Boring Is Key

Posted by Equity Private, Jan 08, 2009, 11:27am

ackman3.jpgWe admit to having a serious soft spot for Bill Ackman and Pershing Square. For one, you have to love the hedge fund manager that actually sits down with Charlie Rose for an hour (or more). Plus, well, it's Bill Ackman! So you can imagine our relief when we learned that Pershing Square had mostly dodged the bullet in 2008 and emerged down just 11.8% net of fees, including a totally flat (0.0% gross -0.2% net) return in December. Phew!

Oddly, they don't report much of a short portfolio (6% overall). But who knows when that snapshot was taken and their hedged-sounding returns might have something to do with the $1.6 billion in credit default swaps that they've been holding.

Anyhow, we love you Bill! Call us, 'kay? We'd love to hear about your strategies and maybe we could make an EP-BA-BL sandwich after? No promises.

2Recommend this! 34Comments

Tags: Pershing Square

Comments

1

Posted by guest, Jan 08, 2009 11:32AM

I was only down 9.8% for 2008, can I have a EP/BL sandwich?

2

Posted by guest, Jan 08, 2009 11:33AM

too menage a trois, didn't read

3

Posted by guest, Jan 08, 2009 11:33AM

This is Bill Ackman. Pics first.

4

Posted by Investorcluzo, Jan 08, 2009 11:35AM

all of the sudden, I'm hungry...meet you guys in the soho office - my treat. no really, MY treat.

5

Posted by guest, Jan 08, 2009 11:37AM

Bet the mayo guy is just dying to chime in on this one.

6

Posted by guest, Jan 08, 2009 11:37AM

yeah can i have one of those without the BA please and a bit of whipped cream on the side?

7

Posted by guest, Jan 08, 2009 11:38AM

Fuck mayo, if a problem comes along you.. whipped cream it

8

Posted by guest, Jan 08, 2009 11:41AM

BL sandwich, hold the BA and EP and add one of the Noel daughters please

9

Posted by Investorcluzo, Jan 08, 2009 11:41AM

this reminds me, anyone else see the transgender roommate on the real world brooklyn - how fitting. I have a feeling this season could be just weird enough to make me want to watch that show again...

10

Posted by guest, Jan 08, 2009 11:42AM

BL sandwich, hold the BA and EP and add one of the Noel daughters please

11

Posted by guest, Jan 08, 2009 11:43AM

You mean you can put whipped cream on food, too????

~The Forehead Slapper

12

Posted by Private, Jan 08, 2009 11:54AM

Sorry for the cross-post, I'm in business banking for a bulge bracket firm, pretty miserable as a recent grad to be working with all older people in a terrible group, should I quit, or suck it up?

13

Posted by Investorcluzo, Jan 08, 2009 11:56AM

@12 - are you kidding? never quit a job without having another one already lined up. where did you go to school? stop the nonsense - this is a recession bordering on depression. make sure you have a seat when the music stops.

14

Posted by Clown Capital , Jan 08, 2009 11:58AM

No sex in the champagne room my ass! I had a ball last night at SCORES!!!

- The Gainfully Employed

15

Posted by guest, Jan 08, 2009 12:00PM

@12 stay the dinosuars will be the first to go and you inheret the earth

16

Posted by Lowly Assistant, Jan 08, 2009 12:03PM

One can only imagine the exhaustion met with gluing your own eyebrows on each morning. Don't browbeat me, Ackman.

17

Posted by guest, Jan 08, 2009 12:05PM

EP has truly become a journalist today...offering sex for a story!

18

Posted by girl, Jan 08, 2009 12:09PM

@ 16 hahaha

19

Posted by Private, Jan 08, 2009 12:11PM

@13, 15
How baout going back for an MBA, two years things could be a little better.

20

Posted by guest, Jan 08, 2009 12:14PM

They still have that long on Wachovia?

