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In 2004, with $54 million in funding from his personal funds and former business partner [[Leucadia National]], Ackman started Pershing Square Capital Management.<ref name="StarTribuneMinnesota2008January13SerresChris">{{Cite news |last=Serres |first=Chris |date=13 January 2008 |title=William Ackman: Targeting Target |language=English |work=Star Tribune|location=Minnesota |url=http://www.startribune.com/business/13715691.html |url-status=dead |access-date=16 May 2009 |archive-url=https://web.archive.org/web/20120529164307/http://www.startribune.com/printarticle/?id=13715691 |archive-date=29 May 2012}}</ref>
In 2004, with $54 million in funding from his personal funds and former business partner [[Leucadia National]], Ackman started Pershing Square Capital Management.<ref name="StarTribuneMinnesota2008January13SerresChris">{{Cite news |last=Serres |first=Chris |date=13 January 2008 |title=William Ackman: Targeting Target |language=English |work=Star Tribune|location=Minnesota |url=http://www.startribune.com/business/13715691.html |url-status=dead |access-date=16 May 2009 |archive-url=https://web.archive.org/web/20120529164307/http://www.startribune.com/printarticle/?id=13715691 |archive-date=29 May 2012}}</ref>


Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab."<ref name="forbes.com">[https://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman/ "From Hedge Funds to Bonefishing," Forbes] {{Webarchive|url=https://web.archive.org/web/20201106130208/https://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman/ |date=2020-11-06 }}, July 16, 2012</ref>
Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab".<ref name="forbes.com">[https://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman/ "From Hedge Funds to Bonefishing," Forbes] {{Webarchive|url=https://web.archive.org/web/20201106130208/https://www.forbes.com/sites/monteburke/2012/06/29/the-fishing-guide-who-hooked-hedge-fund-titan-bill-ackman/ |date=2020-11-06 }}, July 16, 2012</ref>


In October 2014, Ackman launched a UK-based closed-end fund, [[Pershing Square Holdings]], on the [[London Stock Exchange]].<ref>{{Cite web |date=13 October 2014 |title=Bill Ackman's Pershing Square fizzles on IPO |url=https://www.ft.com/content/0750e854-52b0-11e4-a236-00144feab7de |url-status=live |archive-url=https://web.archive.org/web/20201106130159/https://www.ft.com/content/0750e854-52b0-11e4-a236-00144feab7de |archive-date=6 November 2020 |access-date=2 June 2017 |publisher=FT}}</ref>
In October 2014, Ackman launched a UK-based closed-end fund, [[Pershing Square Holdings]], on the [[London Stock Exchange]].<ref>{{Cite web |date=13 October 2014 |title=Bill Ackman's Pershing Square fizzles on IPO |url=https://www.ft.com/content/0750e854-52b0-11e4-a236-00144feab7de |url-status=live |archive-url=https://web.archive.org/web/20201106130159/https://www.ft.com/content/0750e854-52b0-11e4-a236-00144feab7de |archive-date=6 November 2020 |access-date=2 June 2017 |publisher=FT}}</ref>
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In 2005, Pershing bought a significant share in fast food chain [[Wendy's International]] and successfully pressured them to sell off its [[Tim Horton's]] donut chain. Wendy's spun off the [[Canada|Canadian]] restaurant donut chain through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism in the sale of Wendy's fastest growing unit left the company in a weaker market position.<ref name="StarTribuneMinnesota2008January13SerresChris" /> Ackman blamed the poor performance on their new CEO.<ref name="StarTribuneMinnesota2008January13SerresChris" />
In 2005, Pershing bought a significant share in fast food chain [[Wendy's International]] and successfully pressured them to sell off its [[Tim Horton's]] donut chain. Wendy's spun off the [[Canada|Canadian]] restaurant donut chain through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism in the sale of Wendy's fastest growing unit left the company in a weaker market position.<ref name="StarTribuneMinnesota2008January13SerresChris" /> Ackman blamed the poor performance on their new CEO.<ref name="StarTribuneMinnesota2008January13SerresChris" />


