Pershing Square

  • 22 Apr 2014 at 3:48 PM

Bill Ackman Doing Okay For Himself This Year

Every Ackman investment appears to have made money this year, including Beam, the Herbalife short and Platform Specialty Products Corp. Nutritional supplement maker Herbalife, for example, has been hit by reports of several government investigations into the company, which has helped push the stock down about 26 percent so far in 2014. The Pershing Square International fund is up 11.1 percent net of fees in the first quarter alone, according to a report by the HSBC Alternative Investment Group. [NetNet]

Bill Ackman’s Boyish Visage To Be Preserved For Posterity

The Pershing Square Capital Management chief will never have to grow a beard to hide his frown lines if he can pull off his latest effort. Read more »

  • 04 Mar 2014 at 3:42 PM

Bill Ackman Doing Alright For Himself This Year

No one has made Herbalife “disappear” yet, as he recently requested, but Pershing was up 11.7 percent through February, and that’s something worth celebrating. Not crying tears of joy over, but raising a glass to, nonetheless. You want wet, raw, uncontrollable displays of emotion, you’re going to need to take Herbalife out in the middle of the night. Read more »

Even better than the last time he asked, when the only thing that happened was the opposite of what he wanted, and cost him a large sum of money. Read more »

The proposed order was drafted by Herbalife and Dana Bostick, the former California distributor who is suing the company under the state’s “chain letter,” or pyramid scheme, law. It’s common for parties to come up with protective orders that forbids sharing of confidential information obtained during discovery — but the judge balked when Herbalife went a step further and suggested a “highly confidential, lawyers’ eyes only” category for “high-risk” experts that have had anything to do with Pershing Square since 2010 or might in the next three years. It defined a “Pershing Square person” as “any present or former directors, officers, executives, partners, principals, trustees, employees, agents, attorneys, accountants, advisors and representatives, or any other person(s) known, believed or suspected to be acting or purporting to act on its behalf, now or at any previous time since January 1, 2010, including but not limited to William Ackman and Sullivan & Cromwell LLP.” [NYP]

“It is not the role of Herbalife’s auditor to determine if the company is a pyramid scheme. Rather, that determination depends on whether distributors earn more from recruiting new distributors than from retail sales to consumers who are not distributors. The few Herbalife distributors that make money earn the vast majority of their profits from recruiting. Herbalife is a pyramid scheme that will be shut down by regulators.” [Earlier]

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 »