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Don't Start Your Pershing Square Redemption Pool Just Yet

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As you've probably heard by now, Bill Ackman gave a little presentation yesterday, on his favorite supplement and diet shakes company, Herbalife. Prior to the event, the Pershing Square founder appeared on CNBC hyping up the thing so hard that he came extremely close to promising video of CEO Michael Johnson threatening to fire employees who refused to snort lethal dosages of Formula 1 Healthy Nutritional Shake Mix (Wild Berry flavor) up their noses. So when the presentation failed to deliver, the disappointment across Wall Street was palpable. Pershing Square investors, however, know a good thing when they see it, and are unfazed.

"We are long-term investors—his track record is amazing," said Bryan Schneider, a Pershing Square investor at EnTrust Capital, which manages $11.6 billion in hedge fund assets for more than 400 institutional investors. "Yesterday's move was mostly a recovery of losses from selling in advance of the presentation. There was no single 'a-ha' moment, so I think people were saying 'I don't know why we went crazy selling off.'" [...]

While investors were supportive of Pershing Square overall, there were mixed feelings on the Herbalife presentation. "When you state that, 'this is going to be the most important presentation of my career,' it had better be! That said, many of his seeming losers have eventually turned into winners," one of the investors said, noting MBIA and Ambac Financial Group.

Ackman clients shrug off failed Herbalife 'death blow' [NetNet]


Pershing Square: Herbalife Silenced Us

Earlier today it was noted that, to the surprise of many, Bill Ackman and Carl Icahn had refrained from asking questions or dialing in and making sudden outbursts during this morning's conference call to discuss Herbalife's fourth quarter earnings.  Obviously this came as a shock on account of Ackman and Icahn taking many opportunities in the past to share their feelings re: the company and each other. And while it's true both men personally held their tongue's today, according to Pershing Square, one of its analysts had planned to ask questions on Bill's and the hedge fund's behalf but was shot down.