Ackman discussed his holdings in Canadian Pacific (CP), J.C. Penney (JCP), Justice Holdings, Citigroup (C) and General Growth Properties (GGP). He also talked about the valuation of private business vs. publicly traded ones. He wrote: “In our investment approach, we wait for the opportunity to purchase a great business at a highly discounted valuation, when investors overreact to negative macro or company-specific events…” Apparently he enjoys activist investing. He wrote: “Our greatest competitive advantage is the ability to buy a stake in a company with the ability to intervene in the decision making, strategy, management, or structure of the business.”
Pershing highlights that they've started buying a new stake and have added a rare equity short, but they've declined to disclose any names.
Read the complete letter:
Pershing Square Q1 12 Investor Letter