In December 2007, his funds owned a 10% stake in [[Target Corporation]], valued at $4.2 billion<ref>{{Cite news |date=24 December 2007 |title=Ackman Boosts Target State |work=Bloomberg |url=http://bloomberg.com/apps/news?pid=20601087&sid=ad2tlfp2uNZw&dlbk |url-status=dead |access-date=27 February 2013 |archive-date=6 January 2008 |archive-url=https://web.archive.org/web/20080106133206/http://www.bloomberg.com/apps/news?pid=20601087 }}</ref> through the purchase of [[stock]] and [[Derivative (finance)|derivatives]].<ref>{{Cite web |last=Andrew Bary |date=26 May 2009 |title=Ackman's Target Campaign Is Off-Target |url=http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box |url-status=live |archive-url=https://web.archive.org/web/20131212071921/http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box |archive-date=12 December 2013 |access-date=27 February 2013 |website=barrons.com}}</ref> His funds now own a 7.8% stake.<ref>{{Cite news |date=28 May 2009 |title=Ackman loses in Target proxy contest |work=Reuters |url=https://www.reuters.com/article/us-target-idUSTRE54R11420090528 |url-status=live |access-date=1 July 2017 |archive-url=https://web.archive.org/web/20150924141944/http://www.reuters.com/article/2009/05/28/us-target-idUSTRE54R11420090528 |archive-date=24 September 2015}}</ref> In December 2010, his funds held a 38% stake in [[Borders Group]] and on December 6, 2010, Ackman indicated he would finance a buyout of [[Barnes & Noble]] for {{US$|900M}}.<ref name="2010December6de la MercedMichael">{{Cite news |last=de la Merced |first=Michael |date=6 December 2010 |title=Ackman Offers to Finance a Borders Bid for Barnes & Noble |language=English |work=The New York Times |issue=DealBook |url=https://dealbook.nytimes.com/2010/12/06/ackman-offers-to-finance-a-borders-bid-for-barnes-noble/ |url-status=live |access-date=27 February 2013 |archive-url=https://web.archive.org/web/20130309170744/http://dealbook.nytimes.com/2010/12/06/ackman-offers-to-finance-a-borders-bid-for-barnes-noble/ |archive-date=9 March 2013}}</ref>
In December 2007, his funds owned a 10% stake in [[Target Corporation]], valued at $4.2 billion<ref>{{Cite news |date=24 December 2007 |title=Ackman Boosts Target State |work=Bloomberg |url=http://bloomberg.com/apps/news?pid=20601087&sid=ad2tlfp2uNZw&dlbk |url-status=dead |access-date=27 February 2013 |archive-date=6 January 2008 |archive-url=https://web.archive.org/web/20080106133206/http://www.bloomberg.com/apps/news?pid=20601087 }}</ref> through the purchase of [[stock]] and [[Derivative (finance)|derivatives]].<ref>{{Cite web |last=Andrew Bary |date=26 May 2009 |title=Ackman's Target Campaign Is Off-Target |url=http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box |url-status=live |archive-url=https://web.archive.org/web/20131212071921/http://online.barrons.com/article/SB124303588507648835.html?mod=article-outset-box |archive-date=12 December 2013 |access-date=27 February 2013 |website=barrons.com}}</ref> His funds now own a 7.8% stake.<ref>{{Cite news |date=28 May 2009 |title=Ackman loses in Target proxy contest |work=Reuters |url=https://www.reuters.com/article/us-target-idUSTRE54R11420090528 |url-status=live |access-date=1 July 2017 |archive-url=https://web.archive.org/web/20150924141944/http://www.reuters.com/article/2009/05/28/us-target-idUSTRE54R11420090528 |archive-date=24 September 2015}}</ref> In December 2010, his funds held a 38% stake in [[Borders Group]] and on December 6, 2010, Ackman indicated he would finance a buyout of [[Barnes & Noble]] for {{US$|900 million}}.<ref name="2010December6de la MercedMichael">{{Cite news |last=de la Merced |first=Michael |date=6 December 2010 |title=Ackman Offers to Finance a Borders Bid for Barnes & Noble |language=English |work=The New York Times |issue=DealBook |url=https://dealbook.nytimes.com/2010/12/06/ackman-offers-to-finance-a-borders-bid-for-barnes-noble/ |url-status=live |access-date=27 February 2013 |archive-url=https://web.archive.org/web/20130309170744/http://dealbook.nytimes.com/2010/12/06/ackman-offers-to-finance-a-borders-bid-for-barnes-noble/ |archive-date=9 March 2013}}</ref>