21

Posted by guest, Jan 08, 2009 12:17PM

@12....yes you should quit. As soon as possible. You already know everything. On your way out, be polite and say, "Bye guys and thanks to you my resume won't be in Japanese, German, Korean or Vietnamese." Then you won't appear to be such an asshole from their viewpoint.

22

Posted by guest, Jan 08, 2009 12:21PM

DOWN 12% IS A DISASTER. Dont sugar coat it.

23

Posted by Private, Jan 08, 2009 12:23PM

What's Wachovia?

24

Posted by guest, Jan 08, 2009 12:38PM

16 is a shoo in, for hata of the year!

25

Posted by Investorcluzo, Jan 08, 2009 12:43PM

@19 - mba is an option, very competitive this year. I wrote recs for several people, the early returns haven't been good (perhaps they asked the wrong guy to write the rec). I would agree that things should be better in 2 years, but school isn't cheap - make sure you go to the right one for YOU. as much as I love my b-school, it isn't for everyone (just for everyone to make fun of - jealous b1tches!)...

26

Posted by guest, Jan 08, 2009 12:49PM

@12 LOL you said "bulge."

EP and BL sandwich? Damn.

27

Posted by Anal_yst, Jan 08, 2009 2:44PM

Problem is, many of us who still have jobs aren't having a very good time, of course, as others pointed out, always better to be collecting a paycheck from the Co than the Gov (99.9% at least), and CFA/MBA/etc are all overcrowded this year, and likely will be next as well.

Everyone running for the doors @ the same time goin on.

If anyone read Michael Lewis' piece in BBG about career vs. calling: Yea, so Finance isn't what alot of us got into it for (at the moment/foreseeable future), and yea, many of us would love LOVE to be doing something more "fulfilling", but, uh, Mr. Lewis, how, preytell, do you suggest going about getting into these things when many have a ton less $ than they used to (if they ever did), there are very few jobs - let alone rewarding ones - available, and the next year or two looks increasingly bleak?

28

Posted by guest, Jan 08, 2009 3:50PM

You would have to mix something really sweet with this collection of pigs to get to -12% for 2008.

30

Posted by guest, Jan 08, 2009 4:44PM

@27 CFA is crowded? Just need to have your check clear. No competition to take the exam, and if what you say is true then that means at worst the same proportion of good candidates or more likely a greater proportion of unqualified candidates.

If CFAs become a dime a dozen, just means you're going to need one just to get the interview next time around. Still going to have to get it.

MBA obviously gonna be a bit tighter, more perma-students with inflated GPA's that aren't you que'ing up, most of whom have Mom to comp the apartment while "getting an education".

31

Posted by guest, Jan 08, 2009 7:37PM

Ackman is a fraud. Attacks the mortgage insurers and now wants to use the same concept and get long krap thru leverage by getting long GGP and wanting to turn target into a REIT

32

Posted by guest, Jan 08, 2009 11:18PM

Agreed on Ackman - his list of investments, other than Longs Drugs and his mbia/abk shorts, is atrocious. no way he was only down 12%, especially if he was only 6% short. he is CRUSHED on Target, VISA, wendy's, sears ... Just another guy talking his book and providing no real numbers to back it up. kind of like madoff...

33

Posted by guest, Jan 09, 2009 5:50PM

it's all about speaker series!! cannot wait to go!!

NYC:
http://www.ticketmaster.com/promo/47seyc?camefrom=CFC_MSG_SPEAKERSERIES09

CODE: INFO
Chicago:
http://www.ticketmaster.com/promo/47seyc?camefrom=CFC_MSG_SPEAKERSERIES09
CODE: DAILY

Boston:
http://www.broadwayoffers.com/go.aspx?MD=2001&MC=2009PUNDIT

CODE: 2009PUNDIT


*Heather

34

Posted by guest, Jan 11, 2009 7:57PM

His Target (TGT) only fund was down 60%-70% and lost over a billion dollars so why don't you stop with this hero worship you little tart.

Wanna buy a golf course?

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