Hedge fund manager Bill Ackman has given many momentous presentations in his day: the unveiling of his Herbalife short, his highly emotional address of Target shareholders, and all matters of MBIA. But believe him when he says such things will absolutely pale in comparison to tomorrow’s event. Forget the thousands of hours he’s already spent publicly lambasting Herbalife’s business practices in the past. THIS is the one you REALLY have to listen to. It will be the final word on diet shakes.
The Pershing Square founder, in a TV interview to promote his presentation on the multi-level marketing company set for Tuesday morning, said the event “will be the most important presentation I’ve made in my career.” “You’re going to learn why Herbalife is going to collapse,” he said on CNBC, acknowledging that “I’m raising expectations, but we won’t disappoint.” [...] Ackman said the presentation is the culmination of a two-year investigation by his team, with videos and internal documents showing how Herbalife’s nutrition clubs perpetuate the alleged fraud. Nutrition clubs have been the biggest driver of the company’s growth over the past five years, according to Ackman. On Friday, he upgraded the event from a webcast to a live event in midtown Manhattan.
Ackman’s made no mention of the fact that the Mets are out of town tomorrow and the Barclays center is available, but presumably his people are working behind the scenes. In any event, the permits to air the whole thing on a Jumbotron in Times Square should be coming through shortly.