre Bolton speaks with Pershing Square Capital Management Fonder and CEO Bill Ackman (Trades, Portfolio) following the Harbor Investment Conference. When asked what his biggest strategic mistake was, Ackamn said, “I think JCPenney (NYSE:JCP) is probably the worst investment I've made.” Ackman also commented on Howard Hughes Corp saying, “I don't think I will ever sell. And that's a pretty long time frame.” When asked if he wasn’t an investor what profession he would be interested in Ackamn says, “an investigative reporter.”

    On his biggest strategic mistake:


  • Graham And Doddsville – Winter 2015 Issue

  • Herbalife after option expiry - Part II: counting shorts and longs

    With Herbalife at $31 then any puts that Ackman has (and we know the prices of them) are in the money so far that their delta is almost one.


  • Herbalife after the January option expiry: Part 1

    I have deliberately refrained from writing about Herbalife until the 17 January 2015 option expiry.

    We know from public disclosures that Pershing Square (PSQ) had a huge put option position on Herbalife.

    There were also a vast number of put options that expired on 17 January.

    Here are the outstanding in-the-money put contracts as at market close Friday.


  • Bill Ackman Says Benefits Of Oil Price Drop Outweigh Costs

    Bill Ackman (Trades, Portfolio)'s assets under management have grown from $11 billion to $18 billion over the past year.

    As far as investing opportunities that he is looking for, Ackman says it is the same as always. He wants to invest in large, high quality companies that have been mismanaged or are undervalued for fixable reasons.


  • The Latest Bill Ackman Video On The Herbalife Pyramid Scheme

    The Bill Ackman (Trades, Portfolio) pursuit of Herbalife continues.

    In his latest video Ackman goes through the mechanics of what a pyramid scheme truly is.  

  • Analysts Make Bullish Ratings in Response to Valeant’s Increased 2015 Guidance

    Valeant Pharmaceuticals (NYSE: VRX) held a conference call with investors on Thursday, January 8, in which the company increased its guidance for 2015. Initially, Valeant had predicted $9.1 billion in revenue and $10 cash earnings per share for 2015. They increased estimates to $9.2 to $9.3 billion in revenue and $10.10 to $10.40 cash earnings per share. Shares spiked nearly 6.9% during intraday trading after the announcement, jumping from $145 to $155.

    Valeant is a diverse pharmaceutical company that offers both over-the-counter and prescription drugs. Most of their drugs focus on dermatological needs and eye health, though their drugs cover a wide array of needs.


  • Love Him Or Hate Him, Bill Ackman Now Runs The World's Top Hedge Fund

    Lunch was a bit awkward. It was around 1 p.m. on a warm October day in New York. A group of Wall Street investors were tucking into chicken in a red-wine demi-glace and Brussels sprouts at the Plaza Hotel. They’d convened for Jim Grant’s fall conference, hosted by the influential editor of Grant’s Interest Rate Observer.

    The lunch speaker was Marty Lipton, legendary lawyer and veteran defender of management in countless proxy battles, hostile takeovers and corporate raids. His talk, which he had titled “Activist Interventions and the Destruction of Long-Term Value,” took aim at a strategy being used with increasing success against his clients and other corporations.


  • Year End Review: Fast-Food Services

    2014 was an eventful year for the fast-food service industry. Which restaurant chains came out ahead, and which ones trailed behind?



  • The Man Who Taught Warren Buffett How To Manage A Company

    Disciples of the investing firm Berkshire Hathaway and its legendary leader, Warren Buffett (Trades, Portfolio), know that his mentors in investing were Benjamin Graham and Charlie Munger (Trades, Portfolio). But when Lawrence Cunningham, author of the recently-published Berkshire Beyond Buffett, asked the Berkshire CEO who should write the foreword, Buffett immediately suggested his friend of more than 40 years – Tom Murphy.

    “Most of what I learned about management, I learned from Murph,” Buffett told Cunningham. “I kick myself because I should have applied it much earlier.”


  • Zoetis in a Growing Global Animal Health Industry

    In this article, let's take a look at Zoetis Inc (NYSE:ZTS), a $22.24 billion market cap company that is a global leader in the animal health products industry emerged as a separate entity following its spin-off from Pfizer (NYSE:PFE) in June 2013.

    Favorable industry


  • The "Circle of Competence Trap" – Retail, Energy and Metal Sectors

    “I’m no genius. I’m smart in spots – but I stay around those spots.”

