Below please find the Q2 2013 Pershing Square Capital Management Letter to investors. In the letter Bill Ackman discloses that YTD they are up 5.3% to 6.3% net of all fees across their various funds. They also show a pretty cool graphic which shows a list of every public investment Pershing Square has made since inception showing their purchase price and exit price and how those holdings would have fared had the fund still held them today. It is pretty interesting to see their entire investment history in one handy chart. He includes this to make the case that Pershing is an agent for good long-term value creation - I believe this likely stems from some of the recent bad press and redemptions that they have suffered. He then steers the letter to discussion the recent situations at Herbalife and JC Penney. Overall the letter is very interesting and well worth the read. Without further delay...enjoy.
Tuesday, August 20, 2013
Thursday, August 15, 2013
Bill Ackman of Pershing Square Capital Management was recently on Charlie Rose to discuss J.C. Penney (JCP), Herbalife (HLF), etc. In the interview Charlie spends a lot of time discussing the situation at J.C. Penney with Bill understanding the whole Ron Johnson saga, the recent letter to the board, and his final move to step down from the board. Overall its an interesting interview and ads more color to an already interesting situation. Then they go on to discuss the drama around Herbalife (both between Bill Ackman and the company as well as between Bill and other hedge funds managers like Carl Icahn and Dan Loeb). Nothing earth shattering but overall pretty interesting. Enjoy.
Friday, August 9, 2013
Howard Marks recently came out with his latest memo. It is more of the classic good advice out of Howard Marks. In the letter he discusses the role of confidence and how it impacts the economy, the market, etc. My personal favorite part of the letter is when he shares the excerpt from Seth Klarman. Enjoy. Howard-Marks-Role-of-Confidence