On January 9, 2009, the fund disclosed a 7.4% ownership stake in [[General Growth Properties]] (GGP) according to documents filed with the SEC,<ref>{{Cite web |title=Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP) |url=http://www.marketfolly.com/2009/01/pershing-square-bill-ackman-files-13d.html |url-status=live |archive-url=https://web.archive.org/web/20130305233852/http://www.marketfolly.com/2009/01/pershing-square-bill-ackman-files-13d.html |archive-date=2013-03-05 |access-date=2013-03-03 |publisher=Market Folly}}</ref> becoming the second-largest shareholder behind [[Brookfield Asset Management]]. The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact.<ref>{{Cite web |last=TraderMark |date=14 January 2009 |title=The Logic Behind Bill Ackman's Purchase of General Growth Properties |url=http://seekingalpha.com/article/114750-the-logic-behind-bill-ackman-s-purchase-of-general-growth-properties |url-status=live |archive-url=https://web.archive.org/web/20130306005247/http://seekingalpha.com/article/114750-the-logic-behind-bill-ackman-s-purchase-of-general-growth-properties |archive-date=6 March 2013 |access-date=3 March 2013 |website=Seeking Alpha}}</ref> In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection.<ref>{{Cite news |date=22 October 2010 |title=General Growth cleared to exit bankruptcy |work=Reuters |url=https://www.reuters.com/article/us-generalgrowth-idUSTRE69K41320101022 |url-status=live |access-date=1 July 2017 |archive-url=https://web.archive.org/web/20150924150216/http://www.reuters.com/article/2010/10/22/us-generalgrowth-idUSTRE69K41320101022 |archive-date=24 September 2015}}</ref> As of August 2012 the fund held beneficial ownership of 7.7 percent of General Growth's stock.<ref>{{Cite web |title=Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties |url=http://seekingalpha.com/article/825531-pershing-square-urges-shareholders-to-consider-sale-of-general-growth-properties |url-status=live |archive-url=https://web.archive.org/web/20130306004445/http://seekingalpha.com/article/825531-pershing-square-urges-shareholders-to-consider-sale-of-general-growth-properties |archive-date=2013-03-06 |access-date=2013-03-03 |publisher=Seeking Alpha}}</ref>
On January 9, 2009, the fund disclosed a 7.4% ownership stake in [[General Growth Properties]] (GGP) according to documents filed with the SEC,<ref>{{Cite web |title=Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP) |url=http://www.marketfolly.com/2009/01/pershing-square-bill-ackman-files-13d.html |url-status=live |archive-url=https://web.archive.org/web/20130305233852/http://www.marketfolly.com/2009/01/pershing-square-bill-ackman-files-13d.html |archive-date=2013-03-05 |access-date=2013-03-03 |publisher=Market Folly}}</ref> becoming the second-largest shareholder behind [[Brookfield Asset Management]]. The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact.<ref>{{Cite web |last=TraderMark |date=14 January 2009 |title=The Logic Behind Bill Ackman's Purchase of General Growth Properties |url=http://seekingalpha.com/article/114750-the-logic-behind-bill-ackman-s-purchase-of-general-growth-properties |url-status=live |archive-url=https://web.archive.org/web/20130306005247/http://seekingalpha.com/article/114750-the-logic-behind-bill-ackman-s-purchase-of-general-growth-properties |archive-date=6 March 2013 |access-date=3 March 2013 |website=Seeking Alpha}}</ref> In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection.<ref>{{Cite news |date=22 October 2010 |title=General Growth cleared to exit bankruptcy |work=Reuters |url=https://www.reuters.com/article/us-generalgrowth-idUSTRE69K41320101022 |url-status=live |access-date=1 July 2017 |archive-url=https://web.archive.org/web/20150924150216/http://www.reuters.com/article/2010/10/22/us-generalgrowth-idUSTRE69K41320101022 |archive-date=24 September 2015}}</ref> As of August 2012 the fund held beneficial ownership of 7.7 percent of General Growth's stock.<ref>{{Cite web |title=Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties |url=http://seekingalpha.com/article/825531-pershing-square-urges-shareholders-to-consider-sale-of-general-growth-properties |url-status=live |archive-url=https://web.archive.org/web/20130306004445/http://seekingalpha.com/article/825531-pershing-square-urges-shareholders-to-consider-sale-of-general-growth-properties |archive-date=2013-03-06 |access-date=2013-03-03 |publisher=Seeking Alpha}}</ref>
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In July 2012, Ackman acknowledged to [[CNBC]] he had acquired shares in [[Procter & Gamble]] worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation. Pershing Square later reduced its stake in Procter & Gamble, which was valued at around $60 million by the end of 2013.<ref name="WSJ2014February14BenoitDavid">{{Cite news |last=Benoit |first=David |date=14 February 2014 |title=Pershing Square Slashes Procter & Gamble Stake |language=English |publisher=Wall Street Journal |issue=MoneyBeat |url=https://blogs.wsj.com/moneybeat/2014/02/14/pershing-square-slashes-procter-gamble-stake/ |url-status=live |access-date=24 March 2014 |archive-url=https://web.archive.org/web/20201106130210/https://blogs.wsj.com/moneybeat/2014/02/14/pershing-square-slashes-procter-gamble-stake/ |archive-date=6 November 2020}}</ref>
In July 2012, Ackman acknowledged to [[CNBC]] he had acquired shares in [[Procter & Gamble]] worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation. Pershing Square later reduced its stake in Procter & Gamble, which was valued at around $60 million by the end of 2013.<ref name="WSJ2014February14BenoitDavid">{{Cite news |last=Benoit |first=David |date=14 February 2014 |title=Pershing Square Slashes Procter & Gamble Stake |language=English |publisher=Wall Street Journal |issue=MoneyBeat |url=https://blogs.wsj.com/moneybeat/2014/02/14/pershing-square-slashes-procter-gamble-stake/ |url-status=live |access-date=24 March 2014 |archive-url=https://web.archive.org/web/20201106130210/https://blogs.wsj.com/moneybeat/2014/02/14/pershing-square-slashes-procter-gamble-stake/ |archive-date=6 November 2020}}</ref>


In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in [[Valeant Pharmaceuticals International]]. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time".<ref name="Valeant">{{Cite news |date=6 April 2016 |title=Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors |publisher=Fortune |url=http://fortune.com/2016/04/06/ackman-questioning-investors-loss/ |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20201106130235/https://fortune.com/2016/04/06/ackman-questioning-investors-loss/ |archive-date=6 November 2020}}</ref><ref name="Valiant 2">{{Cite news |last=Whitehouse |first=Kaja |date=6 March 2016 |title=Bill Ackman says he can recoup Valeant losses |work=USA Today |url=https://www.usatoday.com/story/money/2016/04/06/bill-ackman-says-he-can-recoup-valeant-losses/82696792/ |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20160410151421/http://www.usatoday.com/story/money/2016/04/06/bill-ackman-says-he-can-recoup-valeant-losses/82696792/ |archive-date=10 April 2016}}</ref><ref name="Valiant board">{{Cite news |last=Gara |first=Antoine |date=21 March 2016 |title=As Bill Ackman Enters Valeant's Boardroom, The Stakes Rise Above The Billions He May Lose |work=Forbes |url=https://www.forbes.com/sites/antoinegara/2016/03/21/as-bill-ackman-enters-valeants-boardroom-the-stakes-rise-above-the-billions-he-may-lose/#5a57c9145797 |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20201106130211/https://www.forbes.com/sites/antoinegara/2016/03/21/as-bill-ackman-enters-valeants-boardroom-the-stakes-rise-above-the-billions-he-may-lose/#5a57c9145797 |archive-date=6 November 2020}}</ref> After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4bn.<ref>{{Cite web |last=Franck |first=Thomas |date=2018-04-05 |title=Bill Ackman's hedge fund empire crumbles in less than 3 years from public wrong-way bets on Herbalife, Chipotle |url=https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |url-status=live |archive-url=https://web.archive.org/web/20201106130229/https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |archive-date=2020-11-06 |access-date=2019-09-26 |website=CNBC |language=en}}</ref>
In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in [[Valeant Pharmaceuticals International]]. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time".<ref name="Valeant">{{Cite news |date=6 April 2016 |title=Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors |publisher=Fortune |url=http://fortune.com/2016/04/06/ackman-questioning-investors-loss/ |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20201106130235/https://fortune.com/2016/04/06/ackman-questioning-investors-loss/ |archive-date=6 November 2020}}</ref><ref name="Valiant 2">{{Cite news |last=Whitehouse |first=Kaja |date=6 March 2016 |title=Bill Ackman says he can recoup Valeant losses |work=USA Today |url=https://www.usatoday.com/story/money/2016/04/06/bill-ackman-says-he-can-recoup-valeant-losses/82696792/ |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20160410151421/http://www.usatoday.com/story/money/2016/04/06/bill-ackman-says-he-can-recoup-valeant-losses/82696792/ |archive-date=10 April 2016}}</ref><ref name="Valiant board">{{Cite news |last=Gara |first=Antoine |date=21 March 2016 |title=As Bill Ackman Enters Valeant's Boardroom, The Stakes Rise Above The Billions He May Lose |work=Forbes |url=https://www.forbes.com/sites/antoinegara/2016/03/21/as-bill-ackman-enters-valeants-boardroom-the-stakes-rise-above-the-billions-he-may-lose/#5a57c9145797 |url-status=live |access-date=16 April 2016 |archive-url=https://web.archive.org/web/20201106130211/https://www.forbes.com/sites/antoinegara/2016/03/21/as-bill-ackman-enters-valeants-boardroom-the-stakes-rise-above-the-billions-he-may-lose/#5a57c9145797 |archive-date=6 November 2020}}</ref> After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4 billion.<ref>{{Cite web |last=Franck |first=Thomas |date=2018-04-05 |title=Bill Ackman's hedge fund empire crumbles in less than 3 years from public wrong-way bets on Herbalife, Chipotle |url=https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |url-status=live |archive-url=https://web.archive.org/web/20201106130229/https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |archive-date=2020-11-06 |access-date=2019-09-26 |website=CNBC |language=en}}</ref>


