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Thursday, October 3, 2013

Pershing Square Capital Q3 2013 Letter to Investors

Bill Ackman and his Pershing Square Capital Management are out with their Q3 2013 letter to investors.  For the quarter they were down 5% and YTD they are just about break even.  In the letter he talks about the rationale for exiting the J.C. Penney position (where they incurred a 50% loss), Herbalife (where they have covered a portion of their short to avoid a potential squeeze and in place bought long-term puts).  What is interesting is he discloses that this position represents 12% of their funds.  He goes on to state that he thinks Herbalife represents an amazing risk / reward at the current price.

He then goes on to briefly discuss their position in Air Products and Chemicals.


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