1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
Articles (1302) 

Bill Ackman First Quarter Letter; On CP, JCP, C, and GGP

June 12, 2012 | About:

This is the first quarter client letter of Bill Ackman, the hedge fund guru who runs Pershing Square. His funds trailed the S&P500 slightly in the first quarter, but have ourperformed significantly since inception.

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

Rating: 3.5/5 (8 votes)


Please leave your comment:

GuruFocus Mobile App

User Generated Screeners

pbarker46FCF Margin
rod1z....Dec 04 FOURTH Try
rod1z....Dec 04 Third Try
rod1z....Dec 04 Second Try
rod1z....Dec 04 First Try
jeanstemarieJapan growth fair value
pbarker4610 Profitable Years
jeanstemarieJapan momentum
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)