In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in [[Chipotle Mexican Grill]].<ref name="Chipotle">{{Cite news |date=6 September 2016 |title=Bill Ackman's Pershing Square takes 9.9% stake in Chipotle |publisher=CNBC |url=https://www.cnbc.com/2016/09/06/bill-ackmans-pershing-square-takes-99-pct-stake-in-chipotle-filing-says.html |url-status=live |access-date=9 September 2016 |archive-url=https://web.archive.org/web/20201106130203/https://www.cnbc.com/2016/09/06/bill-ackmans-pershing-square-takes-99-pct-stake-in-chipotle-filing-says.html |archive-date=6 November 2020}}</ref> As of March 2018, Pershing Square held a 10.3% stake in Chipotle.<ref>{{Cite news |last=Franck |first=Thomas |date=2018-04-05 |title=How Bill Ackman's hedge fund empire crumbled in less than three years |work=CNBC |url=https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |url-status=live |access-date=2018-04-05 |archive-url=https://web.archive.org/web/20201106130229/https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |archive-date=2020-11-06}}</ref>
In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in [[Chipotle Mexican Grill]].<ref name="Chipotle">{{Cite news |date=6 September 2016 |title=Bill Ackman's Pershing Square takes 9.9% stake in Chipotle |publisher=CNBC |url=https://www.cnbc.com/2016/09/06/bill-ackmans-pershing-square-takes-99-pct-stake-in-chipotle-filing-says.html |url-status=live |access-date=9 September 2016 |archive-url=https://web.archive.org/web/20201106130203/https://www.cnbc.com/2016/09/06/bill-ackmans-pershing-square-takes-99-pct-stake-in-chipotle-filing-says.html |archive-date=6 November 2020}}</ref> As of March 2018, Pershing Square held a 10.3% stake in Chipotle.<ref>{{Cite news |last=Franck |first=Thomas |date=2018-04-05 |title=How Bill Ackman's hedge fund empire crumbled in less than three years |work=CNBC |url=https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |url-status=live |access-date=2018-04-05 |archive-url=https://web.archive.org/web/20201106130229/https://www.cnbc.com/2018/04/05/how-bill-ackmans-hedge-fund-empire-crumbled-in-less-than-three-years.html |archive-date=2020-11-06}}</ref>
In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016.<ref>{{Cite web |title=Ackman’s $500 Million Bet on Ackman Pays Off After Bad Run |url=https://www.bloomberg.com/news/articles/2019-09-06/ackman-s-500-million-bet-on-ackman-pays-off-after-losing-streak |access-date=2019-09-26}}</ref><ref>{{Cite web |last=Franck |first=Thomas |date=July 2, 2019 |title=Pershing Square up 45% in the first half of 2019 as Bill Ackman win streak continues |url=https://www.cnbc.com/2019/07/02/bill-ackmans-pershing-square-up-45percent-in-the-first-half-of-2019.html |url-status=live |archive-url=https://web.archive.org/web/20201106130239/https://www.cnbc.com/2019/07/02/bill-ackmans-pershing-square-up-45percent-in-the-first-half-of-2019.html |archive-date=November 6, 2020 |access-date=September 26, 2019 |website=CNBC}}</ref>
In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016.<ref>{{Cite web |title=Ackman’s $500 Million Bet on Ackman Pays Off After Bad Run |url=https://www.bloomberg.com/news/articles/2019-09-06/ackman-s-500-million-bet-on-ackman-pays-off-after-losing-streak |access-date=2019-09-26}}</ref><ref>{{Cite web |last=Franck |first=Thomas |date=July 2, 2019 |title=Pershing Square up 45% in the first half of 2019 as Bill Ackman win streak continues |url=https://www.cnbc.com/2019/07/02/bill-ackmans-pershing-square-up-45percent-in-the-first-half-of-2019.html |url-status=live |archive-url=https://web.archive.org/web/20201106130239/https://www.cnbc.com/2019/07/02/bill-ackmans-pershing-square-up-45percent-in-the-first-half-of-2019.html |archive-date=November 6, 2020 |access-date=September 26, 2019 |website=CNBC}}</ref>