    Tom Watson Sr., Founder of IBM


  • Ackman’s Pershing Square Buys Stake in Zoetis

    Zoetis, Inc. (NYSE: ZTS) is an animal health company that produces vaccines for pets and livestock. Based in Florham Park, New Jersey, the animal health company was once a subsidiary of Pfizer (NYSE:PFE) but became independent in February 2013. Bill Ackman (Trades, Portfolio), the philanthropic founder and CEO of Pershing Square Capital Management, bought an 8.5% stake in Zoetis for roughly $2 billion on November 11. Additionally, Zoetis released its third quarter report on November 4, topping analysts' expectations.

    Highlights from the Q3 report include a reported $0.41 earnings per share on an adjusted diluted basis, a 21% year-over-year increase. This figure beat the analyst consensus of $0.37 by $0.04. Revenue for the third quarter met the analyst estimate of $1.2 billion; a 10% year-over-year increase. CEO Juan Ramón Alaix attributed the performance to “13% operational revenue growth in our livestock products and continued discipline around our operating expenses.”


  • Bob Olstein On 'Boring' Stocks Printing Money

    Bob Olstein, chairman and CIO of Olstein Funds, is known  as one of the leading experts in corporate disclosure and reporting practices. He wrote an incredible book, The Quality of Earnings, which helped push the use of forensic accounting techniques to identify certain factors in determining a company's future earnings power. (I highly recommend this book.)

    Olstein gives his take on "boring" stocks and how much money they can make in free cash flow. This will translate into investment returns over time.


  • Activist Bill Ackman Buys Big Stake In Animal Healthcare Company Zoetis

    I guess we shouldn’t be surprised that one of the more active activist investors is making another big move before the end of the year.

    Pershing Square, of which renowned investor Bill Ackman (Trades, Portfolio) Manages, has accumulated a stake in Zoetis Inc (NYSE:ZTS) of roughly 10%. He is joined by Scott Ferguson (former protégé of Ackman), of Sachem Head Capital in this activist campaign. Sachem will consult with Ackman and Pershing.


  • The Gurus to Follow Based on Sector – Part 1

    GuruFocus provides information on 147 investment managers, hedge funds and mutual funds that can help guide your own investment choices. With that many portfolios, it can be difficult to narrow down which gurus to follow.

    Every investor has different circles of competencies; I breakdown which gurus have a majority of their portfolio in some of the most common industries. For instance, whether or not you prefer to stay away from high-tech stocks could determine if you want to follow Warren Buffett (Trades, Portfolio) or Jean-Marie Eveillard (Trades, Portfolio).


  • Invest In These Hedge Funds At A Discount

    As of the close on 10/13/2014, Greenlight Reinsurance (GLRE), Third Point Reinsurance (TPRE), and Pershing Square Holdings (AEX:PSH) were selling at discounted prices compared to their book values. These three companies are led by 3 of the top investing gurus we follow, David Einhorn, Daniel Loeb, and Bill Ackman.

    Einhorn and Loeb are following the Warren Buffett model of using the float from an insurance company to essentially make investments on what is similar to an investment free loan. When insurance premiums are collected, the capital has to stay with the company in order to pay out the claims. The premiums collected, but not paid out yet, are referred to as float. As long as the underwriting business is profitable, the float mimics an interest free loan. A common metric used is the combined ratio. A ratio of 100 is break-even, and the lower the number, the more profitable the business. The underwriting profit is simply measured as premiums received minus expenses. In some years, claims might be higher due to certain events, so enough liquidity must be retained to pay them out. Most insurance companies invest the float in fixed income to generate extra cash flow and increase profits. The float from Greenlight Re and Third Point Re is managed by the hedge funds Greenlight Capital and Third Point. Einhorn is the manager of Greenlight Capital and Loeb is the manager of Third Point.


  • Bill Ackman's New Interview With Bloomberg

    Summany Of Bill Ackman's (Trades, Portfolio) Interview With Bloomberg

    Bill Ackman (Trades, Portfolio) of Pershing Square Capital did a interivew with Bloomberg's Hans Nickols from the Euronext Amsterdam, where he took Pershing Square Holding public. In the interview, he talks about the the money that the company raised, and how he is preparing to "buy a decent-sized stake in a U.S. company." Ackman goes into detail about some of his holdings in Allergan (NYSE:AGN), Herbalife (NYSE:HLF) and Fannie (FNMA) and Freddie (FMCC). Ackman comfirms that he has in the last week increased his stakes in Fannie and Freddie by at least 20%. Also, Pershing Square isn't reporting its holdings of Fannie and Freddie anymore, since Fannie and Freddie only make up 2.5% of the firm's capital base.


