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.