In March 2020, Pershing Square made $2.6bn (£2.2bn) betting that there would be a market crash.<ref>{{Cite web|url=https://www.theguardian.com/business/2020/nov/11/us-investor-bill-ackman-places-new-bet-against-corporate-credit-covid|title=US investor Bill Ackman places new bet against corporate credit|first=Jasper|last=Jolly|date=November 11, 2020|via=The Guardian}}</ref>
In March 2020, Pershing Square made $2.6 billion (£2.2 billion) betting that there would be a market crash.<ref>{{Cite web|url=https://www.theguardian.com/business/2020/nov/11/us-investor-bill-ackman-places-new-bet-against-corporate-credit-covid|title=US investor Bill Ackman places new bet against corporate credit|first=Jasper|last=Jolly|date=November 11, 2020|via=The Guardian}}</ref>


In November 2020, Pershing Square took a position against corporate credit.<ref>{{Cite web|url=https://www.theguardian.com/business/2020/mar/25/bill-ackman-claims-firm-made-26bn-betting-on-coronavirus-outbreak|title=Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak|first=Jasper|last=Jolly|date=March 25, 2020|via=The Guardian}}</ref><ref>{{Cite web|url=https://www.bloomberg.com/opinion/articles/2020-11-11/pershing-square-s-bill-ackman-is-right-to-hedge-on-corporate-credit|title=Bill Ackman Is Right to Hedge on Corporate Credit|date=November 11, 2020|via=www.bloomberg.com}}</ref>
In November 2020, Pershing Square took a position against corporate credit.<ref>{{Cite web|url=https://www.theguardian.com/business/2020/mar/25/bill-ackman-claims-firm-made-26bn-betting-on-coronavirus-outbreak|title=Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak|first=Jasper|last=Jolly|date=March 25, 2020|via=The Guardian}}</ref><ref>{{Cite web|url=https://www.bloomberg.com/opinion/articles/2020-11-11/pershing-square-s-bill-ackman-is-right-to-hedge-on-corporate-credit|title=Bill Ackman Is Right to Hedge on Corporate Credit|date=November 11, 2020|via=www.bloomberg.com}}</ref>


In April 2022, Pershing Square lost in excess of $430 million on Netflix after a three month long bet.<ref>{{Cite web|url=https://www.bnnbloomberg.ca/ackman-loses-more-than-us-430m-on-3-month-netflix-bet-1.1754677|title=Ackman loses more than US$430M on 3-month Netflix bet - BNN Bloomberg|first=Bloomberg|last=News|date=April 20, 2022|website=BNN}}</ref>
In April 2022, Pershing Square lost in excess of $430 million on Netflix after a three month–long bet.<ref>{{Cite web|url=https://www.bnnbloomberg.ca/ackman-loses-more-than-us-430m-on-3-month-netflix-bet-1.1754677|title=Ackman loses more than US$430M on 3-month Netflix bet - BNN Bloomberg|first=Bloomberg|last=News|date=April 20, 2022|website=BNN}}</ref>


===Herbalife===
===Herbalife===
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=== Pershing Square Tontine Holdings (PSTH) ===
=== Pershing Square Tontine Holdings (PSTH) ===
Pershing Square Tontine Holdings is a blank check company formed by Bill Ackman that went public in July 22, 2020 at a value of $4 billion and trade under the ticker symbol PSTH.U before the split of its warrants and shares.<ref>{{Cite news|title=Pershing Square Tontine Holdings, Ltd. Announces $4,000,000,000 Initial Public Offering at $20.00 Per Share|work=Pershing Square Tontine Holdings Investor Relations|url=https://pstontine.com/wp-content/uploads/2020/07/Pershing-Square-Tontine-Holdings-Ltd.-Announces-4000000000-Initial-Public-Offering-at-20.00-Per-Share.pdf}}</ref> PSTH is currently the largest [[Special-purpose acquisition company|SPAC]] to IPO to date.<ref name=":0">{{Cite web|title=Bill Ackman and Pershing Square Launch Largest SPAC To Date: A Harbinger of Things to Come?|url=https://www.debevoise.com/insights/publications/2020/07/bill-ackman-and-pershing-square-launch-largest|access-date=2021-02-27|website=Debevoise|language=en-US}}</ref>
Pershing Square Tontine Holdings is a blank check company formed by Bill Ackman that went public on July 22, 2020, at a value of $4 billion and trade under the ticker symbol PSTH.U before the split of its warrants and shares.<ref>{{Cite news|title=Pershing Square Tontine Holdings, Ltd. Announces $4,000,000,000 Initial Public Offering at $20.00 Per Share|work=Pershing Square Tontine Holdings Investor Relations|url=https://pstontine.com/wp-content/uploads/2020/07/Pershing-Square-Tontine-Holdings-Ltd.-Announces-4000000000-Initial-Public-Offering-at-20.00-Per-Share.pdf}}</ref> PSTH is currently the largest [[Special-purpose acquisition company|SPAC]] to IPO to date.<ref name=":0">{{Cite web|title=Bill Ackman and Pershing Square Launch Largest SPAC To Date: A Harbinger of Things to Come?|url=https://www.debevoise.com/insights/publications/2020/07/bill-ackman-and-pershing-square-launch-largest|access-date=2021-02-27|website=Debevoise|language=en-US}}</ref>