  • Bill Ackman Discusses Herbalife and His New Investment Vehicle

    From his newly-listed Amsterdam investment vehicle, Bill Ackman (Trades, Portfolio) has $6 billion in cash and already knows where he is going to investment.

    The target? A single, yet-to-be-named U.S. company.


  • Ackman's Pershing Square Now Available To The Public

    Bill Ackman’s Pershing Square Holdings started trading on the Euronext Amsterdam under the symbol “PSH” on October 13. Daniel Loeb had a similar IPO in 2007 on the London Stock Exchange with his fund, Third Point Offshore (LSE:TPOU, LSE:TPOG, TPNTF). The goal of the IPO is to raise permanent capital to help the activist investor maintain his positions in target companies during times of turbulence. If too many investors have redemption requests in the hedge fund, the manager will not be able to maintain a position of control over all of the companies in the portfolio.

    Pershing Square was listed on the exchange in Amsterdam because funds that have an incentive fee as part of its expense to shareholders cannot be publically listed in the United States. Typically, hedge funds will charge a flat fee plus a percentage of the profits. The fund can trade in the U.S. through the OTC market if the fund is outside of the country and trading primarily on a foreign exchange. Pershing Square Holdings, Ltd. is incorporated under the laws of Guernsey. Originally, Ackman was considering a listing on the London Stock Exchange, but it would have been listed in the Specialist Fund Market. Being listed on the Euronext Amsterdam exchange provides more liquidity. The fund is currently only available on the Amsterdam exchange, and it is uncertain as to when it will be available OTC in the U.S.


  • Bill Ackman's Midas Touch

    Outside the investment community, the name of Bill Ackman (Trades, Portfolio) of Pershing Square might not raise as many eyebrows as the name of a guru like Warren Buffett (Trades, Portfolio), but Ackman’s track record is still impressive. He seems to have the Midas touch, even more of one than many of the gurus followed by GuruFocus.

    Ackman founded New York-based Pershing Square in 2004. So far in 2014, Pershing has gained 31.5%, including a 1.4% increase in September, a time when many of Ackman’s peers struggled. As GuruFocus pointed out in August, Pershing’s gain is “well above the 2.5% hedge-fund industry average.”


  • Bill Ackman and Valeant Could Sweeten Allergan Deal By $15 A Share

    Bill Ackman (Trades, Portfolio) Pershing Square Capital and Valeant Pharmaceutical (NYSE:VRX) are said to be planning to boost their offer to acquire Botox maker Allergan (NYSE:AGN) by $15 a share. The enhancement offer marks the third increase to the original bid by Bill Ackman (Trades, Portfolio)'s Pershing Square Capital and Valeant. The latest increase in the bid is intended to keep Allergan from striking a rival deal. The bid by Pershing Square and Valeant could potenitally value Allergan at over $56 billion and if the duo's can it the deal with Allegan then the merger will be the largest of the year so far.

    Earlier Allergan called a truce with Pershing Square and Valeant by reaching a aggreement over a special shareholder meet that was originally scheduled date of Dec. 18. All shareholders of Allergan record on Oct. 30 will be entitled to receive a notices and vote at the Dec. 18 meeting. The plan to raise the price by $15 more dollars a share is to drive event driven hedge funds and other investors to invest in a the share before Oct. 30 so they can vote at the meeting on Dec. 18. The plan is to oust a majority of Allergan board of directors to make way for merger talks that the current board rebuffed.


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    ReplyRgoshen - 4 months ago
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    ReplyGm1 - 1 year ago
    Dear Sirs / Madams,

    I am so interested in Pershing Square, would you please advise me its performance and cost? Thank you.

    ReplySamchell@yahoo - 1 year ago
    Some stocks are best evaluated by hands-on personal empiricism. After going into a Walgreen's store, it's manifestly clear where it ranks compared to CVS or Rite Aid. As for Ackman's attraction to Mondelez, perhaps he likes some of the company's snack items, and no doubt enough other consumers will share his taste to move the stock in a positive direction. But anyone looking for more something more dramatic would be better advised to take note of the population's compulsive consumption of Hershey products. (Twizzler's Twist 'n Pull Cherry Licorice is candy heroin.) Also, like Coke and Kleenex, Hershey's is a brand name that's synonymous with the product. (When's the last time your spouse asked you to go to Walgreen's to pick up a "Mondelez Bar"?) In short, investing is a game of guessing, supported by past predilections and indicators that "may" have a bearing on future results. But 50% of stock picking is playing hunches. Never ignore the intangibles as well as personal impressions--that's can't be charted or measured by most systems.

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