We were, of course, worried when the rumors started that investors in Bill Ackman’s “All Target, All The Time” fund might face limits on withdraws. We just knew it wouldn’t turn out that way. That wasn’t like the Bill we know.
William Ackman told investors in a hedge fund that invests only in Target Corp. he’s “deeply disappointed” in its performance, and that those wishing to exit can do so in full next month.
“I apologize profusely for the fund’s results to date,” Ackman said in an investor letter dated Feb. 8. Ackman also offered a fee waiver for those who invest in his other Pershing Square funds.
Call us WA! We love you!
Ackman Apologizes, Says Investors Can Exit Target Fund in March [Bloomberg]
fucking idiot jewboywunderkind
Investing only in Target. Brilliant. He earns his 2 and 20.
Well atleast it was BAC or C
I wonder how many people had money with both Madoff and Pershing IV. There has to be some overlap, no?
Is it me or does Art Cashin looks like he was either a) got burnt in a sauna or b) stayed in the heating room a little too long?
@2, to his credit, it looks like he made three suggestions in his Target activism a little over a year ago:
1) do a share buyback (which they did)
2) exit the credit card business (which they sold to JPM, who at the time had never met an ABS it didn’t like)
3) sell the target properties into a REIT and do a leaseback (which they unfortunately didn’t do)
Two of those suggestions sound pretty good in retrospect. Having said that, performance speaks for itself; he won’t seeing much of that “20″ and redemptions will certainly curtail to “2″
#2 This particular fund was specifically designed to make one investment, in Target, and investors knew that going in. As #6 points out, there were some good suggestions presented to TGT, that were not acted upon, as TGT had final say. Also, take note that BA is honest enough to make and admit to a mistake, and upstanding enough not to hang on to his investor’s $ for any additional time.
#1, really, what was the point of that comment, if you have any knowledge of Bill Ackman at all you will know that he will give away more $ to charity than you will earn in your sad little life.
@ 7, you should have stuck to the first paragraph.
@7, fair enough. That doesn’t change the fact that it’s an asinine idea to create a single stock hedge fund. Dumber still would be to actually invest in it. Sure you get leverage, but you pay fees and your risk profile is shit.
Such a smart guy, oh ya all that trashing MBI and ABK notice how they still solvent. Talking up his CDS position so he can exit? Biggest credit crisis ever to hit planet and still no default on their bonds.
Expect more pay less.
@7: Sir/Madame/Transgendered/:
Please, tell WA to take the money he paid you to defend his investment incompetence online and donate that sum to charity. That would save you the indignity of defending WA and made #1 that much more of a sad little person…
So his strategy was selling puts in TGT ?
Cmon, anyone who bet on Target over WalMart is a fucking imbecile
so noble of him, waiving the performance participation fees that he will never earn. apparently the people stupid enought to pay 2/20 for a single stock fund also dont realize what a high water mark is
whoa, had to restrain myself from attempting to respond to some of the ill/uninformed comments above, sigh…
#12, It’s ironic that you should make such a comment, had you been at the Pershing Square investor dinner last year, WA actually gave each guest an amount of money to invest with a charity of their choice in lieu of the normal trinkets that get given out at these events, so, I’m glad to say I was able to comply with your request.
What an ass.
Anyone who participated in paying a guy $40 million (2% of $2 billion) for one (bad) stock tip deserves what they got.
Cramer’s gotta be jealous. He craps out multiple bad stock picks a day and doesn’t get paid anywhere near that.