PSTH has a unique "[[Tontine]]" structure where shareholders are incentivized to hold shares through merger once a target is found for acquisition.<ref name=":0" /> The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, will be distributed to shareholders who choose to participate in the proposed merger. The strike price of PSTH warrants are $23.<ref>{{Cite web|last=Jasinski|first=Nicholas|title=Bill Ackman’s SPAC Splits Today. Here’s What That Means.|url=https://www.marketwatch.com/articles/pershing-square-tontine-holdings-units-split-on-friday-heres-what-that-means-51599756914|access-date=2021-02-27|website=MarketWatch|language=en-US}}</ref>
PSTH has a unique "[[Tontine]]" structure where shareholders are incentivized to hold shares through merger once a target is found for acquisition.<ref name=":0" /> The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, will be distributed to shareholders who choose to participate in the proposed merger. The strike price of PSTH warrants are $23.<ref>{{Cite web|last=Jasinski|first=Nicholas|title=Bill Ackman’s SPAC Splits Today. Here’s What That Means.|url=https://www.marketwatch.com/articles/pershing-square-tontine-holdings-units-split-on-friday-heres-what-that-means-51599756914|access-date=2021-02-27|website=MarketWatch|language=en-US}}</ref>
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== In popular culture ==
== In popular culture ==
Pershing Square's investment ventures are prominently featured in two financial documentaries.
Pershing Square's investment ventures are featured in two financial documentaries.


* ''[[Betting on Zero]]'' features Bill Ackman's [[economic activism]] in the $1Bn shorting of [[Herbalife Nutrition]] by Pershing in a positive light, highlighting the costly lengths to which the fund went in trying to prove the allegation that the [[multi-level marketing]] company was in fact a [[pyramid scheme]].<ref>{{Cite web |title=Betting On Zero |url=http://bettingonzeromovie.com/ |url-status=live |archive-url=https://web.archive.org/web/20201106130306/http://bettingonzeromovie.com/ |archive-date=2020-11-06 |access-date=2019-09-26 |website=Betting On Zero |language=en-US}}</ref>
* ''[[Betting on Zero]]'' features Bill Ackman's [[economic activism]] in the $1 billion shorting of [[Herbalife Nutrition]] by Pershing in a positive light, highlighting the costly lengths to which the fund went in trying to prove the allegation that the [[multi-level marketing]] company was in fact a [[pyramid scheme]].<ref>{{Cite web |title=Betting On Zero |url=http://bettingonzeromovie.com/ |url-status=live |archive-url=https://web.archive.org/web/20201106130306/http://bettingonzeromovie.com/ |archive-date=2020-11-06 |access-date=2019-09-26 |website=Betting On Zero |language=en-US}}</ref>
* The ''"Drug Short"'' episode of ''[[Dirty Money (2018 TV series)|Dirty Money]]'' shine a more doubtful light on Ackman's decision to double down on the fund's Valeant investments until the forced departure of former CEO Mike Pearson.<ref>{{Cite web |last=Carroll |first=Leah |title=The Female Short Seller Of Netflix's |url=https://www.refinery29.com/en-us/2018/08/205561/drug-short-film-netflix-dirty-money-erin-lee-carr |url-status=live |archive-url=https://web.archive.org/web/20190926083754/https://www.refinery29.com/en-us/2018/08/205561/drug-short-film-netflix-dirty-money-erin-lee-carr |archive-date=2019-09-26 |access-date=2019-09-26 |website=www.refinery29.com |language=en}}</ref>
* The ''"Drug Short"'' episode of ''[[Dirty Money (2018 TV series)|Dirty Money]]'' shine a more doubtful light on Ackman's decision to double down on the fund's Valeant investments until the forced departure of former CEO Mike Pearson.<ref>{{Cite web |last=Carroll |first=Leah |title=The Female Short Seller Of Netflix's |url=https://www.refinery29.com/en-us/2018/08/205561/drug-short-film-netflix-dirty-money-erin-lee-carr |url-status=live |archive-url=https://web.archive.org/web/20190926083754/https://www.refinery29.com/en-us/2018/08/205561/drug-short-film-netflix-dirty-money-erin-lee-carr |archive-date=2019-09-26 |access-date=2019-09-26 |website=www.refinery29.com |language=en}}</ref>


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*{{Cite journal |last=Cheffins |first=Brian R. |year=2014 |title=Hedge Fund Activism Canadian Style |journal=University of British Columbia Law Review |volume=47 |issue=1 |pages=1-59) (Discussing Pershing Square's activities in Canada, and a unique cultural reluctance to support active value creation by ethical intervening shareholders) |ssrn=2204294}}
*{{Cite journal |last=Cheffins |first=Brian R. |year=2014 |title=Hedge Fund Activism Canadian Style |journal=University of British Columbia Law Review |volume=47 |issue=1 |pages=1-59) (Discussing Pershing Square's activities in Canada, and a unique cultural reluctance to support active value creation by ethical intervening shareholders) |ssrn=2204294}}
*{{Cite journal |last=Rojas |first=Claudio R. |year=2014 |title=An Indeterminate Theory of Canadian Corporate Law |journal=University of British Columbia Law Review |volume=47 |issue=1 |pages=59-128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122-124) |ssrn=2391775}}
*{{Cite journal |last=Rojas |first=Claudio R. |year=2014 |title=An Indeterminate Theory of Canadian Corporate Law |journal=University of British Columbia Law Review |volume=47 |issue=1 |pages=59-128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122-124) |ssrn=2391775}}

⚫
==References==
⚫
{{Reflist}}


==External links==
==External links==
Line 88: Line 91:
*[https://news.yahoo.com/ackmans-pershing-square-reports-big-stakes-freddie-fannie-182931618--sector.html Ackman's Pershing Square takes big stakes in Freddie, Fannie]
*[https://news.yahoo.com/ackmans-pershing-square-reports-big-stakes-freddie-fannie-182931618--sector.html Ackman's Pershing Square takes big stakes in Freddie, Fannie]
*[https://www.wsj.com/articles/SB10001424052702303722604579113661616491516 Ackman's Pershing Square Takes $1.2 Billion Hit]
*[https://www.wsj.com/articles/SB10001424052702303722604579113661616491516 Ackman's Pershing Square Takes $1.2 Billion Hit]

