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Ackman Devoured 140,000 Pages Challenging MBIA Rating

January 31, 2008 | About:

It was the $109,000 photocopying bill that hedge fund manager William Ackman says made him realize how much he'd read and underlined before betting against bond insurer MBIA Inc. in 2002.

His law firm charged him for copying 725,000 pages of financial statements and other documents, 140,000 of them about MBIA, to comply with a subpoena. Following New York and U.S. probes of his trading and reports, Ackman persisted in challenging MBIA's AAA credit rating for more than five years, based on his own research.

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Rating: 3.4/5 (14 votes)


JLAnnello - 8 years ago
Thanks for the post. Indeed this is inspiring stuff. A hundred thousand pages!! That's doing your homework.
Wwsmead - 8 years ago
How many pages does Buffett produce on each idea?
Kfh227 premium member - 8 years ago
I like this part:

"Late in 2002, Ackman published his MBIA findings on Gotham's Web site. Ron MacDonald, the head of reinsurance at MBIA until 1999, read the report early in 2003 and e-mailed Ackman praising it, MacDonald says."

Ackaman found problems in 2001, shortly after McDonald's departure. It's funny since McDonald must have seen what as going on after his departure.
Jerryguru - 8 years ago
I guess I would like it better if Ackman would do his analysis and then shut up. You don't see Buffett engaging in media campaigns, letters to regulators, etc. trying to pump his own analysis. Ackman? Methinks he doth protest too much.

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