Bill Ackman’s not especially reticent about talking up his investments. Now, with his planned fund IPO, he’s going to be legally obligated to be even less reticent. Which means that, if you’re like Carl Icahn and think Bill’s a pretty smart guy every now and again, and don’t mind sifting through what floods into your inbox with a “Bill Ackman” Google News alert, and were so inclined for some reason (the 30% return this year being a good one, we suppose) to mimic his every move, you can have something approximating the Bill Ackman portfolio without having to give Bill Ackman a dime. You’re welcome.

Pershing Square’s investor correspondence outlines a cheaper way to benefit from his activist campaigns without buying the listed fund.

The idea: Buy shares in his target companies after he discloses them, then ride the appreciation that typically follows.

“You can replicate his portfolio very easily, for free, and you have immediate liquidity without the headline risk,” said Armen Karamanian, founder of Admire Capital LLC, a fund manager that invests selectively in activists’ target companies.

You Too Can Clone Bill Ackman Without Buying His New Fund [Bloomberg]