In his most recent letter to Pershing Square investors, hedge fund manager Bill Ackman dropped a bomb. The fund has added a new star to its portfolio and a big one at that. "In the past, we have made asymmetric investments which are not for hedging purposes, but which also offer large payoffs on relatively modest commitments of capital where we similarly believe that the market has mispriced the probability of a positive outcome," Bill wrote excitedly. "We recently identified an investment that broadly falls into that category." What, praytell, would that investment be?
Ackman would love nothing more than to clue you in but now is not the time. Maybe in "the upcoming months," but not now, shhh, no, not now, not yet. Rest assured, though, "this investment offers the potential for extraordinary profits." Believe Bill, he's dying to share the name with you but he just can't yet. It's too soon. The cake still needs time to rise, the frosting to be spread. No, it's better this way. All he can say is that he's giddier than the day he had his portrait taken at JCPenney. Giddier than the day he found out there was a store where you could buy stuff for just one dollar. Giddier than the day he first laid eyes on that little red bull's eye. But he can't say anything right now. If you want to take guesses though, he won't stop you.