⚫
==References==
⚫
{{Reflist|30em}}


[[Category:Hedge fund firms in New York City]]
[[Category:Hedge fund firms in New York City]]

Revision as of 03:17, 25 August 2023

Pershing Square Capital Management, L.P.
IndustryFinancial services
Hedge funds
Founded2003[1]
FounderBill Ackman
HeadquartersNew York City
ProductsInvestment funds
ServicesInvestment management
AUMIncreaseUS$18.5 billion (2022)[2]
Number of employees
30
Websitepershingsquareholdings.com

Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, headquartered in New York City.[3][4][5][6]

Company history

Bill Ackman

In 2004, with $54 million in funding from his personal funds and former business partner Leucadia National, Ackman started Pershing Square Capital Management.[7]

Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab".[8]

In October 2014, Ackman launched a UK-based closed-end fund, Pershing Square Holdings, on the London Stock Exchange.[9]

Investment history

Pershing has launched activist campaigns against McDonald's, Wendy's, and Herbalife.[5][6]

In 2005, Pershing bought a significant share in fast food chain Wendy's International and successfully pressured them to sell off its Tim Horton's donut chain. Wendy's spun off the Canadian restaurant donut chain through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism in the sale of Wendy's fastest growing unit left the company in a weaker market position.[7] Ackman blamed the poor performance on their new CEO.[7]

In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion[10] through the purchase of stock and derivatives.[11] His funds now own a 7.8% stake.[12] In December 2010, his funds held a 38% stake in Borders Group and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for US$900 million.[13]

On January 9, 2009, the fund disclosed a 7.4% ownership stake in General Growth Properties (GGP) according to documents filed with the SEC,[14] becoming the second-largest shareholder behind Brookfield Asset Management. The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact.[15] In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection.[16] As of August 2012 the fund held beneficial ownership of 7.7 percent of General Growth's stock.[17]

In 2010, Pershing Square reported having taken large ownership stakes in JC Penney and Canadian Pacific Railway.[18]

In July 2012, Ackman acknowledged to CNBC he had acquired shares in Procter & Gamble worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation. Pershing Square later reduced its stake in Procter & Gamble, which was valued at around $60 million by the end of 2013.[19]

In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in Valeant Pharmaceuticals International. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time".[20][21][22] After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4 billion.[23]

In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in Chipotle Mexican Grill.[24] As of March 2018, Pershing Square held a 10.3% stake in Chipotle.[25] In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016.[26][27]

In March 2020, Pershing Square made $2.6 billion (£2.2 billion) betting that there would be a market crash.[28]

In November 2020, Pershing Square took a position against corporate credit.[29][30]

In April 2022, Pershing Square lost in excess of $430 million on Netflix after a three month–long bet.[31]

Herbalife

See also: Bill Ackman Herbalife short

In December 2012, Ackman announced the firm had made a $1 billion short bet against Herbalife, a maker of weight-loss and vitamin supplements, calling the company a "pyramid scheme".[32] After activist billionaire investor Carl Icahn bought a stake in the company in January 2013, the share price rose nearly 13% and the investment was seen by analysts as the worst investment ever made by the firm.[33] After a persistent political and grassroots campaign funded by Ackman and the firm,[34][35] the Federal Trade Commission initiated a civil investigation into Herbalife, causing its stock to drop enough that by March 2014, Pershing Square was nearly even on their bet.[33] In April 2014, Reuters reported that, according to its sources, the FBI conducted a probe into Herbalife and reviewed documents obtained from the company's former distributors.[36]

In March 2015, U.S. District Judge Dale Fischer dismissed a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme.[37] On March 12, 2015, it reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife.[38][39]

Platform Specialty Products Corporation

As of June 2014, Pershing Square is the largest institutional holder of the shares of Platform Specialty Products Corporation (NYSE: PAH), owning a 24.28% stake.[40] Pershing first disclosed the position in January 2014,[41] shortly after Platform debuted on the New York Stock Exchange.[42][43][44] Subsequently, in April 2014, Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately $1 billion.[45] Agriphar, another agricultural specialty chemicals company, agreed in August 2014 to become the third company to join the Platform umbrella.[46]

In April 2014, Ackman singled out Platform Specialty Products in "The Outsider" presentation,[47] which discusses optimal methods of capital allocation.[48][49][50]

Pershing Square Tontine Holdings (PSTH)

Pershing Square Tontine Holdings is a blank check company formed by Bill Ackman that went public on July 22, 2020, at a value of $4 billion and trade under the ticker symbol PSTH.U before the split of its warrants and shares.[51] PSTH is currently the largest SPAC to IPO to date.[52]

PSTH has a unique "Tontine" structure where shareholders are incentivized to hold shares through merger once a target is found for acquisition.[52] The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, will be distributed to shareholders who choose to participate in the proposed merger. The strike price of PSTH warrants are $23.[53]

In July 2022, Ackman addressed PSTH shareholders saying that he would return the funds of the SPAC as he was "unable to consummate a transaction that both meets our investment criteria and is executable."[54]

In popular culture

Pershing Square's investment ventures are featured in two financial documentaries.

