Our most glaring, albeit small, unforced error was buying additional stock in Platform Specialty Products (PAH, Financial) at $25 per share to assist the company in financing an acquisition. We paid too much as we assumed the new transaction would create substantial value, and because we assigned too much platform value to the company. Our assessment was incorrect as execution difficulties, operating issues, currency effects, and financing issues have destroyed rather than created value.
From Bill Ackman (Trades, Portfolio)'s Pershing Square Annual Investor Letter 2015.
