Ackman Is Abandoned by Big Pershing Square Investors

[cyclone]

Ackman Is Abandoned by Big Pershing Square Investors

By Scott Deveau
April 5, 2018, 8:46 PM GMT+8 Updated on April 5, 2018, 10:46 PM GMT+8

Bill Ackman’s Pershing Square Capital Management is facing more bad news as many of the institutional investors in its private funds have asked to redeem their money.

About two-thirds of the capital that investors could withdraw from Pershing Square private funds was redeemed at the end of last year, according to a person with knowledge of the matter. Blackstone Group LP has been pulling its money, while JPMorgan Chase & Co. has removed Bill Ackman’s Pershing Square from its list of recommended funds for clients, the person said.

Under the funds’ rules, investors are only able to redeem one eighth of their investment each quarter, meaning it could take more than two years to withdraw all of their money. Still, there’s been a steady decline in assets under management at Pershing Square since its $4 billion loss on Valeant Pharmaceuticals International Inc. and its losing short bet on Herbalife Ltd.

More details in https://www.bloomberg.com/news/articles/...uare-funds

[specuvestor]

Beginning of the end for big mouthing. It will take time but it will come. But he’s made it for himself already.

In the long run it’s a weighing machine

“As per my herbalife comment, Ackman is a really smart guy but over his head with too much ego... most investors don't keep talking about their positions, even for activist / vulture funds, from Daniel Loeb, Howard Marks, Paul Singer, Soros, Tudor to Einhorn, Klarman, Bill Miller or Buffett.”
https://www.valuebuddies.com/thread-6821...#pid127147

[opmi]

From Ackman’s track record, he is the real estate guy. Eg Rockefeller Center, GGP.

Maybe his downfall more due to going beyond his circle of competence, rather than big mouthing.

[specuvestor]

Don’t recall him talking big about GGP?

https://www.nasdaq.com/article/how-to-in...n-cm272183

Maybe that’s the difference. Hubris. Inviting whole world to prove him wrong. When you underestimate the market.

Compare with Daniel Loeb or Paul Singer or even his nemesis Carl Icahn.

[specuvestor]

I'm pretty sure he talks too much
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Billionaire investor Bill Ackman’s bad year has given him lots of worries about his own investments.

Addressing a conference Tuesday, he saved his sharpest words for an old foe in somebody else’s fight.

Ackman criticized Newell Brands Inc. for striking a deal with fellow billionaire Carl Icahn to avoid a proxy fight with Starboard Value, the activist fund run by Jeff Smith.

“The company was so afraid of losing a proxy contest that they made a deal with the devil so to speak,” Ackman said Tuesday, responding to a question during a fireside chat at the 13D Monitor Active-Passive Investor Summit in New York. “I meant that in the most positive way about Carl.”

[weijian]

For VBs who are slowing down at the end of the year, and may be able to invest some time on a 90mins podcast.

I had thought 90mins was a tad too long to invest my time to listen to Bill Ackman but this podcast proved otherwise. There is always something immensely useful to learn from successful people who "got back up". And some of the lessons are more than investing - reducing sugar or avoiding foods that comes from a package, having a martial bliss (he believes there was a correlation between his business portfolio and martial issues then) etc

Bill Ackman: Getting Back Up [The Knowledge Project Ep. #82]

This interview was done in April 2020. I did the <<google "Bill Ackman">> as he described and Herbalife's sponsored ad is still present as of this posting date:

Ad Bill Ackman - Misleading Infomercial
https://www.bettingonzero.com/
Ackman's "horrible, terrible, no good, very bad" billion-dollar losing investment.

https://fs.blog/knowledge-podcast/bill-ackman/