Ackman discussed his holdings in Canadian Pacific (NYSE:CP), J.C. Penney (NYSE:JCP), Justice Holdings, Citigroup (NYSE:C) and General Growth Properties (NYSE: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