Bill Ackman

Bill Ackman

Last Update: 2014-11-21

Number of Stocks: 7
Number of New Stocks: 1

Total Value: $13,426 Mil
Q/Q Turnover: 2%

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

Bill Ackman Watch

  • 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 (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 (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 (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 (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 (AGN), Herbalife (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 (VRX) are said to be planning to boost their offer to acquire Botox maker Allergan (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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    User Comments

    ReplyGm1 - 4 months ago
    Dear Sirs / Madams,

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

    ReplySamchell@yahoo - 9 months 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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