Further reading

  • Cheffins, Brian R. (2014). "Hedge Fund Activism Canadian Style". University of British Columbia Law Review. 47 (1): 1-59) (Discussing Pershing Square's activities in Canada, and a unique cultural reluctance to support active value creation by ethical intervening shareholders). SSRN 2204294.
  • Rojas, Claudio R. (2014). "An Indeterminate Theory of Canadian Corporate Law". University of British Columbia Law Review. 47 (1): 59-128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122-124). SSRN 2391775.

References

  1. ^ "About Pershing Square Capital Management, L.P." Pershing Square Capital Management, L.P. Archived from the original on 2019-12-20. Retrieved 2018-04-08.
  2. ^ "Another Banner Year for Bill Ackman". Institutional Investor. Retrieved April 24, 2022.
  3. ^ Markus Krebsz (15 June 2011). Securitisation and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide. John Wiley and Sons. pp. 83–. ISBN 978-0-470-71391-4. Retrieved 2 August 2011.
  4. ^ Joseph A. McCahery; Erik P. M. Vermeulen (19 November 2010). Corporate Governance of Non-Listed Companies. Oxford University Press US. pp. 178–. ISBN 978-0-19-959638-6. Retrieved 2 August 2011.
  5. ^ a b Philip Coggan (9 November 2010). Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages. John Wiley and Sons. pp. 49–. ISBN 978-0-470-92655-0. Retrieved 2 August 2011.
  6. ^ a b David Stowell (16 February 2010). An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm. Academic Press. pp. 49–. ISBN 978-0-12-374503-3. Retrieved 2 August 2011.
  7. ^ a b c Serres, Chris (13 January 2008). "William Ackman: Targeting Target". Star Tribune. Minnesota. Archived from the original on 29 May 2012. Retrieved 16 May 2009.
  8. ^ "From Hedge Funds to Bonefishing," Forbes Archived 2020-11-06 at the Wayback Machine, July 16, 2012
  9. ^ "Bill Ackman's Pershing Square fizzles on IPO". FT. 13 October 2014. Archived from the original on 6 November 2020. Retrieved 2 June 2017.
  10. ^ "Ackman Boosts Target State". Bloomberg. 24 December 2007. Archived from the original on 6 January 2008. Retrieved 27 February 2013.
  11. ^ Andrew Bary (26 May 2009). "Ackman's Target Campaign Is Off-Target". barrons.com. Archived from the original on 12 December 2013. Retrieved 27 February 2013.
  12. ^ "Ackman loses in Target proxy contest". Reuters. 28 May 2009. Archived from the original on 24 September 2015. Retrieved 1 July 2017.
  13. ^ de la Merced, Michael (6 December 2010). "Ackman Offers to Finance a Borders Bid for Barnes & Noble". The New York Times. No. DealBook. Archived from the original on 9 March 2013. Retrieved 27 February 2013.
  14. ^ "Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP)". Market Folly. Archived from the original on 2013-03-05. Retrieved 2013-03-03.
  15. ^ TraderMark (14 January 2009). "The Logic Behind Bill Ackman's Purchase of General Growth Properties". Seeking Alpha. Archived from the original on 6 March 2013. Retrieved 3 March 2013.
  16. ^ "General Growth cleared to exit bankruptcy". Reuters. 22 October 2010. Archived from the original on 24 September 2015. Retrieved 1 July 2017.
  17. ^ "Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties". Seeking Alpha. Archived from the original on 2013-03-06. Retrieved 2013-03-03.
  18. ^ "Bill Ackman's Activist Positions in J.C. Penney and Canadian Pacific Railway". Forbes. 15 June 2012. Archived from the original on 6 November 2020. Retrieved 8 September 2017.
  19. ^ Benoit, David (14 February 2014). "Pershing Square Slashes Procter & Gamble Stake". No. MoneyBeat. Wall Street Journal. Archived from the original on 6 November 2020. Retrieved 24 March 2014.
  20. ^ "Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors". Fortune. 6 April 2016. Archived from the original on 6 November 2020. Retrieved 16 April 2016.
  21. ^ Whitehouse, Kaja (6 March 2016). "Bill Ackman says he can recoup Valeant losses". USA Today. Archived from the original on 10 April 2016. Retrieved 16 April 2016.
  22. ^ Gara, Antoine (21 March 2016). "As Bill Ackman Enters Valeant's Boardroom, The Stakes Rise Above The Billions He May Lose". Forbes. Archived from the original on 6 November 2020. Retrieved 16 April 2016.
  23. ^ Franck, Thomas (2018-04-05). "Bill Ackman's hedge fund empire crumbles in less than 3 years from public wrong-way bets on Herbalife, Chipotle". CNBC. Archived from the original on 2020-11-06. Retrieved 2019-09-26.
  24. ^ "Bill Ackman's Pershing Square takes 9.9% stake in Chipotle". CNBC. 6 September 2016. Archived from the original on 6 November 2020. Retrieved 9 September 2016.
  25. ^ Franck, Thomas (2018-04-05). "How Bill Ackman's hedge fund empire crumbled in less than three years". CNBC. Archived from the original on 2020-11-06. Retrieved 2018-04-05.
  26. ^ "Ackman's $500 Million Bet on Ackman Pays Off After Bad Run". Retrieved 2019-09-26.
  27. ^ Franck, Thomas (July 2, 2019). "Pershing Square up 45% in the first half of 2019 as Bill Ackman win streak continues". CNBC. Archived from the original on November 6, 2020. Retrieved September 26, 2019.
  28. ^ Jolly, Jasper (November 11, 2020). "US investor Bill Ackman places new bet against corporate credit" – via The Guardian.
  29. ^ Jolly, Jasper (March 25, 2020). "Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak" – via The Guardian.
  30. ^ "Bill Ackman Is Right to Hedge on Corporate Credit". November 11, 2020 – via www.bloomberg.com.
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External links

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