Not Including The Time Last January He Took Part In A CNBC Interview With Bill Ackman Wherein He Likened The Pershing Square Founder To The Little Boys He Used To Beat Up In Queens, Carl Icahn Hasn’t Spoken To Bill Ackman In “Years”By Bess Levin
Pershing Square’s Bill Ackman appeared on Bloomberg Television for an hour today from the Robin Hood Investors Conference in New York, telling Bloomberg TV’s Stephanie Ruhle that he’ll take his Herbalife bet “to the end of the earth” even as he has lost $400-$500 million on the investment. He also said that Herbalife longs are all 80-year old billionaires. Carl Icahn responded to Ackman in a conversation with Bloomberg TV’s Trish Regan, saying: “I fail to understand how Bill Ackman, whom I haven’t spoken to for years, nor do I intend to speak to, would know what I am or am not committed to. I continue to believe Herbalife has a great future, and in my opinion many of the things Ackman says about it are simply the rantings of a sore loser…Interestingly there is something that Ackman and I have in common. Ackman complained at an Oxford conference that every time I went on TV and mentioned Herbalife, the stock went up a few points. Well, that’s also true of him.” Read more »
October performance. Read more »
Andrew Ross Sorkin: Your short position on Herbalife — you’re betting against the company — has caused some friends like George Soros and Daniel Loeb to turn on you. Bill Ackman: Neither of the people you mentioned is, or has ever been, a close friend of mine. I certainly know the people you mentioned — but, look, you need a thick skin to be in this business. In a short sale, the whole world is going to be on the other side of the investment until they realize you’re right. [NYT, earlier]
Area Hedge Fund Manager Doesn’t Get Emotional About Investments Except The Times He Cries In Public About ThemBy Bess Levin
I’ve seen my share of odd moments during annual meetings, but until Thursday I’d never seen a grown man cry during one. O.K., maybe “cry” is a bit of an overstatement for what happened. Still, it was pretty startling when, in the middle of his speech to Target Corporation shareholders, William A. Ackman, the hedge fund manager who had waged an expensive, high-profile proxy fight against the company, suddenly choked up and stopped speaking. He wiped away a tear. — Joe Nocera/NYT, May 29, 2009
The group met in a small conference room. Instead of the usual three SEC attorneys, only two were at that meeting. Gerald Russello, the attorney who had been leading the investigation, had taken a job in the general counsel’s office at Bear Stearns. The presentation was going according to plan when [Pershing Square's general counsel] noticed that Ackman was getting agitated. “I’ve shown you this fraud. I’ve shown you that fraud,” Ackman said. “What do I have to do? What do I have to prove to you before you take some action?” His face was flushed, his eyes misty. — Christine Richard, Confidence Game, 2010
Without reading any further, [Pershing Square's general counsel] told his wife, “I may have to quit my job tomorrow.” His boss’s habit of writing long, emotional, late-night missives without having him vet them was one of the aggravations of his job. But this was the worst yet. — Christine Richard, Confidence Game, 2010
Staring down the activist, the directors proposed installing Ingram as chairman, and chief financial officer Kathryn McQuade as interim CEO. Ackman’s furious outburst could be heard in an outside hallway, where a clutch of advisers was standing by…Half a year later, Ackman is asked to explain his Calgary outburst. “Ballistic is too strong a word,” he says. He searches long and hard for diplomatic words to explain his passionate reaction in the CP boardroom. “There were a lot of bruised feelings,” he says. “It took a while before we were able to work it out. The first few hours were not easy.” When it is suggested that his anger may be a deliberate act to unnerve his adversaries, he is incensed. “I don’t act, ever,” he says. “I’m exactly who I appear to be. I am unfiltered, for better or worse.” — Globe and Mail, November 29, 2012
As has been discussed at length in the past, and as you can see from the above, Pershing Square founder Bill Ackman is an investor who wears his heart on his sleeve. A hedge fund manager who imbues emotion in everything he does. Sometimes those emotions come in the form of anger. Sometimes they come out in the form letters penned at 2AM to various SEC officials because what he had to say could not wait another few hours. More often than not, they come out as salty tears that were impossible to hold back.
Ackman’s emotional range has been well-documented and when a reporter recently questioned whether or not said emotions were real or simply a tactic to weird out his opponents, he informed her that what you see is what you get. Bill Ackman fakes nothing and furthermore, doesn’t deem it necessary to hold back when gripped by feelings, whatever they may be: unlike some money managers, whose facial expressions betray fewer hints of what they’re thinking or feeling than a corpse, Bill Ackman is man enough to let it all hang out, a quality that, for the record, we think he should highlight rather than distance himself from.
So it was a bit odd to see him tell Andrew Ross Sorkin this: Read more »
William Ackman’s bad year is taking a big toll. The activist hedge-fund manager has seen his firm’s assets under management decline by $1.2 billion from a high point earlier this year, largely due to investment declines, according to people familiar with its operations…At the end of September, Pershing Square’s total assets under management stood at $11.2 billion, according to a person familiar with the matter. That is a $1.2 billion decline from the $12.4 billion that Pershing Square reported it had under management as of March 1 in a filing with the Securities and Exchange Commission…People with knowledge of the firm said the decline resulted almost completely from weak investment performance, and net redemptions by investors had amounted to less than $150 million so far in 2013. [WSJ]
Bill Ackman Can No Longer Walk Down The Street Without Being Approached By CEOs Who Saw Him Coming, Handed A Pre-Written Resignation Letter, And Told “I Thought I’d Just Make This Easier On The Both Of Us”By Bess Levin
The activist investor William A. Ackman has had a bruising year, but with one investment, Air Products and Chemicals, he now has something to show for his effort. Air Products, a producer of industrial gases, announced on Thursday that it would add three new directors to its board and begin a search for a new chief executive. The changes were supported by Mr. Ackman, whose firm, Pershing Square Capital Management, acquired a 9.8 percent stake in the company this year. [Dealbook]